9 unchanged sentences
As of April 1, 2022, we had $2.0 billion in aggregate principal amount of fixed-rate Senior Notes and convertible debt outstanding, with a carrying amount and a fair value of $2.0 billion, based on Level 2 inputs.
−Removed: Since these notes bear interest at
−Removed: fixed rates, they do not result in any financial statement risk associated with changes in interest rates.
−Removed: However, the fair value of these notes fluctuates when interest rates change.
+Added: The fair value of these notes fluctuates when interest rates change.
+Added: Since these notes bear interest at fixed rates, financial statement risk associated with changes in interest rates is limited to future refinancing of current debt obligations.
+Added: If these notes were refinanced at higher interest rates prior to maturity, our total interest payments could increase by a material amount;
+Added: however, this risk is mitigated by our strong cash position and expected future cash generated from operations, which will be sufficient to satisfy this increase in obligation.
As of April 1, 2022, we also had $1.7 billion outstanding debt with variable interest rates based on the London InterBank Offered Rate (LIBOR).
2 unchanged sentences
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, Israeli New Shekel, Swiss Franc, Singapore Dollar 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, Singapore Dollar, British Pound and Australian Dollar.
In addition, we charge our international subsidiaries for their use of intellectual property and technology and for certain corporate services we provide.
1 unchanged sentence
As a result, we are exposed to foreign exchange gains or losses which impacts our operating results.
−Removed: We have a foreign exchange exposure management program designed to identify material foreign currency exposures, manage these exposures, and reduce the potential effects of currency fluctuations on our results of operations through which we enter into foreign exchange forward contracts on our assets and liabilities denominated in currencies other than the functional currency of our subsidiaries with up to twelve months in duration.
+Added: We have a foreign exchange exposure management program designed to identify material foreign currency exposures, manage these exposures and reduce the potential effects of currency fluctuations on our results of operations, through which we enter into monthly foreign exchange forward contracts on our assets and liabilities denominated in currencies other than the functional currency of our subsidiaries.
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.
1 unchanged sentence
As of April 1, 2022 and April 2, 2021, we had open foreign currency forward contracts with notional amounts of $346 million and $338 million, respectively, to hedge foreign currency balance sheet exposure, with an insignificant fair value.
−Removed: 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.
+Added: A hypothetical ten percent depreciation of foreign currency would not result in a significant reduction in fair value of our forward contracts.
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.
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.
+Added: Table of Conten ts
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.