3 unchanged sentences
Interest rate risk
−Removed: 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.
+Added: As of September 27, 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 $2,650 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,
−Removed: our total interest payments could increase by a material amount;
+Added: If these notes were refinanced at higher interest rates prior to maturity, 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 June 28, 2024, we also had $6,022 million outstanding debt with variable interest rates based on the Secured Overnight Financing Rate (SOFR).
+Added: As of September 27, 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.
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 $16 million increase or $16 million decrease in the fair values of our floating to fixed rate interest swaps on June 28, 2024.
+Added: A hypothetical 100 basis point increase or decrease in interest rates would have resulted in a $14 million increase or $14 million decrease in the fair values of our floating to fixed rate interest swaps on September 27, 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.
−Removed: In addition, we have a $1,500 million revolving credit facility that if drawn bears interest at a variable rate based on SOFR and would be subject to the same risks associated with adverse changes in SOFR.
+Added: In addition, we have a $1,490 million revolving credit facility, net of our letters of credit, that if drawn bears interest at a variable rate based on SOFR and would be subject to the same risks associated with adverse changes in SOFR.
Foreign currency exchange rate risk
10 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.