1 unchanged sentence
Market Risk Factors
−Removed: No material change in the Company’s market risk has occurred during the nine month period ended July 2, 2023, except for the consideration of changes attributable to the HHI divestiture and the related cash proceeds.
−Removed: Following the receipt of cash proceeds from the HHI divestiture, we have paid down our outstanding term loan and borrowings with the Revolver Facility under the Credit Agreement, as well as terminated the Incremental Revolving Credit Facility Tranche, which were both subject to variable interest rates.
−Removed: Further, with the additional proceeds, we have incremental available cash to support operating cash flow requirements and working capital needs and mitigates our need to leverage our Revolver Facility or utilize factoring in the near term to reduce our cash conversion cycle.
−Removed: As a result, we have mitigated our outstanding borrowings and exposure to variable interest rates for the foreseeable future.
−Removed: For additional information, refer to Note 9 - Debt to the Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report and to Part II, Items 7A of the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2022.
−Removed: Additionally, with close of the HHI divestiture, we have reduced our exposure regarding the risk of loans to and from subsidiaries, as well as purchases from suppliers and third party customers denominated in foreign currencies.
−Removed: We manage our foreign exchange exposure from such intercompany loans and purchase commitments and accounts payable through the use of naturally occurring offsetting positions (borrowing in local currency), forward foreign exchange rate swaps and foreign exchange options.
−Removed: The related amounts payable to, or receivable from, the contract counterparties are included in accounts payable.
−Removed: For additional information, refer to Note 10 – Derivatives to the Condensed Consolidated Financial Statement included elsewhere in this Quarterly Report and to Part II, Items 7A of the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2022.
+Added: No material change in the Company’s market risk has occurred during the three month period ended December 31, 2023.
+Added: For additional information, refer to Note 8 - Debt and Note 9 - Derivatives to the Condensed Consolidated Financial Statements included elsewhere in the Quarterly Report and to Part II, Items 7A of the Company's 2023 Annual Report.
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