Quantitative and Qualitative Disclosures About Market Risk
−Removed: The Company is exposed to changes in interest rates as a result of its financing activities, primarily its borrowings on its revolving credit facility, and investing activities with respect to investments held by the insurance segment.
−Removed: On June 2, 2016, Landstar entered into a credit agreement with a syndicate of banks and JPMorgan Chase Bank, N.A., as administrative agent, which was amended and restated on August 18, 2020 to extend the maturity date to August 2023 and amend certain other terms.
−Removed: The Credit Agreement provides $250,000,000 of borrowing capacity in the form of a revolving credit facility, $35,000,000 of which may be utilized in the form of letters of credit.
+Added: The Company is exposed to changes in interest rates as a result of its financing activities, primarily its borrowings on its revolving credit facility, if any, and investing activities with respect to investments held by the insurance segment.
+Added: On August 18, 2020, Landstar entered into an amended and restated credit agreement with a syndicate of banks and JPMorgan Chase Bank, N.A., as administrative agent (the “Credit Agreement”).
+Added: The Credit Agreement, which matures on August 18, 2023, provides $250,000,000 of borrowing capacity in the form of a revolving credit facility, $35,000,000 of which may be utilized in the form of letters of credit.
The Credit Agreement includes an “accordion” feature providing for a possible increase up to an aggregate borrowing capacity of $400,000,000.
1 unchanged sentence
The revolving credit facility bears a commitment fee, payable in arrears, of 0.25% to 0.35%, based on the Company’s Leverage Ratio at the end of the most recent applicable fiscal quarter for which financial statements have been delivered.
−Removed: As of September 26, 2020 and during the entire 2020 third quarter, the Company had no borrowings outstanding under the Credit Agreement.
+Added: As of March 27, 2021 and during the entire 2021 first quarter, the Company had no borrowings outstanding under the Credit Agreement.
Long-term investments, all of which are available-for-sale
1 unchanged sentence
Treasury obligations having maturities of up to five years.
−Removed: Assuming that the long-term portion of investments remains at $82,734,000, the balance at September 26, 2020, a hypothetical increase or decrease in interest rates of 100 basis points would not have a material impact on future earnings on an annualized basis.
+Added: Assuming that the long-term portion of investments remains at $81,201,000, the balance at March 27, 2021, a hypothetical increase or decrease in interest rates of 100 basis points would not have a material impact on future earnings on an annualized basis.
Short-term investments consist of short-term investment-grade instruments and the current maturities of investment-grade corporate bonds and U.S.
5 unchanged sentences
Transactional gains and losses arising from receivable and payable balances, including intercompany balances, in the normal course of business that are denominated in a currency other than the functional currency of the operation are recorded in the statements of income when they occur.
−Removed: The assets held at the Company’s Canadian and Mexican subsidiaries at September 26, 2020 were collectively, as translated to U.S.
+Added: The assets held at the Company’s Canadian and Mexican subsidiaries at March 27, 2021 were collectively, as translated to U.S.
dollars, approximately 2% of total consolidated assets.
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.