7 unchanged sentences
Fixed rate debt, where the interest rate is fixed over the life of the instrument, exposes us to changes in market interest rates reflected in the fair value of the debt and to the risk that we may need to refinance maturing debt with new debt at higher rates.
−Removed: We manage our debt portfolio to achieve an overall desired position of fixed and floating rates and may employ interest rate swaps as a tool to achieve that position.
−Removed: We have in the past entered into interest rate swap agreements to limit our exposure to variable interest rate terms, the most recent of which expired on July 31, 2021.
−Removed: We may, in the future, again enter into interest rate swaps, the risks of which include changes in the interest rates affecting the fair value of such instruments, potential increases in interest expense due to market increases in floating interest rates and the creditworthiness of the counterparties.
−Removed: Approximately 45% of the principal amount of our debt bore interest at floating rates based on LIBOR or ABR, as of October 1, 2022.
+Added: We manage our debt portfolio to achieve an overall desired position of fixed and floating rates and may employ interest rate hedges as a tool to achieve that position.
+Added: We have in the past entered into interest rate hedge agreements to limit our exposure to variable interest rate terms.
+Added: We may, in the future, again enter into interest rate hedges, the risks of which include changes in the interest rates affecting the fair value of such instruments, potential increases in interest expense due to market increases in floating interest rates and the creditworthiness of the counterparties.
+Added: See Note 18, Subsequent Events, for a description of interest rate cap agreements entered into subsequent to April 1, 2023.
+Added: Approximately 41% of the principal amount of our debt bore interest at floating rates based on LIBOR, SOFR or an alternative base rate, as defined in our credit agreements, as of April 1, 2023.
A hypothetical 1% change in the applicable rate would cause the interest expense on our floating rate debt to change by approximately $22 million per year (see Note 9, Debt, in our consolidated financial statements).
−Removed: On March 5, 2021, the ICE Benchmark Authority (“ICE”), the administrator of LIBOR, announced that it will cease publication of U.S.
−Removed: dollar LIBOR tenors as of June 30, 2023, for the most common tenors (overnight and one, three, six and twelve months).
−Removed: ICE ceased publication of U.S.
+Added: On March 5, 2021, the Intercontinental Exchange Benchmark Administration (“IBA”), the administrator of LIBOR, announced that it will cease publication of U.S.
+Added: dollar LIBOR tenors as of June 30, 2023 (instead of December 31, 2021), for the most common tenors (overnight and one, three, six and twelve months) and it will cease publication of U.S.
dollar LIBOR tenors for less common tenors (one week and two months) as well as all tenors of non-U.S.
5 unchanged sentences
Increases in the cost of diesel fuel can negatively affect consumer confidence and discretionary spending and increase the prices we pay for products, and the costs we incur to deliver products to our customers.
−Removed: Fuel costs related to outbound deliveries approximated $125 million during the fiscal year ended January 1, 2022.
+Added: Fuel costs related to outbound deliveries approximated $195 million during the fiscal year ended December 31, 2022.
Our activities to minimize fuel cost risk include route optimization, improving fleet utilization and assessing fuel surcharges.
1 unchanged sentence
We also enter into forward purchase commitments for a portion of our projected diesel fuel requirements.
−Removed: As of October 1, 2022, we had diesel fuel forward purchase commitments totaling $43 million, which lock approximately 19% of our projected diesel fuel purchase needs through December 2023.
+Added: As of April 1, 2023, we had diesel fuel forward purchase commitments totaling $34 million, which lock approximately 26% of our projected diesel fuel purchase needs through December 2023.
Using current published market price projections for diesel and estimated fuel consumption needs, a hypothetical 10% unfavorable change in diesel prices from the market price could result in approximately $11 million in additional fuel cost on uncommitted volumes through December 2023.
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.