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Interest rate risk
−Removed: As of December 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 $2,639 million, based on Level 2 inputs.
+Added: As of June 28, 2024, we had $2,600 million in aggregate principal amount of fixed-rate Senior Notes outstanding, with a carrying amount and a fair value of $2,620 million, based on Level 2 inputs.
The fair value of these notes fluctuates when interest rates change.
Since these notes bear interest at fixed rates, the financial statement risk associated with changes in interest rates is limited to future refinancing of current debt obligations.
−Removed: If these notes were refinanced at higher interest rates prior to maturity, our total interest payments could increase by a material amount;
+Added: If these notes were refinanced at higher interest rates prior to maturity,
+Added: our total interest payments could increase by a material amount;
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 December 29, 2023, we also had $6,768 million outstanding debt with variable interest rates based on the Secured Overnight Financing Rate (SOFR).
+Added: As of June 28, 2024, we also had $6,022 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 $60 million increase in interest expense on an annualized basis.
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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 $20 million increase or $20 million decrease in the fair values of our floating to fixed rate interest swaps on December 29, 2023.
+Added: A hypothetical 100 basis point increase or decrease in interest rates would have resulted in a $16 million increase or $16 million decrease in the fair values of our floating to fixed rate interest swaps on June 28, 2024.
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.