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 October 1, 2021 are variable-rate facilities based on LIBOR.
+Added: A significant amount of our borrowings as of April 1, 2022 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 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.
+Added: A hypothetical increase in interest rates of 1% during the three months ended April 1, 2022 and April 2, 2021 would have increased Interest expense for our variable rate-based debt by approximately $3.5 million and $2.0 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 both the three and nine months ended October 1, 2021, approximately 59% of our sales were derived from operations outside the U.S.
+Added: During both the three months ended April 1, 2022 and April 2, 2021, approximately 61% 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.
7 unchanged sentences
A 10% depreciation in major currencies relative to the U.S.
−Removed: 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.
+Added: dollar as of April 1, 2022 (net of the translation effect of our Euro denominated borrowings) would result in a reduction in Equity of approximately $186 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.