4 unchanged sentences
UNIFI is exposed to interest rate risk through its borrowing activities.
−Removed: As of January 1, 2023, UNIFI had borrowings under its ABL Facility that totaled $118,400.
−Removed: UNIFI’s sensitivity analysis indicates that a 50-basis point interest rate increase as of January 1, 2023 would result in an increase in annual interest expense of approximately $600.
+Added: As of April 2, 2023, UNIFI had borrowings under its ABL Facility that totaled $122,900.
+Added: UNIFI’s sensitivity analysis indicates that a 50-basis point interest rate increase as of April 2, 2023 would result in an increase in annual interest expense of approximately $640.
Foreign Currency Exchange Rate Risk
A complete discussion of foreign currency exchange rate risk is included in the 2022 Form 10-K and is supplemented by the following disclosures.
−Removed: As of January 1, 2023, UNIFI had no outstanding foreign currency forward contracts.
−Removed: As of January 1, 2023, foreign currency exchange rate risk concepts included the following:
+Added: As of April 2, 2023, UNIFI had no outstanding foreign currency forward contracts.
+Added: As of April 2, 2023, foreign currency exchange rate risk concepts included the following:
Percentage of total consolidated assets held by UNIFI's subsidiaries outside the U.S.
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While our underlying gross margin is predominantly pressured by lower textile demand, we expect the impact of recent selling price adjustments to aid margin improvement throughout the remainder of fiscal 2023.
−Removed: Nonetheless, input costs remain subject to volatility, and, should inputs costs increase unexpectedly or should textile demand worsen, UNIFI’s results of operations and cash flows are likely to be adversely impacted.
+Added: Nonetheless, input costs remain subject to volatility, and, should input costs increase unexpectedly or should textile demand worsen, UNIFI’s results of operations and cash flows are likely to be adversely impacted.
+Added: Cash Deposits and Financial Institution Risk
+Added: During the current period, certain regional bank crises and failures generated additional uncertainty and volatility in the financial and credit markets.
+Added: UNIFI currently holds the vast majority of its cash deposits with large foreign banks in our associated operating regions, and management maintains the ability to repatriate cash to the U.S.
+Added: relatively quickly.
+Added: Accordingly, UNIFI has not modified its mix of financial institutions holding cash deposits, but UNIFI will continue to monitor the environment and current events to ensure any increase in concentration or credit risk is appropriately and timely addressed.
+Added: If any of the financial institutions within our 2022 Credit Agreement or construction financing arrangement (“lending counterparties”) are unable to perform on their commitments, our liquidity could be impacted.
+Added: We actively monitor all lending counterparties, and none have indicated that they may be unable to perform on their commitments.
+Added: In addition, we periodically review our lending counterparties, considering the stability of the institutions and other aspects of the relationships.
+Added: Based on our monitoring activities, we currently believe our lending counterparties will be able to perform their commitments.
UNIFI is also exposed to political risk, including changing laws and regulations governing international trade, such as quotas, tariffs, and tax laws.
1 unchanged sentence
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.