8 unchanged sentences
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.
−Removed: In April 2023, USF entered into two two-year rate cap agreements, which will each mature on April 30, 2025 with a total notional amount of $450 million .
+Added: In April 2023, the Company entered into two, two-year rate cap agreements, which will each mature on April 30, 2025 with a total notional amount of $450 million .
The interest rate cap agreements will effectively cap the interest rate on approximately 24% of the principal amount of the Term Loan Facilities.
1 unchanged sentence
We may, in the future, enter into additional interest rate hedges, the risks of which include changes in the interest rates affecting the fai r value of such instruments, potential increases in interest expense due to market increases in floating interest rates and the creditworthiness of the counterparties.
−Removed: Following the Intercontinental Exchange Benchmark Administration’s announcement that it will cease publication of the U.S.
−Removed: dollar LIBOR tenors as of June 30, 2023, we evaluated the impact of such announcement and the use of alternative reference rates on our existing contracts, including with respect to our term loan credit agreement.
−Removed: On June 1, 2023, we entered into an amendment to our term loan credit agreement to replace the LIBOR-based interest rate option included in the term loan credit agreement with an interest rate option based upon Term SOFR.
−Removed: Term SOFR is a relatively new reference rate and has a very limited history.
−Removed: The future performance of Term SOFR cannot be predicted based on its limited historical performance.
−Removed: As a result, we are unable to predict the impact of using alternative reference rates and corresponding rate risk as of this time.
−Removed: After considering interest rate caps that fixed the interest rate on a total notional amount of $450 million of the current principal amount of the Term Loan Facilities, approximately 30% of the principal amount of our debt bore interest at floating rates based on Term SOFR or an alternative reference rate, as defined in our credit agreements, as of September 30, 2023.
+Added: After considering interest rate caps that fixed the interest rate on a total notional amount of $450 million of the current principal amount of the Term Loan Facilities, approximately 30% of the principal amount of our debt bore interest at floating rates based on Term SOFR or an alternative reference rate, as defined in our credit agreements, as of March 30, 2024.
A hypothetical 1% change in the applicable rate would cause the interest expense on our floating rate debt to change by approximately $16 million per year (see Note 9, Debt, in our consolidated financial statements).
4 unchanged sentences
Fuel costs related to outbound deliveries approximated $190 million during the fiscal year ended December 30, 2023.
−Removed: Our activities to minimize fuel cost risk include route optimization, improving fleet utilization, growing our fleet of electric vehicles and assessing fuel surcharges.
+Added: Our activities to minimize fuel cost risk include route optimization, improving fleet utilization, growing our fleet of electric vehicles and assessing fuel
We typically directly offset approximately 40% of the increases in fuel costs through fuel surcharges to customers.
We also enter into forward purchase commitments for a portion of our projected diesel fuel requirements.
−Removed: As of September 30, 2023, we had diesel fuel forward purchase commitments totaling $11 million, which lock approximately 27% of our projected diesel fuel purchase needs through December 2023.
+Added: As of March 30, 2024, we had diesel fuel forward purchase commitments totaling $24 million, which lock approximately 26% of our projected diesel fuel purchase needs through December 2024.
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 addition al fuel cost on uncommitted volumes through December 2024.
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.