5 unchanged sentences
We entered into certain Term Loans and a Revolving Facility pursuant to the terms of the Credit Agreement.
−Removed: Please refer to Note 10, “Debt” in the accompanying Notes contained elsewhere in this Form 10-Q for additional information regarding our Facilities.
+Added: Refer to Note 10, “Debt” in the accompanying Notes contained elsewhere in this Form 10-Q for additional information regarding our Facilities.
We are exposed to interest rate risk on the variable-rate term loans under these Facilities.
+Added: A hypothetical increase in interest rates of 1% during the three months ended April 4, 2025 would have increased interest expense by approximately $3.8 million.
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 April 2024, the Company issued the Senior Notes, the proceeds of which paid off the Term A-3 Facility in April 2024.
−Removed: As a result, the Company terminated one of the two $300 million swaps during March 2024.
−Removed: The other $300 million swap is expected to continue to be hedged against our floating-rate debt as of the period ended September 27, 2024.
+Added: In April 2024, the Company issued the Senior Notes, the proceeds of which paid off the Term A-3 Facility.
+Added: As a result, the Company terminated one of these swaps hedging only $300 million of our floating-rate debt.
+Added: The remaining swap matured as of April 4, 2025, therefore no remaining interest rate swaps remained as of quarter end.
See Note 11, “Derivatives” in our Notes contained elsewhere in this Form 10-Q for additional information.
−Removed: A hypothetical increase in interest rates of 1% during the nine months ended September 27, 2024 would have increased interest expense by approximately $1 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 27, 2024, approximately 78% of our sales were derived from operations outside the United States.
+Added: During the three months ended April 4, 2025, 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 27, 2024 would result in a reduction in Equity of approximately $174 million.
−Removed: As of September 27, 2024, we have six fixed-to-fixed cross-currency swaps, which are expected to provide a hedge to a portion of our European net asset position.
+Added: Dollar as of April 4, 2025 would result in a reduction in Equity of approximately $183.0 million.
+Added: As of April 4, 2025, we have six fixed-to-fixed cross-currency swaps, which are expected to provide a hedge to a portion of our European net asset position.
See Note 11, “Derivatives” in our Notes contained elsewhere in this Form 10-Q for additional information.
10 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.