2 unchanged sentences
We currently do not engage in any interest rate hedging activity and we have no intention to do so in the foreseeable future.
−Removed: FINANCIAL INFORMATION
−Removed: 2021 SECOND QUARTER FORM 10-Q | 55
−Removed: We are subject to interest rate risk in connection with borrowings under our revolving line of credit under the Amended Credit Agreement that bears interest at variable rates and we may incur additional indebtedness that bears interest at variable rates.
−Removed: As of July 31, 2021, we had no outstanding borrowings under the revolving line of credit.
−Removed: The Amended Credit Agreement provides for a borrowing amount based on the value of eligible collateral and a formula linked to certain borrowing percentages based on certain categories of collateral.
−Removed: Under the terms of such provisions, the amount under the revolving line of credit borrowing base that could be available pursuant to the Amended Credit Agreement as of July 31, 2021 was $389.1 million, net of $20.1 million in outstanding letters of credit.
−Removed: Based on the average interest rate on the revolving line of credit during the three months ended July 31, 2021, and to the extent that borrowings were outstanding on such line of credit, we do not believe that a 10% change in the interest rate would have a material effect on our consolidated results of operations or financial condition.
+Added: We are subject to interest rate risk in connection with borrowings under the ABL Credit Agreement and the Term Loan Credit Agreement, in each case bearing interest at variable rates and we may incur additional indebtedness that bears interest at variable rates.
+Added: As of October 30, 2021, we had no outstanding borrowings under the revolving line of credit and $2,000 million outstanding under the Term Loan Credit Agreement.
+Added: The ABL Credit Agreement provides for a borrowing amount based on the value of eligible collateral and a formula linked to certain borrowing percentages based on certain categories of collateral.
+Added: Under the terms of such provisions, the amount under the revolving line of credit borrowing base that could be available pursuant to the ABL Credit Agreement as of October 30, 2021 was $333.7 million, net of $19.9 million in outstanding letters of credit.
+Added: Based on the average interest rate on the revolving line of credit and the Term Loan during the three months ended October 30, 2021, and to the extent that borrowings were outstanding under any facility, we do not believe that a 10% change in the interest rate would have a material effect on our consolidated results of operations or financial condition.
To the extent that we incur additional indebtedness, we may increase our exposure to risk from interest rate fluctuations.
−Removed: A number of our current debt agreements, including the Amended Credit Agreement, have an interest rate tied to LIBOR, which is expected to be discontinued after 2021.
+Added: A number of our current debt agreements, including the ABL Credit Agreement and the Term Loan Credit Agreement, have an interest rate tied to LIBOR, which is expected to be discontinued after 2021.
A number of alternatives to LIBOR have been proposed or are being developed, but it is not clear which, if any, will be adopted.
Any of these alternative methods may result in interest payments that are higher than expected or that do not otherwise correlate over time with the payments that would have been made on such indebtedness for the interest periods if the applicable LIBOR rate was available in its current form.
−Removed: As of July 31, 2021, we had $302 million principal amount of 0.00% convertible senior notes due 2023 outstanding (the “2023 Notes”).
+Added: As of October 30, 2021, we had $128 million principal amount of 0.00% convertible senior notes due 2023 outstanding (the “2023 Notes”).
As this instrument does not bear interest, we do not have interest rate risk exposure related to this debt.
−Removed: As of July 31, 2021, we had $350 million principal amount of 0.00% convertible senior notes due 2024 outstanding (the “2024 Notes”).
+Added: As of October 30, 2021, we had $283 million principal amount of 0.00% convertible senior notes due 2024 outstanding (the “2024 Notes”).
As this instrument does not bear interest, we do not have interest rate risk exposure related to this debt.
8 unchanged sentences
Refer to Note 9— Convertible Senior Notes in our condensed consolidated financial statements.
+Added: FINANCIAL INFORMATION
+Added: 2021 THIRD QUARTER FORM 10-Q | 57
0.00% Convertible Senior Notes due 2024
6 unchanged sentences
Refer to Note 9— Convertible Senior Notes in our condensed consolidated financial statements.
−Removed: 56 | 2021 SECOND QUARTER FORM 10-Q
−Removed: FINANCIAL INFORMATION
Impact of Inflation
2 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.