7 unchanged sentences
Declines in interest rates, however, will reduce future investment income.
−Removed: If overall interest rates had declined by 10 basis points during fiscal year 2022, fiscal year 2021 and fiscal
−Removed: year 2020, our interest income would have decreased by approximately $0.4 million, $0.5 million and $0.4 million, respectively, assuming consistent investment levels.
+Added: If overall interest rates had declined by 10 basis points during fiscal year 2023, fiscal year 2022 and fiscal year 2021, our interest income would have decreased by approximately $0.5 million, $0.4 million and $0.5 million, respectively, assuming consistent investment levels.
We also have interest rate risk exposure in movements in interest rates associated with our interest-bearing liabilities.
The interest-bearing liabilities are denominated in U.S.
−Removed: dollars and the interest expense is based on the London Inter-Bank Offered Rate (“LIBOR”), plus an additional margin, depending on the lending institution.
+Added: dollars and until September 29, 2023, the interest expense is based on LIBOR, plus an additional margin, depending on the lending institution.
If the LIBOR had increased by 100 basis points during fiscal year 2023, fiscal year 2022 and fiscal year 2021, our interest expense would have increased by approximately $0.2 million, $0.3 million and $0.4 million, respectively, assuming consistent borrowing levels.
1 unchanged sentence
The terms of the Swap Agreements allow us to effectively convert the floating interest rate to a fixed interest rate.
−Removed: This locks the variable interest expenses associated with our floating rate borrowings and results in fixed interest expenses that are unsusceptible to market rate increase.
+Added: This locks the variable interest expenses associated with our floating rate borrowings and results in fixed interest expenses that are unsusceptible to market rate increases.
We designated the Swap Agreements as a cash flow hedge, and they qualify for hedge accounting because the hedges are highly effective.
5 unchanged sentences
The securities in the investment portfolio are subject to market price risk due to changes in interest rates, perceived issuer creditworthiness, marketability, and other factors.
−Removed: These investments are primarily classified as available-for-sale and, consequently, are recorded on our consolidated balance sheets at fair value with unrealized gains or losses reported as a separate component of shareholders’ equity.
+Added: These investments are generally classified as available-for-sale and, consequently, are recorded on our consolidated balance sheets at fair value with unrealized gains or losses reported as a separate component of shareholders’ equity.
Investments in both fixed-rate and floating-rate interest earning instruments carry a degree of interest rate risk.
10 unchanged sentences
We must translate foreign currency-denominated results of operations, assets and liabilities for our foreign subsidiaries to U.S.
−Removed: dollars in our consolidated financial statements.
+Added: dollars in our consolidated
+Added: financial statements.
Consequently, increases and decreases in the value of the U.S.
6 unchanged sentences
From December 28, 2019, any gains or losses related to these outstanding foreign currency forward contracts will be recorded in accumulated other comprehensive income in the consolidated balance sheets, with subsequent reclassification to the same statement of operations and comprehensive income line item as the earnings effect of hedge items when settled.
−Removed: We recorded unrealized loss of $0.8 million and $1.5 million for
−Removed: the year ended June 24, 2022 and June 25, 2021, respectively, related to derivatives that are not designated as hedging instruments.
+Added: We recorded unrealized gain of $0.4 million and unrealized loss $0.8 million for the year ended June 30, 2023 and June 24, 2022, respectively, related to derivatives that are not designated as hedging instruments.
As foreign currency exchange rates fluctuate relative to the U.S.
11 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.