4 unchanged sentences
The largest of such costs incurred by the Company are for steel, plastics, textiles, wood particleboard and aluminum components.
−Removed: The impact from changes in all commodity prices decreased the Company's costs by approximately $3.5 million during fiscal 2023 compared to the prior year primarily due to increased plastic costs offset by decreased steel costs.
−Removed: The impact from changes in commodity prices increased the Company's costs by approximately $55.3 million during fiscal 2022 as compared to fiscal 2021.
+Added: The impact from changes in all commodity prices decreased the Company's costs by approximately $10.8 million during fiscal 2024 compared to the prior year primarily due to decreased steel and aluminum costs offset in part by increased plastic costs.
+Added: The impact from changes in commodity prices decreased the Company's costs by approximately $3.5 million during fiscal 2023 as compared to fiscal 2022.
Note that these changes include the impact of Chinese tariffs on the Company's direct material costs.
2 unchanged sentences
Significant increases in raw materials can be difficult to offset with price increases due to existing contractual agreements with customers as well as difficulty finding effective financial instruments to hedge these changes.
−Removed: In the short term, our gross margin has been and is expected to be negatively impacted by significant increases in these costs.
−Removed: Our profitability could be negatively impacted in the long term if we are not able to pass along these higher raw material costs to our customers.
+Added: Our profitability could be negatively impacted in the long term if we are not able to pass along higher raw material costs to our customers.
Foreign Exchange Risk
11 unchanged sentences
Currency Number of Forward Contracts Net Exposure
−Removed: KWN 1 2,599.6
Net Liability Exposure
Currency Number of Forward Contracts Net Exposure
−Removed: As of May 28, 2022, t he Company had outstanding, 22 forward currency instruments designed to offset either net asset or net liability exposure that is denominated in non-functional currencies.
+Added: As of June 3, 2023, t he Company had outstanding 35 forward currency instruments designed to offset either net asset or net liability exposure that is denominated in non-functional currencies.
(In millions, except number of forward contracts)
1 unchanged sentence
Currency Number of Forward Contracts Net Exposure
+Added: KWN 1 2,599.6
Net Liability Exposure
2 unchanged sentences
These amounts are included in Other (income) expense, net in the Consolidated Statements of Comprehensive Income.
−Removed: Additionally, the cumulative effect of translating the balance sheet and income statement accounts from the functional currency into the United States dollar decreased the accumulated comprehensive loss component of total stockholders' equity by $20.1 million compared to an decrease of $90.0 million as of the end of fiscal 2023 and 2022, respectively.
+Added: Additionally, the cumulative effect of translating the balance sheet and income statement accounts from the functional currency into the United States dollar increased the accumulated comprehensive loss component of total stockholders' equity by $8.3 million compared to a decrease of $20.1 million as of the end of fiscal 2024 and 2023, respectively.
Interest Rate Risk
22 unchanged sentences
The interest rate swap is for an aggregate notional amount of $150.0 million with a forward start date of March 3, 2023 and a termination date of January 3, 2029.
−Removed: As a result of the transaction, under the terms of the agreement the Company effectively will convert one month Spread Adjusted Term SOFR floating interest rate plus applicable margin to 3.950% fixed interest rate and adjustment % plus applicable margin as of the forward start date.
−Removed: "Spread Adjusted Term SOFR" means Term SOFR plus an adjustment % that varies with tenor.
−Removed: The Company typically selects a one month tenor and that is calculated as the one month Term SOFR rate plus 0.11448%.
−Removed: The fair market value of the effective interest rate swap instruments was a net asset of $56.9 million at June 3, 2023 compared to a net asset of $31.9 million at May 28, 2022.
+Added: As a result of the transaction, under the terms of the agreement the Company effectively will convert one month Spread Adjusted Term SOFR floating interest rate plus applicable margin to 3.950% fixed interest rate and adjustment percentage plus applicable margin as of the forward start date.
+Added: "Spread Adjusted Term SOFR" means Term SOFR plus an adjustment percentage that varies with tenor.
+Added: The Company typically selects a one month tenor that is calculated as the one month Term SOFR rate plus 0.11448%.
+Added: The fair market value of the effective interest rate swap instruments was a net asset of $61.7 million and $56.9 million as of June 1, 2024 and June 3, 2023, respectively.
All cash flows related to the Company's interest rate swap instruments are denominated in U.S.
14 unchanged sentences
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.