QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
−Removed: We are exposed to certain commodity and interest rate risks as part of our ongoing business operations.
+Added: We are exposed to certain commodity, interest rate, and credit risks as part of our ongoing business operations.
We may use derivative financial instruments, where appropriate, to manage some of these risks related to interest rates.
13 unchanged sentences
These interest rate swap agreements fixed a portion of the interest rate at a predictable level.
−Removed: Interest expense would have been $1.7 million higher without these swaps during the fiscal year ended January 1, 2023.
−Removed: 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: Interest expense would have been $19.9 million higher without these swaps during the fiscal year ended December 31, 2023.
+Added: Including the effect of the interest rate swap agreements, the weighted average interest rate was 6.7% and 5.5%, respectively, as of December 31, 2023 and January 1, 2023.
A 1% increase in the SOFR rate would have resulted in an additional $3.3 million of interest expense during the fiscal year 2023 based on the unhedged portion of debt.
2 unchanged sentences
We experienced no material credit losses during the fiscal years of 2023 or 2022.
−Removed: 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.
−Removed: 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.
+Added: During the fiscal years ended December 31, 2023 and January 1, 2023, net bad deb t expense w as $1.2 million and $0.9 million, respectively.
+Added: Our reserve for potential future bad debt was $2.9 million as of December 31, 2023 and $1.8 million as of January 1, 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.