11 unchanged sentences
Certain of these contracts are designated as hedges for hedge accounting purposes, while certain of these contracts, are not designated as hedges for accounting purposes.
−Removed: Accordingly, the changes in the fair value of the majority of these contracts at the balance sheet date are recorded in our equity as a component of accumulated other comprehensive (loss) income, and upon maturity (settlement) are recorded in, or reclassified into, our cost of sales or operating expenses, in our consolidated statement of operations and comprehensive (loss) income, as applicable, based on the underlying transactions for which the forward currency exchange contracts were established.
+Added: Accordingly, the changes in the fair value of the majority of these contracts at the balance sheet date are recorded in our equity as a component of accumulated other comprehensive income (loss), and upon maturity (settlement) are recorded in, or reclassified into, our cost of sales or operating expenses, in our consolidated statement of operations and comprehensive income (loss), as applicable, based on the underlying transactions for which the forward currency exchange contracts were established.
We perform a sensitivity analysis on our forward currency contracts, both designated and not designated as hedges for accounting purposes, to determine the effects of fluctuations in foreign currency exchange rates.
1 unchanged sentence
Dollar against foreign exchange rates.
−Removed: Based on all foreign currency exchange contracts outstanding as of June 27, 2020, a 10% appreciation or devaluation of the U.S.
−Removed: Dollar compared to the level of foreign currency exchange rates for currencies under contract as of June 27, 2020, would result in a net increase and decrease, respectively, of approximately $10 million in the fair value of these contracts.
−Removed: Net Investment Hedge
−Removed: We are exposed to adverse foreign currency exchange rate movements related to interest from our net investment hedge.
−Removed: As of June 27, 2020, the net investment hedge has an aggregate notional amount of $44 million to hedge our net investments in Japanese Yen-denominated subsidiaries against future volatility in the exchange rates between the U.S.
−Removed: Dollar and this currency.
−Removed: Under the terms of this contract, which matures November 2024, we will exchange the semi-annual fixed rate payments made under our Senior Notes for fixed rate payments of 0.89% in Japanese Yen.
−Removed: Based on the net investment hedge outstanding as of June 27, 2020, a 10% appreciation or devaluation of the U.S.
−Removed: Dollar compared to the level of foreign currency exchange rates for currencies under contract as of June 27, 2020, would result in a potential net increase or decrease upon settlement of approximately $5 million in the fair value of this contract, which matures in 4 years.
+Added: Based on all foreign currency exchange contracts outstanding as of September 26, 2020, a 10% appreciation or devaluation of the U.S.
+Added: Dollar compared to the level of foreign currency exchange rates for currencies under contract as of September 26, 2020, would result in a net increase and decrease, respectively, of approximately $18 million in the fair value of these contracts.
+Added: Net Investment Hedges
+Added: We are exposed to adverse foreign currency exchange rate movements related to interest from our net investment hedges.
+Added: As of September 26, 2020, the net investment hedges have an aggregate notional amount of $2.000 billion to hedge our net investments in Euro-denominated subsidiaries, and $44 million to hedge our net investments in Japanese Yen-denominated subsidiaries against future volatility in the exchange rates between the U.S.
+Added: Dollar and these currencies.
+Added: Under the terms of these contracts, the Company will exchange the semi-annual fixed rate payments on U.S.
+Added: denominated debt for fixed rate payments of 0% to 4.508% in Euros and 0.89% in Japanese Yen.
+Added: Some of these contracts include mandatory early termination dates between September 2023 and September 2025, while the remaining contracts have maturity dates between July 2022 and August 2027.
+Added: Based on all net investment hedges outstanding as of September 26, 2020, a 10% appreciation or devaluation of the U.S.
+Added: Dollar compared to the level of foreign currency exchange rates for currencies under contract as of September 26, 2020, would result in a potential net increase or decrease upon settlement of approximately $228 million in the fair value of these contracts, which have staggered maturities, as stated above.
Interest Rate Risk
6 unchanged sentences
Our Versace Credit Facility carries interest at a rate set by the bank on the date of borrowing that is tied to the European Central Bank.
−Removed: Therefore, our statements of operations and comprehensive (loss) income and cash flows are exposed to changes in those interest rates.
+Added: Therefore, our statements of operations and comprehensive income (loss) and cash flows are exposed to changes in those interest rates.
As part of our strategy to limit exposure to interest rate risk, we entered into an interest rate swap agreement with a notional amount of $500 million that will decrease to $350 million in April 2022.
1 unchanged sentence
The interest rate swap converts the one-month Adjusted LIBOR interest rate on these borrowings to a fixed interest rate of 0.237% through December 2022.
−Removed: At June 27, 2020, we had $270 million in long-term borrowings outstanding under our 2018 Credit Facility, $985 million, net of debt issuance costs, outstanding under our 2018 Term Loan Facility and $50 million outstanding under our Versace Credit Facility.
+Added: At September 26, 2020, we had $274 million in long-term borrowings outstanding under our 2018 Credit Facility, $985 million, net of debt issuance costs, outstanding under our 2018 Term Loan Facility and $51 million outstanding under our Versace Credit Facility.
At March 28, 2020, we had $681 million in long-term borrowings outstanding under our 2018 Credit Facility, $1.010 billion, net of debt issuance costs, outstanding under our 2018 Term Loan Facility and $39 million outstanding under our Versace Credit Facilities.
3 unchanged sentences
The Senior Notes bear interest at a fixed rate equal to 4.000% per year, payable semi-annually.
−Removed: Our Senior Notes interest rate payable may be subject to adjustments from time to time if either Moody’s or S&P (or a substitute rating agency) downgrades (or downgrades and subsequent upgrades) the credit rating assigned to the Senior Notes.
+Added: Our Senior Notes interest rate payable may be subject to adjustments from time to time if either Moody’s or S&P (or a substitute rating agency) changes the credit rating assigned to the Senior Notes.
On an overall basis, our exposure to market risk has not significantly changed from what we reported in our Annual Report on Form 10-K.
2 unchanged sentences
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.