12 unchanged sentences
The Company conducts wholesale operations outside of the U.S.
−Removed: in Canada, continental Europe, United Kingdom, Colombia, Hong Kong, China and Mexico where the functional currencies are primarily the Canadian dollar, euro, British pound, Colombian peso, Hong Kong dollar, Chinese renminbi and Mexican peso, respectively.
+Added: in Canada, continental Europe, the United Kingdom, Hong Kong, China and Mexico where the functional currencies are primarily the Canadian dollar, euro, British pound, Hong Kong dollar, Chinese renminbi and Mexican peso, respectively.
The Company utilizes foreign currency forward exchange contracts to manage the volatility associated primarily with U.S.
1 unchanged sentence
wholesale operations in the normal course of business as well as to manage foreign currency translation exposure.
−Removed: At January 1, 2022 and January 2, 2021, the Company had outstanding forward currency exchange contracts to purchase primarily U.S.
+Added: At December 31, 2022 and January 1, 2022, the Company had outstanding forward currency exchange contracts to purchase primarily U.S.
dollars in the amounts of $334.2 million and $296.7 million, respectively, with maturities ranging up to 524 and 538 days, respectively.
9 unchanged sentences
dollar are generally considered long-term.
−Removed: At January 1, 2022, a stronger U.S.
+Added: At December 31, 2022, a stronger U.S.
dollar compared to certain foreign currencies decreased the value of these investments in net assets by $76.3 million from their value at January 1, 2022.
−Removed: At January 2, 2021, a weaker U.S.
−Removed: dollar compared to foreign currencies increased the value of these investments in net assets by $10.8 million from their value at December 28, 2019.
+Added: At January 1, 2022, a stronger U.S.
+Added: dollar compared to foreign currencies decreased the value of these investments in net assets by $20.0 million from their value at January 2, 2021.
Interest Rate Risk
The Company is exposed to interest rate changes primarily as a result of interest expense on the Incremental Term Loan borrowings and any borrowings under the Revolving Facility.
−Removed: The Company’s total variable-rate debt was $425.0 million at January 1, 2022 and the Company held a forward-dated interest rate swap agreement, denominated in U.S.
+Added: The Company’s total variable-rate debt was $615.0 million at December 31, 2022 and the Company held a forward-dated interest rate swap agreement, denominated in U.S.
dollars that will effectively convert $176.2 million of this amount to fixed-rate debt.
2 unchanged sentences
While the Company may be exposed to potential losses due to the credit risk of non-performance by this counterparty, such losses are not anticipated.
−Removed: The fair value of the interest rate swap was determined to be a net liability of $0.1 million as of January 1, 2022.
−Removed: As of January 1, 2022, the weighted-average interest rate on the Company’s variable-rate debt, net of the impact of the interest rate swap, was 1.35%.
+Added: The fair value of the interest rate swap was determined to be a net asset of $6.1 million as of December 31, 2022.
+Added: As of December 31, 2022, the weighted-average interest rate on the Company’s variable-rate debt, net of the impact of the interest rate swap, was 4.86%.
Based on the level of variable-rate debt outstanding as of that date, a 100 basis point increase in the weighted-average interest rate would have increased the Company’s annual pre-tax interest expense by approximately $4.4 million.
1 unchanged sentence
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.