6 unchanged sentences
Our objective in managing our exposure to interest rate changes is to limit the impact on our earnings and cash flows.
−Removed: Our policies prohibit the use of derivative instruments for trading purposes, and we had no outstanding derivative instruments as of January 1, 2023.
−Removed: Our long-term debt, including the current portion, aggregated $2,895.8 million as of January 1, 2023 (excluding unamortized debt issuance costs and the effect of purchase accounting adjustments).
+Added: Our policies prohibit the use of derivative instruments for trading purposes, and we had no outstanding derivative instruments as of December 31, 2023.
+Added: Our long-term debt, including the current portion, aggregated $2,796.9 million as of December 31, 2023 (excluding unamortized debt issuance costs and the effect of purchase accounting adjustments).
The Company’s predominantly fixed-rate debt structure has reduced its exposure to interest rate increases that could adversely affect its earnings and cash flows.
−Removed: The Company could be exposed to interest rate increases under its Class A-1 Notes and other lines of credit;
−Removed: however, the Company had no outstanding borrowings under the Class A-1 Notes or its other lines of credit as of January 1, 2023.
−Removed: See Note 12 of the Financial Statements and Supplementary Data contained in Item 8 herein for further information on the Company’s debt structure and its securitized financing facility.
−Removed: In addition, certain of the Company’s loan documents determine interest based on LIBOR, and we currently intend to renegotiate such loan documents prior to LIBOR being discontinued.
−Removed: At this time, we cannot predict what alternative index would be negotiated with our lenders or the resulting impact on our interest expense.
+Added: During the year ended December 31, 2023, certain of the Company’s subsidiaries executed amendments to the 2021-1 Variable Funding Senior Secured Notes, Class A-1 (the “Class A-1 Notes”) and the U.S.
+Added: advertising fund revolving line of credit to transition from the London Interbank Offered Rate (“LIBOR”) to the Secured Overnight Financing Rate (“SOFR”), plus any applicable margin.
+Added: The Company could be exposed to interest rate increases under its Class A-1 Notes, its U.S.
+Added: advertising fund revolving line of credit and certain other lines of credit;
+Added: however, the Company had no outstanding borrowings under the Class A-1 Notes or such other lines of credit as of December 31, 2023.
+Added: See Note 12 to the Consolidated Financial Statements contained in Item 8 herein for further information on the Company’s debt structure and its securitized financing facility.
Commodity Price Risk
−Removed: Commodity price increases directly impacted our consolidated results of operations during 2022, and we expect this to continue into 2023.
−Removed: We purchase certain food products, such as beef, chicken, pork, cheese and grains, that are affected by changes in commodity prices and, as a result, we are subject to variability in our food costs.
+Added: Commodity price increases directly impacted our consolidated results of operations during 2023 and we expect commodity prices to moderate in 2024.
+Added: We purchase certain food products, such as beef, chicken, eggs, pork, cheese and grains, that are affected by changes in commodity prices and, as a result, we are subject to variability in our food costs.
QSCC, our independent supply chain purchasing co-op, negotiates contracts with approved suppliers on behalf of the Wendy’s system in the U.S.
11 unchanged sentences
operations in U.S.
−Removed: Revenues from our Canadian operations for the year ended January 1, 2023 represented approximately 5% of our total revenues.
+Added: Revenues from our Canadian operations for the year ended December 31, 2023 represented approximately 5% of our total revenues.
An immediate 10% change in Canadian dollar exchange rates versus the U.S.
−Removed: dollar from their levels at January 1, 2023 would not have a material effect on our consolidated financial position or results of operations.
+Added: dollar from their levels at December 31, 2023 would not have a material effect on our consolidated financial position or results of operations.
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.