4 unchanged sentences
We are exposed to market risk from changes in interest rates on our debt, which bears interest, at SOFR plus a margin between 1.25% and 2.25%.
−Removed: As of March 29, 2023, we had outstanding borrowings of $58.0 million under our 2022 Revolver, $9.8 million of letters of credit in support of our insurance programs, and the applicable margin on outstanding borrowings under 2022 Revolver was 1.5%.
+Added: As of June 28, 2023, we had outstanding borrowings of $60.0 million under our 2022 Revolver, $9.8 million of letters of credit in support of our insurance programs, and the applicable margin on outstanding borrowings under 2022 Revolver was 1.5%.
A 1.0% increase in the effective interest rate applied to our 2022 Revolver borrowings would result in a pre-tax interest expense increase of $0.6 million on an annualized basis.
−Removed: During the thirteen weeks ended March 29, 2023, we paid down $8.0 million on our 2022 Revolver and the outstanding balance as of March 29, 2023 was $58.0 million.
+Added: During the twenty-six weeks ended June 28, 2023, we borrowed $2.0 million and paid down $8.0 million on our 2022 Revolver and the outstanding balance as of June 28, 2023 was $60.0 million.
Borrowings under the 2022 Credit Agreement (other than any swingline loans) bear interest, at the borrowers’ option, at rates based upon either SOFR or a base rate, plus, for each rate, a margin determined in accordance with a lease-adjusted consolidated leverage ratio-based pricing grid.
2 unchanged sentences
In settlement of this swap, we received approximately $0.6 million.
−Removed: The remaining amount in AOCI related to the hedging relationship will be reclassified into earnings when the hedged forecasted transaction is reported in earnings.
+Added: The remaining amount in AOCI related to the hedging relationship was reclassified into earnings when the hedged forecasted transaction was reported in earnings.
Inflation has an impact on food, paper, construction, utility, labor and benefits, general and administrative, and other costs, all of which can materially impact our operations.
7 unchanged sentences
In periods when the prices of commodities drop, we may pay higher prices under our purchasing commitments.
−Removed: In rapidly fluctuating commodities markets, it may prove difficult for us to adjust our menu prices in accordance with input price fluctuations.
+Added: In rapidly fluctuating commodities markets, it may
+Added: prove difficult for us to adjust our menu prices in accordance with input price fluctuations.
Therefore, to the extent that we do not pass along cost increases to our customers, our results of operations may be adversely affected.
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.