8 unchanged sentences
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.
−Removed: 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.
−Removed: 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.
−Removed: See Note 11, “Derivatives” and Note 16, “Subsequent Events” in our Notes contained elsewhere in this Form 10-Q for additional information.
−Removed: 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.
+Added: In April 2024, the Company issued the Senior Notes, the proceeds of which paid off the Term A-3 Facility in April 2024.
+Added: As a result, the Company terminated one of the two $300 million swaps during March 2024.
+Added: The other $300 million swap is expected to continue to be hedged against our floating-rate debt as of the period ended June 28, 2024.
+Added: See Note 11, “Derivatives” in our Notes contained elsewhere in this Form 10-Q for additional information.
+Added: A hypothetical increase in interest rates of 1% during the six months ended June 28, 2024 would have increased interest expense by approximately $0.9 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 three months ended March 29, 2024, approximately 78% of our sales were derived from operations outside the United States.
+Added: During the six months ended June 28, 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 March 29, 2024 would result in a reduction in Equity of approximately $176 million.
−Removed: 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.
+Added: Dollar as of June 28, 2024 would result in a reduction in Equity of approximately $171 million.
+Added: In 2022, we entered into two fixed-to-fixed cross-currency swaps, which was expected to provide a hedge to a portion of our European net asset position.
+Added: During the six months ended June 28, 2024, the Company syndicated these two cross-currency swaps to extend the maturity date to October 2026.
+Added: The resulting four cross-currency swaps is expected to provide a hedge to a portion of our European net asset position.
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.