4 unchanged sentences
dollars at the exchange rate in effect at the balance sheet date.
−Removed: It translates its revenue and expenses at the average exchange rate during the period.
−Removed: We include translation gains and losses in accumulated other comprehensive income (loss), a component of shareholders’
+Added: We translate its revenue and expenses at the average exchange rate during the period.
+Added: We included foreign currency translation gains and losses in accumulated other comprehensive income (loss), a component of shareholders’
+Added: During December 2022, we substantially liquidated our investment in Canada.
+Added: As a result, we reclassified the cumulative foreign currency translation adjustment balance into earnings and recognized a net cumulative foreign currency translation loss of $2.6 million, which is included in Other income (expense), net in our Consolidated Statements of Income.
Foreign currency translation gains (losses) were ($194,000), $24,000, and ($190,000) in 2022, 2021, and 2020, respectively.
5 unchanged sentences
dollar versus the Canadian dollar would impact our reported cash balance by approximately $8,000.
+Added: Any future currency changes, related to our Canadian subsidiary will be recognized in Other income (expense), net in our Consolidated Statements of Income.
+Added: However, due to the substantial liquidation of the subsidiary, we do not expect the amounts to be significant after 2022.
We have not entered into any foreign currency hedging transactions.
We do not purchase or hold any currency exchange related derivative financial instruments.
−Removed: We do not expect any foreign currency exposure after the anticpated closure of our Canadian office by the end of 2022.
We are exposed to interest rate risk with both our fixed-rate Term Loan and variable rate Line of Credit.
2 unchanged sentences
Based on a sensitivity analysis, a one percent per annum change in market interest rates as of December 31, 2022, would impact the estimated fair value of our fixed-rate Term Loan outstanding at December 31, 2022 by approximately $470,000.
−Removed: Borrowings under our Line of Credit and Delayed Draw Term Loan, if any, bear interest at a floating rate equal to the 30-day LIBOR plus 225 basis points.
+Added: Borrowings under our Line of Credit and Delayed Draw Term Loan, if any, bear interest at a floating rate equal to the 30-day SOFR plus 235 basis points.
Borrowings under the Line of Credit and Delayed Draw Term Note may not exceed $30.0 million and $75.0 million, respectively.
3 unchanged sentences
We have not entered into any interest rate swaps or hedging transactions.
−Removed: LIBOR is currently expected to be phased out beginning in 2021 through 2023.
−Removed: The one-week and two-month LIBOR rates were retired on December 31, 2021.
−Removed: The overnight, one-month, three-month, six-month and 12-month LIBOR rates are expected to be published through June 2023.
−Removed: We are required to pay interest on borrowings under our Line of Credit and Delayed Draw Term Loan at floating rates based on the one-month LIBOR.
−Removed: Future debt that we may incur may also require that we pay interest based upon LIBOR.
−Removed: Under the terms of our Credit Agreement with FNB, if LIBOR becomes unavailable during the term of the agreement, FNB may, in its discretion and in a manner consistent with market practice, designate a substitute index.
−Removed: We currently expect that the determination of interest under our Credit Agreement would be revised as to provide for an interest rate that approximates the existing interest rate as calculated in accordance with LIBOR.
−Removed: Despite our current expectations, we cannot be sure that when LIBOR is phased out or transitioned, the changes to the determination of interest under our agreements would approximate the current calculation in accordance with LIBOR.
−Removed: We do not know what standard, if any, will replace LIBOR when it is phased out or transitioned.
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.