10 unchanged sentences
The portions of our outstanding balances under the Credit Facility, Term Facility and the Receivables Facility that were not covered by our interest rate swap contracts were subject to variable interest rates.
−Removed: To calculate the potential impact in 2020 related to interest rate risk, we performed a sensitivity analysis assuming that we borrowed the maximum available amount under the Credit Facility, excluding the accordion feature, and the off-season maximum amount available under the Receivables Facility.
+Added: To calculate the potential impact in 2021 related to interest rate risk, we performed a sensitivity analysis assuming that we borrowed the monthly maximum available amount under the Credit Facility and the maximum amount available under the Receivables Facility.
Our Term Facility, entered into on December 30, 2019, was fully drawn as of that date.
1 unchanged sentence
Based on this calculation, our pretax income would have decreased by approximately $12.2 million and earnings per share would have decreased by approximately $0.22 per diluted share (based on the number of weighted average diluted shares outstanding for the year ended December 31, 2021).
−Removed: The maximum amount available under the Credit Facility is $ 750.0 million, excluding the $ 75.0 million accordion feature, and the maximum amount available under the Receivables Facility is $255.0 million, excluding the $40.0 million seasonal increase in capacity available from March 1 to July 31.
+Added: The maximum amount available under the Credit Facility is $1.25 billion and the maximum amount available under the Receivables Facility is $350.0 million.
Failure of our swap counterparties would result in the loss of any potential benefit to us under our swap agreements.
4 unchanged sentences
Historically, we have not hedged our currency exposure and fluctuations in exchange rates have not materially affected our operating results.
−Removed: While our international operations accounted for only 9% of total net sales in 2020, our exposure to currency rate fluctuations could be material in 2021 and future years to the extent that either currency rate changes are significant or that our international operations comprise a larger percentage of our consolidated results.
+Added: While our international operations, including Canada and Mexico, accounted for only 10% of total net sales in 2021, our exposure to currency rate fluctuations could be material in 2022 and future years to the extent that either currency rate changes are significant or that our international operations comprise a larger percentage of our consolidated results.
Functional Currencies
5 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.