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Interest Rate Exposure
−Removed: We are exposed to the impact of interest rate changes as borrowings under the Senior Facilities bear interest at variable interest rates.
−Removed: It is our policy to enter into interest rate swap only to the extent considered necessary to meet our objectives.
−Removed: Based on our exposure to variable rate borrowings at December 25, 2021, after consideration of our LIBOR floor rate and interest rate swap agreements, a one percent (1%) change in the weighted average interest rate for a period of one year would change the annual interest expense by approximately $5.2 million.
+Added: We are exposed to the impact of interest rate changes as our borrowings bear interest at variable interest rates.
+Added: It is our policy to enter into interest rate swaps only to the extent considered necessary to meet our objectives.
+Added: Based on our exposure to variable rate borrowings at December 31, 2022, after consideration of our LIBOR and SOFR floor rates and interest rate swap agreements, a one percent (1%) change in the weighted average interest rate for a period of one year would change the annual interest expense by approximately $3.4 million.
Foreign Currency Exchange
−Removed: We are exposed to foreign exchange rate changes of the Canadian and Mexican currencies as it impacts the $169.9 million tangible and intangible net asset value of our Canadian and Mexican subsidiaries as of December 25, 2021.
+Added: We are exposed to foreign exchange rate changes of the Canadian and Mexican currencies as it impacts the $174.2 million net asset value of our Canadian and Mexican subsidiaries as of December 31, 2022.
The foreign subsidiaries' net tangible assets were $116.3 million and the net intangible assets were $57.9 million as of December 31, 2022.
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See Note 15 - Derivatives and Hedging of the Notes to Consolidated Financial Statements.
+Added: 31 | December 31, 2022 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.