5 unchanged sentences
We are subject to exposure from changes in short-term interest rates related to interest payments on our borrowing arrangements.
−Removed: A significant amount of our borrowings as of July 2, 2021 are variable-rate facilities based on LIBOR or EURIBOR.
+Added: A significant amount of our borrowings as of October 1, 2021 are variable-rate facilities based on LIBOR.
In order to mitigate our interest rate risk, we may enter into interest rate swap or collar agreements.
−Removed: A hypothetical increase in interest rates of 1% during the three and six months ended July 2, 2021 would have increased Interest expense for our variable rate-based debt by approximately $2.3 million and $4.3 million, respectively.
+Added: A hypothetical increase in interest rates of 1% during the three and nine months ended October 1, 2021 would have increased Interest expense for our variable rate-based debt by approximately $2.2 million and $6.6 million, respectively.
Exchange Rate Risk
2 unchanged sentences
dollar and against the currencies of other countries in which we manufacture and sell products and services.
−Removed: During the three and six months ended July 2, 2021, approximately 59% and 60% of our sales, respectively, were derived from operations outside the U.S.
+Added: During both the three and nine months ended October 1, 2021, approximately 59% of our sales were derived from operations outside the U.S.
We have significant manufacturing operations in European countries that are not part of the Eurozone.
1 unchanged sentence
We also have significant contractual obligations in U.S.
−Removed: dollars that are met with cash flows in other currencies as well
+Added: dollars that are met with cash flows in other currencies as well as U.S.
To better match revenue and expense, as well as cash needs from contractual liabilities, we regularly enter into currency swaps and forward contracts.
3 unchanged sentences
A 10% depreciation in major currencies relative to the U.S.
−Removed: dollar as of July 2, 2021 (net of the translation effect of our Euro denominated borrowings) would result in a reduction in Equity of approximately $169 million.
+Added: dollar as of October 1, 2021 (net of the translation effect of our Euro denominated borrowings) would result in a reduction in Equity of approximately $201 million.
We also face exchange rate risk from intercompany transactions between affiliates.
11 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.