12 unchanged sentences
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, and upon maturity (settlement) are recorded in, or reclassified into, our cost of goods sold or operating expenses, in our
−Removed: consolidated statement of operations and comprehensive income (loss), as applicable to the transactions for which the forward currency exchange contracts were established.
+Added: consolidated statement of operations and comprehensive income, as applicable to the 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 September 25, 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 September 25, 2021, would result in a net increase and decrease, respectively, of approximately $14 million in the fair value of these contracts.
−Removed: Net Investment Hedge
+Added: Based on all foreign currency exchange contracts outstanding as of December 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 December 25, 2021, would result in a net increase and decrease, respectively, of approximately $14 million in the fair value of these contracts.
+Added: Net Investment Hedges
We are exposed to adverse foreign currency exchange rate movements related to our net investment hedges.
−Removed: 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.
+Added: As of December 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.
1 unchanged sentence
denominated debt for fixed rate payments of 0% to 4.457% in Euros and 0% to 3.408% in Japanese Yen.
−Removed: Based on the net investment hedges outstanding as of September 25, 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 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.
−Removed: 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.
+Added: Based on the net investment hedges outstanding as of December 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 December 25, 2021, would result in a potential net increase or decrease upon settlement of approximately $511 million in the fair value of this contract.
+Added: Certain of these contracts include mandatory early termination dates between August 2025 and February 2026, while the remaining contracts have maturity dates between May 2024 and February 2051.
+Added: In addition, certain other contracts are supported by a credit support annex (“CSA”) which provides for collateral exchange with the earliest effective date being November 2023.
If the outstanding position of a contract exceeds a certain threshold governed by the aforementioned CSA’s, either party is required to post cash collateral.
7 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 income (loss) and cash flows are exposed to changes in those interest rates.
−Removed: 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
+Added: Therefore, our statements of operations and comprehensive income and cash flows are exposed to changes in those interest rates.
+Added: At December 25, 2021, we had $20 million borrowings outstanding under our Revolving Credit Facility, $495 million, net of debt issuance costs, outstanding under our 2018 Term Loan Facility and no borrowings
outstanding under our Versace Credit Facilities.
8 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.