8 unchanged sentences
Our ABL Credit Facility bears interest at a floating rate equal to the prime rate or LIBOR, plus a calculated spread based on our average excess availability under the facility.
−Removed: As of October 29, 2022, we had $265.0 million in borrowings under our ABL Credit Facility.
+Added: As of April 29, 2023, we had $300.8 million in borrowings under our ABL Credit Facility.
A 10% change in the prime rate or LIBOR interest rates would not have had a material impact on our interest expense.
Our Term Loan bears interest, payable monthly, at (a) the LIBOR Rate plus 2.50% for any portion that is a LIBOR loan, or (b) the base rate plus 1.75% for any portion that is a base rate loan.
−Removed: As of October 29, 2022, the outstanding balance of the Term Loan was $50.0 million.
+Added: As of April 29, 2023, the outstanding balance of the Term Loan was $50.0 million.
A 10% change in the three month LIBOR Rate would not have had a material impact on our interest expense.
+Added: On June 5, 2023, we entered into the Fifth Amendment to our Credit Agreement, dated as of May 9, 2019, with the lenders party thereto, pursuant to which, among other things, (i) LIBOR was replaced by SOFR as the interest rate benchmark, and (ii) the pricing grid for applicable margins on borrowings was updated.
+Added: Interest on borrowings under the amended ABL Credit Facility is payable monthly at SOFR plus 2.00% or 2.25% per annum, based on the amount of our average daily excess availability under the facility.
+Added: Interest under the Term Loan is payable monthly at SOFR plus 2.75% per annum.
+Added: See “Recent Developments” above.
Assets and Liabilities of Foreign Subsidiaries
Assets and liabilities outside the United States are primarily located in Canada and Hong Kong, where our investments in our subsidiaries are considered long-term.
−Removed: As of October 29, 2022, net assets in Canada and Hong Kong amounted to $40.0 million.
+Added: As of April 29, 2023, net assets in Canada and Hong Kong amounted to $22.5 million.
A 10% increase or decrease in the Canadian and Hong Kong foreign currency exchange rates would increase or decrease the corresponding net investment by $2.3 million.
−Removed: All changes in the net investments in our foreign subsidiaries are recorded in other comprehensive income.
−Removed: As of October 29, 2022, we had $14.3 million of our cash and cash equivalents held in foreign subsidiaries, of which $2.1 million was in Hong Kong and $7.9 million was in Canada.
+Added: All changes in the net investments in our foreign subsidiaries are recorded in other comprehensive income (loss).
+Added: As of April 29, 2023, we had $5.2 million of our cash and cash equivalents held in foreign subsidiaries, of which $1.8 million was in India, $1.7 million was in China, $1.2 million was in Canada, and $0.3 million was in Hong Kong.
Foreign Operations
1 unchanged sentence
As a result, fluctuations in exchange rates impact the amount of our reported sales and expenses.
−Removed: Assuming a 10% change in foreign currency exchange rates, the Third Quarter 2022 net sales would have decreased or increased by approximately $11.2 million, and total costs and expenses would have decreased or increased by approximately $13.4 million.
+Added: Assuming a 10% change in foreign currency exchange rates, the First Quarter 2023 net sales would have decreased or increased by approximately $2.4 million, and total costs and expenses would have decreased or increased by approximately $3.4 million.
Additionally, we have foreign currency denominated receivables and payables that, when settled, result in transaction gains or losses.
A 10% change in foreign currency exchange rates would not result in a significant transaction gain or loss in earnings.
−Removed: We import a vast majority of our merchandise from foreign countries, primarily Bangladesh, Ethiopia, Cambodia, Vietnam, India and China.
+Added: We import a vast majority of our merchandise from foreign countries, primarily Bangladesh, Ethiopia, Cambodia, Vietnam, India, Indonesia and China.
Consequently, any significant or sudden change in the political, foreign trade, financial, banking, or currency policies and practices, or the occurrence of significant labor unrest in these countries, could have a material adverse impact on our business, financial position, results of operations, and cash flows.
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.