8 unchanged sentences
If overall interest rates had declined by 10 basis points during fiscal year 2025, fiscal year 2024 and fiscal year 2023, our interest income would have decreased by approximately $0.9 million, $0.7 million and $0.5 million, respectively, assuming consistent investment levels.
−Removed: We also have interest rate risk exposure in movements in interest rates associated with our interest-bearing liabilities.
−Removed: The interest-bearing liabilities are denominated in U.S.
−Removed: Until September 29, 2023, the interest expense was based on LIBOR, plus an additional margin, depending on the lending institution.
−Removed: If the LIBOR had increased by 100 basis points during fiscal year 2024, fiscal year 2023 and fiscal year 2022, our interest expense would have increased by approximately $0.1 million, $0.2 million and $0.3 million, respectively, assuming consistent borrowing levels.
−Removed: As a result of the phase-out of LIBOR, we amended the Term Loan Agreement to replace the interest rate reference from LIBOR to the SOFR effective from September 29, 2023 (see Note 13).
−Removed: We therefore entered into interest rate swap agreements (the “Swap Agreements”) to manage this risk and increase the profile of our debt obligation.
−Removed: The terms of the Swap Agreements, one of which matured in June 2023, 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 increases.
−Removed: We designated the Swap Agreements as a cash flow hedge, and they qualify for hedge accounting because the hedges are highly effective.
−Removed: While we intend to continue to meet the conditions for hedge accounting, if hedges do not qualify as highly effective, the changes in the fair value of the derivatives used as hedges would be reflected in our earnings.
−Removed: From September 27, 2019, any gains or losses related to these outstanding interest rate swaps will be recorded in accumulated other comprehensive income in the consolidated balance sheets, with subsequent reclassification to interest expense when settled.
We maintain an investment portfolio in a variety of financial instruments, including, but not limited to, U.S.
13 unchanged sentences
As a consequence, our gross profit margins, operating results, profitability and cash flows are adversely impacted when the dollar depreciates relative to the Thai baht or the RMB.
−Removed: We have a particularly significant currency rate exposure to changes
−Removed: in the exchange rate between the Thai baht, the RMB and the U.S.
+Added: We have a particularly significant currency rate exposure to changes in the exchange rate between the Thai baht, the RMB and the U.S.
We must translate foreign currency-denominated results of operations, assets and liabilities for our foreign subsidiaries to U.S.
7 unchanged sentences
While we intend to continue to meet the conditions for hedge accounting, if hedges do not qualify as highly effective, the changes in the fair value of the derivatives used as hedges would be reflected in our earnings.
−Removed: 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.
+Added: 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
+Added: subsequent reclassification to the same statement of operations and comprehensive income line item as the earnings effect of hedge items when settled.
We recorded unrealized gain of $1.9 million and $0.7 million, respectively, for the year ended June 27, 2025 and June 28, 2024, respectively, related to derivatives that are not designated as hedging instruments.
12 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.