3 unchanged sentences
Interest rate risk
−Removed: As of June 30, 2023, we had $2,600 million in aggregate principal amount of fixed-rate Senior Notes outstanding, with a carrying amount and a fair value of $2,578 million, based on Level 2 inputs.
+Added: As of September 29, 2023, we had $2,600 million in aggregate principal amount of fixed-rate Senior Notes outstanding, with a carrying amount and a fair value of $2,550 million, based on Level 2 inputs.
The fair value of these notes fluctuates when interest rates change.
2 unchanged sentences
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.
−Removed: As of June 30, 2023, we also had $7,084 million outstanding debt with variable interest rates based on the Secured Overnight Financing Rate (SOFR).
+Added: As of September 29, 2023, we also had $7,026 million outstanding debt with variable interest rates based on the Secured Overnight Financing Rate (SOFR).
A hypothetical 100 basis point change in SOFR would have resulted in a $70 million increase in interest expense on an annualized basis.
2 unchanged sentences
Pursuant to the agreements, we have effectively converted $1 billion of our variable rate borrowings under Term A Facility to fixed rates, with $500 million at a fixed rate of 3.762% and $500 million at a fixed rate of 3.55%.
−Removed: A hypothetical 100 basis point increase or decrease in interest rates would have resulted in a $23 million increase or $24 million decrease in the fair values of our floating to fixed rate interest swaps on June 30, 2023.
+Added: A hypothetical 100 basis point increase or decrease in interest rates would have resulted in a $21 million increase or $22 million decrease in the fair values of our floating to fixed rate interest swaps on September 29, 2023.
The objective of our interest rate swaps, all of which are designated as cash flow hedges, is to manage the variability of future interest expense.
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.