12 unchanged sentences
As discussed further in Note 14:
−Removed: Debt of our Financial Statements included elsewhere in this Report, the Credit Agreement provides for the Senior Secured Credit Facilities consisting of the Term Loan, the Revolving Credit Facility, and incremental availability under which additional secured credit facilities could be issued under certain circumstances.
−Removed: The Term Loan accrues interest at a variable rate that, as of December 31, 2022, is based on London Interbank Offered Rate ("LIBOR"), plus an interest rate margin, in accordance with the terms of the Credit Agreement.
+Added: Debt of our Financial Statements included elsewhere in this Report, the Credit Agreement provides for the Senior Secured Credit Facilities consisting of the Term Loan, the Revolving Credit Facility, and incremental availability (the "Accordion") under which additional secured credit facilities could be issued under certain circumstances.
+Added: In the year ended December 31, 2023, we prepaid the entire outstanding balance on the Term Loan, which was our only variable-rate debt.
+Added: Borrowings under the Revolving Credit Facility continue to be subject to interest based on a variable rate, but we had no outstanding balance on the Revolving Credit Facility at December 31, 2023 or 2022.
Sensitivity Analysis
−Removed: As of December 31, 2022, we had an outstanding balance on the Term Loan (excluding debt discount and deferred financing costs) of $446.8 million.
−Removed: The applicable interest rate associated with the Term Loan at December 31, 2022 was 5.87%.
−Removed: An increase of 100 basis points in this rate would result in additional interest expense of $1.5 million in fiscal year 2023.
−Removed: An additional 100 basis point increase in this rate would result in incremental interest expense of $3.1 million in fiscal year 2023.
+Added: As of December 31, 2023, we had no outstanding variable interest rate loans.
As of December 31, 2022, we had an outstanding balance on the Term Loan (excluding debt discount and deferred financing costs) of $446.8 million.
10 unchanged sentences
(Decrease)/Increase to Future Pre-tax Earnings Due to:
−Removed: (In millions) Net Asset/(Liability) Balance as of December 31, 2022 10% Strengthening of the Value of the Foreign Currency Relative to the U.S.
−Removed: 10% Weakening of the Value of the Foreign Currency Relative to the U.S.
+Added: (In millions) Net (Liability)/Asset Balance as of December 31, 2023
+Added: 10% Strengthening of the Value of the Foreign Currency Relative to the U.S.
+Added: Dollar 10% Weakening of the Value of the Foreign Currency Relative to the U.S.
Euro $ (7.4) $ (48.4) $ 48.4
6 unchanged sentences
(Decrease)/Increase to Future Pre-tax Earnings Due to:
−Removed: (In millions) Net Asset/(Liability) Balance as of December 31, 2021 10% Strengthening of the Value of the Foreign Currency Relative to the U.S.
−Removed: 10% Weakening of the Value of the Foreign Currency Relative to the U.S.
+Added: (In millions) Net Asset/(Liability) Balance as of December 31, 2022
+Added: 10% Strengthening of the Value of the Foreign Currency Relative to the U.S.
+Added: Dollar 10% Weakening of the Value of the Foreign Currency Relative to the U.S.
Euro $ 10.7 $ (43.3) $ 43.3
13 unchanged sentences
The tables below present our commodity forward contracts as of December 31, 2023 and 2022 and the estimated impact to pre-tax earnings associated with a 10% increase/(decrease) in the related forward price for each commodity:
−Removed: Net Asset/(Liability) Balance as of
−Removed: December 31, 2022 Average Forward Price Per Unit as of December 31, 2022 Increase/(Decrease) to Pre-tax Earnings Due to
+Added: Net Asset Balance as of
+Added: December 31, 2023
+Added: Average Forward Price Per Unit as of December 31, 2023
+Added: Increase/(Decrease) to Pre-tax Earnings Due to
(In millions, except per unit amounts) 10% Increase
2 unchanged sentences
Silver $ 0.5 $ 24.61 $ 1.7 $ (1.7)
−Removed: Gold $ 0.1 $ 1,877.27 $ 1.5 $ (1.5)
−Removed: Nickel $ 0.7 $ 13.76 $ 0.3 $ (0.3)
−Removed: Aluminum $ (0.5) $ 1.11 $ 0.5 $ (0.5)
Copper $ 0.2 $ 3.90 $ 2.5 $ (2.5)
−Removed: Platinum $ 0.9 $ 1,070.21 $ 1.2 $ (1.2)
−Removed: Palladium $ (0.5) $ 1,803.34 $ 0.2 $ (0.2)
−Removed: Net (Liability)/Asset Balance as of December 31, 2021 Average Forward Price Per Unit as of December 31, 2021 Increase/(Decrease) to Pre-tax Earnings Due to
+Added: Net Asset/(Liability) Balance as of
+Added: December 31, 2022
+Added: Average Forward Price Per Unit as of December 31, 2022
+Added: Increase/(Decrease) to Pre-tax Earnings Due to
(In millions, except per unit amounts) 10% Increase
9 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.