8 unchanged sentences
We are subject to interest rate risk in connection with our long-term debt.
−Removed: Our principal interest rate risk relates to borrowings under the Credit Agreement and the New Credit Agreement.
−Removed: To meet our working capital needs, we borrowed periodically on our Revolving Credit Facility under the Credit Agreement and will continue to borrow periodically on our New Revolving Credit Facility under the New Credit Agreement.
−Removed: As of December 31, 2021, we had outstanding borrowings of $284.0 million face value under our Amended Term Loan and no borrowings on the Revolving Credit Facility.
−Removed: The Amended Term Loan and Revolving Credit Facility bear interest at variable rates.
−Removed: Interest rate risk associated with our Credit Agreement is managed through an interest rate swap, which we executed on April 30, 2020.
−Removed: The interest rate swap has an effective date of May 18, 2020 and a termination date of May 18, 2023.
−Removed: After inclusion of the notional amount of $200.0 million of our interest rate swap fixing a portion of the variable rate debt, $84.0 million, or 29.6%, of our debt is subject to variable rates.
−Removed: An increase or decrease of 1.0% in the effective interest rate would cause an increase or decrease to interest expense of approximately $0.8 million.
−Removed: The term loan outstanding under the New Credit Agreement and New Revolving Credit Facility also bear interest at variable rates.
+Added: Our principal interest rate risk relates to borrowings under the New Credit Agreement.
+Added: To meet our working capital needs, we borrowed periodically on our New Revolving Credit Facility under the New Credit Agreement.
+Added: As of December 31, 2022, we had outstanding borrowings of $322.6 million face value under our New Term Loan and no borrowings on the New Revolving Credit Facility.
+Added: The New Term Loan and New Revolving Credit Facility bear interest at variable rates.
+Added: Interest rate risk associated with our New Credit Agreement is managed through an interest rate swap, which we originally executed on
+Added: April 30, 2020.
We amended our interest rate swap to change the index rate from LIBOR to SOFR in connection with the New Credit Agreement.
−Removed: As of February 23, 2022, we had outstanding borrowings of $325.0 million face value on the term loan under the New Credit Agreement and $10.0 million of borrowings on the Revolving Credit Facility.
+Added: The interest rate swap has an effective date of May 18, 2020 and a termination date of May 18, 2023.
After inclusion of the notional amount of $200.0 million of our interest rate swap fixing a portion of the variable rate debt, $122.6 million, or 38.0%, of our debt is subject to variable rates.
−Removed: An increase or decrease of 1.0% in the effective interest rate would cause an increase or decrease to interest expense of approximately $1.4 million.
+Added: An increase or decrease of 1.0% in the effective interest rate would cause an increase or decrease to annual interest expense of approximately $1.2 million.
Financial instruments that subject us to concentrations of credit risk consist primarily of cash and trade receivables.
7 unchanged sentences
Foreign Currency Risk
−Removed: Our foreign operations are denominated in local currency, which is the functional currency and are then translated to U.S.
+Added: Our foreign operations are denominated in local currency, which is the functional currency and is then translated to U.S.
Assets and liabilities are translated using the current rate of exchange at the balance sheet date or historical rates of exchange, as applicable.
8 unchanged sentences
dollar and the Australian or Canadian dollar would not materially impact our operating results or financial position.
−Removed: We have experienced and we will continue to experience fluctuations in our net income as a result of revaluing our assets and liabilities that are not denominated in the functional currency of the entity that recorded the asset or liability.
+Added: We have experienced and we will continue to experience fluctuations in our net income (loss) as a result of revaluing our assets and liabilities that are not denominated in the functional currency of the entity that recorded the asset or liability.
At this time, we do not hedge our foreign currency risk.
−Removed: We experience inflation and deflation related to our purchase of certain products.
−Removed: This price volatility could potentially have a material impact on our financial condition and/or our results of operations.
−Removed: In order to mitigate price volatility, we monitor price fluctuations and may adjust our selling prices accordingly, however, our ability to recover higher costs through increased pricing may be limited by the competitive environment in which we operate.
−Removed: Emerging Growth Company Status
−Removed: The JOBS Act permits an “emerging growth company” such as us to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies until those standards would otherwise apply to private companies.
−Removed: We have elected not to “opt out” of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, we will adopt the new or revised standard at the time private companies adopt the new or revised standard and will do so until such time that we either (i) irrevocably elect to “opt out” of such extended transition period or (ii) no longer qualify as an emerging growth company.
−Removed: We may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for private companies.
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.