11 unchanged sentences
We have exchange rate exposure primarily with respect to the Canadian Dollar, the Euro, the British Pound, the Polish Zloty, the Hungarian Forint, the Mexican Peso, the Taiwan Dollar, the Chinese Yuan Renminbi and the Hong Kong Dollar.
−Removed: June 30, 2023 and December 31, 2022, our monetary assets and liabilities which are subject to this exposure are immaterial, therefore, the potential immediate loss to us that would result from a hypothetical 10% change in foreign currency
+Added: September 30, 2023 and December 31, 2022, our monetary assets and liabilities which are subject to this exposure are immaterial, therefore, the potential immediate loss to us that would result from a hypothetical 10% change in foreign currency
exchange rates would not be expected to have a material impact on our earnings or cash flows.
3 unchanged sentences
We manage our exposure to interest rate risk through the proportion of fixed rate debt and variable rate debt in our debt portfolio.
−Removed: To reduce our market risk to changes in interest rates on our variable rate borrowings, and to manage a
−Removed: portion of our exposure to changes in interest rates, we occasionally enter into interest rate swap agreements.
+Added: To reduce our market risk to changes in interest rates on our variable rate borrowings, and to manage a portion
+Added: of our exposure to changes in interest rates, we occasionally enter into interest rate swap agreements.
In June 2022, we entered into a seven year interest rate swap agreement with a notional amount of $100 million that is to mature in May 2029.
1 unchanged sentence
million of borrowings under our Credit Agreement.
−Removed: Under the terms of the swap agreement, we will receive monthly variable interest payments based on one month Term SOFR and will pay interest based upon a fixed rate of 2.683% per annum,
−Removed: adjusted upward for the credit spread adjustment in the Credit Agreement of 0.10% and the loan margin in the Credit Agreement of 1.50% at June 30, 2023.
−Removed: As of June 30, 2023, we had approximately $223 million of outstanding borrowings under our Credit Agreement, of which approximately $123 million bears interest at variable rates of interest and $100 million bears interest at fixed rates, after
−Removed: consideration of the interest rate swap agreement entered into in June 2022.
+Added: Under the terms of the swap agreement, we will receive monthly variable interest payments based on one month Term SOFR and will pay interest based upon a fixed rate of 2.683% per annum, adjusted
+Added: upward for the credit spread adjustment in the Credit Agreement of 0.10% and the loan margin in the Credit Agreement of 1.50% at September 30, 2023.
+Added: As of September 30, 2023, we had approximately $147.4 million of outstanding borrowings under our Credit Agreement, of which approximately $47.4 million bears interest at variable rates of interest and $100 million bears interest at fixed rates,
+Added: after consideration of the interest rate swap agreement entered into in June 2022.
Additionally, we invest our excess cash in highly liquid short-term investments.
−Removed: Based upon our current level of borrowings under our facilities and our excess cash,
−Removed: the effect of a hypothetical, instantaneous and unfavorable change of 100 basis points in the interest rate may have an approximate $1 million annualized negative impact on our earnings or cash flows.
+Added: Based upon our current level of borrowings under our facilities and our excess
+Added: cash, the effect of a hypothetical, instantaneous and unfavorable change of 100 basis points in the interest rate may have an approximate $0.2 million annualized negative impact on our earnings or cash flows.
In addition, we are party to several supply chain financing arrangements, in which we may sell certain of our customers’ trade accounts receivable to such customers’ financial institutions.
1 unchanged sentence
receivables at our discretion when we determine that the cost of these arrangements is less than the cost of servicing our receivables with existing debt.
−Removed: During the three months and six months ended June 30, 2023, we sold $211.6 million and
+Added: During the three months and nine months ended September 30, 2023, we sold $260.4 million and
$643 million of receivables, respectively.
Depending upon the level of sales of receivables pursuant these agreements, the effect of a hypothetical, instantaneous and unfavorable change of 100 basis points in the margin rate may have an
−Removed: approximate $2.1 million and $3.8 million negative impact on our earnings or cash flows during the three months and six months ended June 30, 2023, respectively.
−Removed: The charge related to the sale of receivables is included in selling, general and
−Removed: administrative expenses in our consolidated statements of operations.
+Added: approximate $2.6 million and $6.4 million negative impact on our earnings or cash flows during the three months and nine months ended September 30, 2023, respectively.
+Added: The charge related to the sale of receivables is included in selling, general
+Added: and administrative expenses in our consolidated statements of operations.
Other than the aforementioned, there have been no significant changes to the information presented in Item 7A (Market Risk) of our Annual Report on Form 10-K for the year ended December 31, 2022.
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.