9 unchanged sentences
As of April 2, 2021, we had $2.4 billion in aggregate principal amount of fixed-rate Senior Notes and convertible debt outstanding, with a carrying amount and a fair value of $2.4 billion, based on Level 2 inputs.
−Removed: Since these notes bear interest at fixed rates, they do not result in any financial statement risk associated with changes in interest rates.
+Added: Since these notes bear interest at
+Added: fixed rates, they do not result in any financial statement risk associated with changes in interest rates.
However, the fair value of these notes fluctuates when interest rates change.
−Removed: As of April 3, 2020 , we also had $500 million outstanding debt with variable interest rates based on the London InterBank Offered Rate (LIBOR).
+Added: As of April 2, 2021, we also had $1.2 billion outstanding debt with variable interest rates based on the London InterBank Offered Rate (LIBOR).
A reasonably possible hypothetical adverse change of 100 basis points in LIBOR would not result in a significant increase in interest expense on an annualized basis.
1 unchanged sentence
Foreign currency exchange rate risk
−Removed: We conduct business in numerous currencies through our worldwide operations, and our entities hold monetary assets or liabilities, earn revenues, or incur costs in currencies other than the entity’s functional currency, primarily in Euro, Japanese Yen, British Pound, and Indian Rupee.
+Added: We conduct business in numerous currencies through our worldwide operations, and our entities hold monetary assets or liabilities, earn revenues, or incur costs in currencies other than the entity’s functional currency, primarily in Euro, Japanese Yen, British Pound, Israeli New Shekel, Swiss Franc, Singapore Dollar and Indian Rupee.
In addition, we charge our international subsidiaries for their use of intellectual property and technology and for certain corporate services we provide.
3 unchanged sentences
We do not use derivative financial instruments for speculative trading purposes, nor do we hedge our foreign currency exposure in a manner that entirely offsets the effects of the changes in foreign exchange rates.
−Removed: The gains and losses on these foreign exchange contracts are recorded in interest and other, net in our statement of operations.
−Removed: As of April 3, 2020 and March 29, 2019 , we had open foreign currency forward contracts with notional amounts of $419 million and $ 1.1 billion , respectively, to hedge foreign currency balance sheet exposure, with an insignificant fair value.
+Added: The gains and losses on these foreign exchange contracts are recorded in Other income (expense), net in the Consolidated Statements of Operations.
+Added: As of April 2, 2021 and April 3, 2020, we had open foreign currency forward contracts with notional amounts of $338 million and $419 million, respectively, to hedge foreign currency balance sheet exposure, with an insignificant fair value.
A hypothetical ten percent depreciation of foreign currency would result in a reduction in fair value of our forward contracts of $20 million and $30 million for fiscal 2021 and fiscal 2020, respectively.
This analysis disregards the possibilities that the rates can move in opposite directions and that losses from one geographic area may be offset by gains from another geographic area.
−Removed: Additional information with respect to our derivative instruments is included in Note 9 to the Consolidated Financial Statements in this Annual Report on Form 10-K.
+Added: Additional information with respect to our derivative instruments is included in Note 11 of the Notes to the Consolidated Financial Statements in this Annual Report on Form 10-K.
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.