9 unchanged sentences
Amounts committed under these forward purchase agreements are discussed in Item 7.
−Removed: Management’s Discussion and Analysis of Financial Condition and Results of Operations under the section “Derivative Financial Instruments.”
+Added: Management’s Discussion and Analysis of Financial Condition and Results of Operations under the section “Derivative Financial Instruments” of this Annual Report on Form 10-K.
+Added: A 1% increase in the price of the commodities used within our products and packaging would result in a reduction of our gross profit of approximately $5.0 million.
Interest Rate Risk
−Removed: Our variable-rate debt obligations incur interest at floating rates based on changes in the LIBOR rate.
+Added: Our variable-rate debt obligations incur interest at floating rates based on changes in the SOFR rate.
To manage exposure to changing interest rates, we selectively enter into interest rate swap agreements to maintain a desired proportion of fixed to variable-rate debt.
Management’s Discussion and Analysis of Financial Condition and Results of Operations under the section “Derivative Financial Instruments” for further information related to our interest rate swap agreements.
−Removed: While these interest rate swap agreements fixed a portion of the interest rate at a predictable level, interest expense would have been $3.1 million lower and equivalent without these swaps during the year ended January 2, 2022.
−Removed: Including the effect of the interest rate swap agreement, the weighted average interest rate was 3.5% and 4.4%, respectively, as of January 2, 2022 and January 3, 2021.
−Removed: A 1% increase in the LIBOR rate would have resulted in an additional $5.1 million of interest expense during the fiscal year 2021.
+Added: These interest rate swap agreements fixed a portion of the interest rate at a predictable level.
+Added: Interest expense would have been $1.7 million higher without these swaps during the fiscal year ended January 1, 2023.
+Added: Including the effect of the interest rate swap agreements, the weighted average interest rate was 5.5% and 3.5%, respectively, as of January 1, 2023 and January 2, 2022.
+Added: A 1% increase in the SOFR rate would have resulted in an additional $2.8 million of interest expense during the fiscal year 2022 based on the unhedged portion of debt.
We are exposed to credit risks related to our accounts and notes receivable.
1 unchanged sentence
We experienced no material credit losses during the fiscal years of 2022 or 2021.
−Removed: During the year ended January 2, 2022 and the combined year ended January 3, 2021, net bad deb t expense was $0.4 million and $0.2 million, respectively.
+Added: During the fiscal year ended January 1, 2023 and the fiscal year ended January 2, 2022, net bad deb t expense w as $0.9 million and $0.4 million, respectively.
Our reserve for potential future bad debt was $1.8 million as of January 1, 2023 and $1.4 million as of January 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.