3 unchanged sentences
We enter into foreign currency forward contracts to manage our foreign currency exposure to the fluctuations of certain foreign currencies.
−Removed: The use of these instruments primarily helps to manage our exposure to our foreign purchase commitments and better control our product costs.
+Added: The use of these instruments primarily help to manage our exposure to our foreign purchase commitments and better control our product costs.
We do not use derivatives for trading or speculative purposes.
10 unchanged sentences
Dollar against foreign exchange rates.
−Removed: Based on all foreign currency exchange contracts outstanding as of June 26, 2021, 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 26, 2021, would result in a net increase and decrease, respectively, of approximately $18 million in the fair value of these contracts.
+Added: Based on all foreign currency exchange contracts outstanding as of September 25, 2021, 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 25, 2021, would result in a net increase and decrease, respectively, of approximately $14 million in the fair value of these contracts.
Net Investment Hedge
−Removed: We are exposed to adverse foreign currency exchange rate movements related to interest from our net investment hedges.
−Removed: As of June 26, 2021, we have multiple fixed to fixed cross-currency swap agreements with aggregate notional amounts of $4 billion to hedge our net investment in Euro-denominated subsidiaries and $194 million to hedge our net investments in Japanese Yen-denominated subsidiaries against future volatility in the exchange rates between the U.S.
+Added: We are exposed to adverse foreign currency exchange rate movements related to our net investment hedges.
+Added: As of September 25, 2021, we have multiple fixed to fixed cross-currency swap agreements with aggregate notional amounts of $4 billion to hedge our net investment in Euro-denominated subsidiaries and $194 million to hedge our net investments in Japanese Yen-denominated subsidiaries against future volatility in the exchange rates between the U.S.
Dollar and this currency.
Under the term of these contracts, we will exchange the semi-annual fixed rate payments on U.S.
−Removed: denominated debt for fixed rate payments of 0% to 4.457% in Euros and 3.588% in Japanese Yen.
−Removed: Based on the net investment hedges outstanding as of June 26, 2021, 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 26, 2021, would result in a potential net increase or decrease upon settlement of approximately $552 million in the fair value of this contract, which include mandatory early termination dates between February 2024 and February 2026, while the remaining contracts have maturity dates between March 2024 and August 2050.
+Added: denominated debt for fixed rate payments of 0% to 4.457% in Euros and 0% to 3.588% in Japanese Yen.
+Added: Based on the net investment hedges outstanding as of September 25, 2021, 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 25, 2021, would result in a potential net increase or decrease upon settlement of approximately $543 million in the fair value of this contract, which include mandatory early termination dates between February 2024 and February 2026, while the remaining contracts have maturity dates between March 2024 and August 2050.
Certain of these contracts are supported by a credit support annex ("CSA") which provides for collateral exchange with the earliest effective date being May 2023.
9 unchanged sentences
Therefore, our statements of operations and comprehensive income (loss) and cash flows are exposed to changes in those interest rates.
−Removed: At June 26, 2021, we had no borrowings outstanding under our Revolving Credit Facility, $842 million, net of debt issuance costs, outstanding under our 2018 Term Loan Facility and no borrowings
+Added: At September 25, 2021, we had no borrowings outstanding under our Revolving Credit Facility, $644 million, net of debt issuance costs, outstanding under our 2018 Term Loan Facility and no borrowings
outstanding under our Versace Credit Facilities.
2 unchanged sentences
Any increases in the applicable interest rate(s) would cause an increase to the interest expense relative to any outstanding balance at that date.
−Removed: We have outstanding $450 million aggregate principal amount of Senior Notes due in 2024.
−Removed: The Senior Notes bear interest at a fixed rate equal to 4.500% per year, payable semi-annually.
+Added: Our $450 million Senior Notes, due in 2024, bear interest at a fixed rate equal to 4.500% per year, payable semi-annually.
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 subsequently upgrades) the credit rating assigned to the Senior Notes.
3 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.