7 unchanged sentences
We are exposed to interest rate risk on the variable-rate term loans under these Facilities.
−Removed: A hypothetical increase in interest rates of 1% during the nine months ended September 29, 2023 would have increased interest expense by approximate ly $3.7 million.
−Removed: To mitigate our interest risk, in July 2022, we entered into interest rate swaps to hedge approximately $600 million of our variable interest rate debt.
−Removed: See Note 10 “Derivatives” in our Notes contained elsewhere in this Form 10-Q for additional information.
+Added: To mitigate our interest risk, in July 2022, we entered into two interest rate swaps to hedge approximately $600 million of our floating-rate debt.
+Added: In March 2024, the Company priced a Senior Note Offering, the proceeds of which are intended to pay off the Term A-3 Facility balance once completed in April 2024.
+Added: As a result, the Company terminated one of the two $300 million swaps during March 2024 and the other $300 million swap will continue to be hedged against our floating-rate debt as of the period ended March 29, 2024.
+Added: See Note 11, “Derivatives” and Note 16, “Subsequent Events” in our Notes contained elsewhere in this Form 10-Q for additional information.
+Added: A hypothetical increase in interest rates of 1% during the three months ended March 29, 2024 would have increased interest expense by approximately $6.9 million.
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 nine months ended September 29, 2023, approx imately 79% of our sales were derived from operations outside the United States.
+Added: During the three months ended March 29, 2024, approximately 78% of our sales were derived from operations outside the United States.
We have significant manufacturing operations in European countries that are not part of the Eurozone.
6 unchanged sentences
A 10% depreciation in major currencies relative to the U.S.
−Removed: Dollar as of September 29, 2023 would result in a reduction in Equity of approximately $174 million.
+Added: Dollar as of March 29, 2024 would result in a reduction in Equity of approximately $176 million.
In 2022, we entered into two fixed-to-fixed cross-currency swaps, which will provide a hedge to a portion of our European net asset position.
−Removed: See Note 10 “Derivatives” in our Notes contained elsewhere in this Form 10-Q for additional information.
We also face exchange rate risk from intercompany transactions between affiliates.
9 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.