1 unchanged sentence
We do not enter into derivative financial instruments for trading or speculation purposes.
−Removed: In the normal course of business, we have exposure to both interest rate risk and foreign currency transaction and translation risk, primarily related to the Canadian and Australian dollar, and British Pound.
+Added: In the normal course of business, we have exposure to both interest rate risk and foreign currency transaction and translation risk, primarily related to the Canadian and Australian dollar and the British Pound.
We are exposed to interest rate risk under our Amended Credit Agreement.
2 unchanged sentences
dollars (the highest of the U.S.
−Removed: federal funds rate plus 0.50% per annum, the bank’s prime rate or the Eurocurrency rate plus 1.00%) plus a margin that ranges from 0% to 0.75% per annum.
+Added: federal funds rate plus 0.50% per annum, the bank’s prime rate or the SOFR rate plus 1.00%) plus a margin that ranges from 0% to 0.875% per annum.
+Added: In each case, the applicable margin is based on our Consolidated Leverage Ratio, calculated quarterly.
+Added: The Amended Term Loan Facility is subject to the same interest rate provisions.
Borrowings at the base rate have no designated term and may be repaid without penalty any time prior to the Facility’s maturity date.
−Removed: Borrowings at a Eurodollar rate have a term no less than 30 days and no greater than 180 days and may be prepaid without penalty.
−Removed: Typically, at the end of such term, such borrowings may be rolled over at our discretion into either a borrowing at the base rate or a borrowing at a Eurodollar rate with similar terms, not to exceed the maturity date of the Facility.
−Removed: The Facility matures on July 30, 2023.
−Removed: At October 3, 2021, we had $212.5 million in outstanding borrowings under the Amended Credit Agreement, which was comprised of $212.5 million under the Amended Term Loan Facility and no borrowings outstanding under the Amended Revolving Credit Facility.
−Removed: The weighted-average interest rate of the outstanding borrowings during fiscal 2021 was 1.25%.
+Added: Borrowings at a SOFR rate have a term no l ess than 30 days and no greater than 180 days and may be prepaid without penalty.
+Added: Typically, at the end of such term, such borrowings may be rolled over at our discretion into either a borrowing at the base rate or a borrowing at a SOFR rate with similar terms, not to exceed the maturity date of the Facility.
+Added: The Facility matures on February 18, 2027.
+Added: At October 2, 2022, we had $258.8 million in outstanding borrowings under the Amended Credit Agreement, which was comprised of $243.8 million under the Amended Term Loan Facility and $15.0 million under the Amended Revolving Credit Facility.
+Added: The year-to-date weighted-average interest rate of the outstanding borrowings during fiscal 2022 was 1.97%.
In August 2018, we entered into five interest rate swap agreements with five banks to fix the variable interest rate on $250 million of our Amended Term Loan Facility.
−Removed: The objective of these interest rate swaps was to eliminate the variability of our cash flows on the amount of interest expense we pay under o ur Credit Agreement.
−Removed: As of October 3, 2021, the notional principal of our outstanding interest swap agreements was $212.5 million ($42.5 million each.) Our y ear-to-date average effective interest rate on borrowings outstanding under the Credit Agreement, including the effects of interest rate swap agreements, at October 3, 2021, was 3.30 %.
+Added: The objective of these interest rate swaps was to eliminate the variability of our cash flows on the amount of interest expense we pay under our Credit Agreement.
+Added: As of October 2, 2022, the notional principal of our outstanding interest swap agreements was $200.0 million ($40.0 million each.) Our year-to-date average effective interest rate on borrowings outstanding under the Credit Agreement, including the effects of interest rate swap agreements, at October 2, 2022, was 3.60%.
For more information, see Note 14, “Derivative Financial Instruments” of the “Notes to Consolidated Financial Statements” in Item 8.
Most of our transactions are in U.S.
−Removed: however, some of our subsidiaries conduct business in foreign currencies, primarily the Canadian and Australian dollar, and British Pound.
+Added: however, some of our subsidiaries conduct business in foreign currencies, primarily the Canadian and Australian dollar and the British Pound.
Therefore, we are subject to currency exposure and volatility because of currency fluctuations.
6 unchanged sentences
dollar weakens against foreign currencies.
−Removed: For fis cal 2021 and 2020, 29.8% and 29.6% of our consolidated revenue, respectively, was generated by our international business.
−Removed: For fiscal 2021, the effect of foreign exchange rate translation on the consolidated balance sheets was an increase in equity of $30.6 million compared to an increase in equity of $3.4 million in fiscal 2020.
+Added: For fiscal 2022 and 2021, 31.0% and 29.8% of our consolidated revenue, respectively, was generated by our international business.
+Added: For fiscal 2022, the effect of foreign exchange rate translation on the consolidated balance sheets was a decrease in equity of $94.9 million compared to an increase in equity of $30.6 million in fiscal 2021.
These amounts were recognized as an adjustment to equity through othe r comprehensive income.
+Added: In the anticipation of the planned acquisition of RPS, we entered into a forward contract during the fourth quarter of fiscal 2022 to acquire GBP 714.0 million at a rate of 1.0852 for a total of USD 774.8 million.
+Added: The contract matures on December 30, 2022.
+Added: Although an effective economic hedge of our foreign exchange risk related to this transaction, the forward contract did not qualify for hedge accounting.
+Added: As a result, the forward contract is marked-to-market with changes in fair value recognized in earnings each period.
+Added: The intrinsic value of the forward contract was immaterial at inception as the GBP/USD spot and forward exchange rates were essentially the same.
+Added: The fair value of the forward contract at October 2, 2022 was $19.9 million, which resulted in an unrealized gain of the same amount in the fourth quarter fiscal 2022 and is reflected in “Other income" on the consolidated income statement for fiscal 2022.
+Added: The related $19.9 million asset is reported in "Prepaid expenses and other current assets" on the consolidated balance sheet at October 2, 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.