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Foreign Currency Risk
−Removed: The Company is exposed to a variety of risks, including foreign currency exchange rate fluctuations.
−Removed: In the normal course of business, the Company employs established policies and procedures to manage its exposure to fluctuations in foreign currency values.
−Removed: All of the Company’s international subsidiaries operate in functional currencies other than the U.S.
−Removed: As a result, the Company is exposed to foreign currency related risk when the financial statements of its international subsidiaries are translated for consolidation purposes from functional currencies to U.S.
+Added: We are exposed to a variety of risks, including foreign currency exchange rate fluctuations.
+Added: In the normal course of business, we employ established policies and procedures to manage our exposure to fluctuations in foreign currency values.
+Added: All of our international subsidiaries operate in functional currencies other than the U.S.
+Added: As a result, we are exposed to foreign currency related risk when the financial statements of our international subsidiaries are translated for consolidation purposes from functional currencies to U.S.
This foreign currency risk can affect sales, expenses and profits as well as assets and liabilities that are denominated in currencies other than the U.S.
−Removed: The Company does not enter into any hedging activities to mitigate this foreign currency translation risk.
+Added: We do not enter into any hedging activities to mitigate this foreign currency translation risk.
The Company’s U.K.
−Removed: subsidiary, whose functional currency is Pound Sterling, utilizes foreign currency forward contracts to limit its exposure to net asset balances held in non-functional currencies.
−Removed: The Company regularly monitors its foreign exchange exposures to ensure the overall effectiveness of its foreign currency hedge positions.
−Removed: While the Company engages in foreign currency hedging activity to reduce its risk, for accounting purposes, none of its foreign currency forward contracts are designated as hedges.
+Added: subsidiary, whose functional currency is Pound Sterling, utilizes foreign currency forward contracts to limit our exposure to net asset balances held in non-functional currencies.
+Added: We regularly monitor our foreign exchange exposures
+Added: to ensure the overall effectiveness of our foreign currency hedge positions.
+Added: While we engage in foreign currency hedging activity to reduce our risk, for accounting purposes, none of our foreign currency forward contracts are designated as hedges.
Commodity Price Risk
−Removed: Petroleum-based specialty chemicals and aerosol cans constitute a significant portion of the cost of many of the Company’s maintenance products.
+Added: Petroleum-based specialty chemicals and aerosol cans constitute a significant portion of the cost of many of our maintenance products.
Volatility in the price of oil directly impacts the cost of petroleum-based specialty chemicals which are indexed to the price of crude oil.
−Removed: If there are significant increases in the costs of crude oil, the Company’s gross margins and operating results will be negatively impacted.
−Removed: The Company does not currently have a strategy or policy to enter into transactions to hedge crude oil price volatility, but the Company regularly reviews this policy based on market conditions and other factors.
+Added: If there are significant increases in the costs of crude oil, our gross margins and operating results will be negatively impacted.
+Added: We do not currently have a strategy or policy to enter into transactions to hedge crude oil price volatility, but we regularly review this policy based on market conditions and other factors.
Interest Rate Risk
−Removed: As of August 31, 2020, the Company had a $95.9 million outstanding balance on its existing $150.0 million revolving credit facility agreement with Bank of America.
+Added: As of August 31, 2021, we had a $46.5 million outstanding balance on our existing $150.0 million revolving credit facility agreement with Bank of America.
This $150.0 million revolving credit facility is subject to interest rate fluctuations.
−Removed: Under the terms of the credit facility agreement, the Company may borrow loans in U.S.
−Removed: dollars or in foreign currencies from time to time until March 16, 2025.
−Removed: In addition, the Company had $18.0 million in fixed rate borrowings consisting of senior notes under its note purchase agreement as of August 31, 2020.
+Added: Under the terms of the credit facility agreement, we may borrow loans in U.S.
+Added: dollars or in foreign currencies from time to time until September 30, 2025.
+Added: In addition, we had $69.2 million in fixed rate borrowings consisting of senior notes under our note purchase agreements as of August 31, 2021.
On September 30, 2020, we entered into amendments to both the line of credit and note agreement and refinanced existing draws under our credit facility in the United States through the issuance of additional notes in the amount of $52.0 million.
−Removed: For additional details on the Company’s long-term borrowings as of August 31, 2020 and subsequent debt restructuring, refer to the information set forth in Part IV—Item 15, “Exhibits, Financial Statement Schedules”, Note 8 – Debt and Note 18 – Subsequent Events, respectively.
+Added: For additional details on our long-term borrowings as of August 31, 2021 and subsequent debt restructuring, refer to the information set forth in Part IV—Item 15, “Exhibits, Financial Statement Schedules” and Note 8 – Debt, respectively.
Interest rates associated with this revolving credit facility are based on Prime and LIBOR rates.
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The U.K.’s Financial Conduct Authority has announced the LIBOR benchmark will be phased out by a target date of December, 31, 2021.
−Removed: Although the Company expects the contract on its revolving credit facility to be amended by this target date to include the incorporation of an alternative reference rate, the Company does not believe this anticipated event represents a material increase to its interest rate risk.
+Added: Although we expect the contract on our revolving credit facility to be amended by this target date to include the incorporation of an alternative reference rate, we do not believe this anticipated event represents a material increase to our interest rate risk.
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.