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Interest Rate Risk
−Removed: We entered into certain Term Loans and a Revolving Facility pursuant to the terms of the Credit Agreement.
−Removed: Refer to Note 10, “Debt” in the accompanying Notes contained elsewhere in this Form 10-Q for additional information regarding our Facilities.
+Added: In 2025, we entered into a term loan facility and a revolving credit facility pursuant to the terms of the A&R Credit Agreement.
+Added: Refer to Note 9, “Debt” in the accompanying Notes contained elsewhere in this Form 10-Q for additional information.
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 October 3, 2025 would have increased interest expense by approximately $6 million.
−Removed: 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.
−Removed: As a result, the Company terminated one of these swaps hedging only $300 million of our floating-rate debt.
−Removed: The remaining swap matured during the first quarter in 2025, therefore no remaining interest rate swaps remained as of quarter end.
−Removed: 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 three months ended April 3, 2026 would have increased annual interest expense by approximately $3.6 million.
+Added: A hypothetical increase in interest rates of 1% during the three months ended April 4, 2025 would have increased annual interest expense by approximately $3.8 million.
Exchange Rate Risk
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Dollar and against the currencies of other countries in which we manufacture and sell products and services.
−Removed: During the nine months ended October 3, 2025, approximately 79% of our sales were derived from operations outside the United States.
+Added: During the three months ended April 3, 2026, approximately 79% 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.
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We also face exchange rate risk from our investments in subsidiaries owned and operated in foreign countries.
−Removed: The effect of a change in currency exchange rates on our net investment in international subsidiaries is reflected in the AOCI component of Equity.
+Added: The effect of a change in currency exchange rates on our net investment in international subsidiaries is reflected in the AOCL component of Equity.
A 10% depreciation in major currencies relative to the U.S.
−Removed: Dollar as of October 3, 2025 would result in a reduction in Equity of approximately $240 million.
−Removed: As of October 3, 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.
+Added: Dollar as of April 3, 2026 would result in a reduction in Equity of approximately $244 million.
+Added: A 10% depreciation in major currencies relative to the U.S.
+Added: Dollar as of April 4, 2025 would result in a reduction in Equity of approximately $183 million.
+Added: As of April 3, 2026, 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 10, “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.