7 unchanged sentences
The nature and amount of borrowings may vary as a result of future business requirements, market conditions, and other factors.
−Removed: In February 2019, we entered into a fixed-rate interest rate swap agreement that changed the LIBOR-based portion of the interest rate on a portion of our variable rate debt to a fixed rate of 2.4575%.
−Removed: On March 22, 2021, we terminated the interest rate swap agreement in connection with the prepayment of our previously outstanding long-term variable-rate debt.
On July 22, 2021, we entered into a fixed-rate interest rate swap agreement to change the LIBOR-based component of the interest rate on a portion of our variable rate debt to a fixed rate of 1.291% (the “2021 Swap”).
5 unchanged sentences
Cash settlements of the 2021 Swap are recognized in interest expense.
−Removed: Refer to Note 19 in the Notes to Consolidated Financial Statements included in this Annual Report for further discussion about the interest rate swaps.
+Added: Refer to Note 19 in the Notes to Consolidated Financial Statements included in this Annual Report for further discussion about the interest rate swap.
At December 31, 2022, we had $147.4 million of principal outstanding under the Term Loan Facility without regard to capitalized debt issuance costs.
−Removed: A one-percent increase in one-month LIBOR would have resulted in a net increase in interest expense of $0.1 million on an annualized basis due to the fact that the Term Loan Facility is subject to a LIBOR floor of 1.000% and one-month LIBOR was below the floor as of December 31, 2021.
−Removed: We had no outstanding borrowings under the ABL Facility at December 31, 2021.
+Added: A one-percent increase in one-month LIBOR would have resulted in a net increase in interest expense of $0.9 million on an annualized basis.
+Added: At December 31, 2022, using one-month LIBOR plus a 1.75% spread, the interest rate on the $1.0 million of outstanding borrowings under the ABL Facility was 6.00%.
Foreign Currency Risk
Translation of our operating cash flows denominated in foreign currencies is impacted by changes in foreign exchange rates.
−Removed: We participate in various third party and intercompany loans, payables, and receivables denominated in currencies other than the U.S.
+Added: We invoice and receive payment from many of our customers in various other currencies.
+Added: Additionally, we are party to third party and intercompany loans, payables, and receivables denominated in currencies other than the U.S.
To help reduce exposure to foreign currency fluctuation, we have incurred debt in euros in the past.
−Removed: From time to time, we may use foreign currency derivatives to hedge currency exposures when these exposures meet certain discretionary levels.
+Added: Various strategies to manage this risk are available to management, including producing and selling in local currencies and hedging programs.
We did not hold a position in any foreign currency derivatives as of December 31, 2022.
−Removed: Table of Content s
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.