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 September 29, 2023 are variable-rate facilities based on the Secured Overnight Financing Rate (SOFR).
+Added: A significant amount of our borrowings as of March 29, 2024 are variable-rate facilities based on the Secured Overnight Financing Rate (SOFR).
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 September 29, 2023 would have increased Interest expense for our variable rate-based debt by approximately $1.0 million and $2.5 million, respectively.
+Added: A hypothetical increase in interest rates of 1% during the three months ended March 29, 2024 would have increased Interest expense for our variable rate-based debt by approximately $2.1 million.
Exchange Rate Risk
1 unchanged sentence
dollar and against the currencies of other countries in which we manufacture and sell products and services.
−Removed: During the three and nine months ended September 29, 2023, approximately 31% and 32% of our sales, respectively, were derived from operations outside the U.S.
−Removed: We have manufacturing operations in certain foreign countries including Mexico, Switzerland, Germany, Tunisia, and China.
+Added: During the three months ended March 29, 2024, approximately 43% of our sales were derived from operations outside the United States.
+Added: We have manufacturing operations in certain foreign countries including Mexico, Switzerland, Italy, Germany, Tunisia, and China.
Sales are more highly weighted toward the U.S.
4 unchanged sentences
We also face exchange rate risk from our investments in subsidiaries owned and operated in foreign countries.
−Removed: Our cross-currency swap agreements hedge our net investment in its Swiss Franc-denominated subsidiaries against adverse movements in exchange rates between the U.S.
+Added: Our cross-currency swap agreements hedge our net investment in our Swiss Franc-denominated subsidiaries against adverse movements in exchange rates between the U.S.
Dollar and the Swiss Franc.
These swap agreements are designated and qualify as net investment hedges of our Swiss Franc net asset position.
−Removed: The effect of a change in currency exchange rates on our investment in Swiss Franc subsidiaries, offset by the unrealized gain or loss the cross-currency swap investment hedges, is reflected in the Accumulated other comprehensive loss component of Equity.
+Added: The effect of a change in currency exchange rates on our investment in Swiss Franc subsidiaries, offset by the unrealized gain or loss on the cross-currency swap investment hedges, is reflected in the Accumulated other comprehensive loss component of Equity.
We also face exchange rate risk from intercompany transactions between affiliates.
1 unchanged sentence
dollar as our functional currency for reporting purposes, we have manufacturing sites throughout the world, and a substantial portion of our costs are incurred and sales are generated in foreign currencies.
−Removed: Costs incurred and sales recorded by subsidiaries operating outside of the U.S.
−Removed: are translated into U.S.
+Added: Costs incurred and sales recorded by subsidiaries operating outside of the United States are translated into U.S.
dollars using exchange rates effective during the respective period.
6 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.