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Our Revo lving Credit Facility, 2020 Term Loan Facility and certain other debt obligations are subject to variable rate interest which could be adversely affected by an increase in interest rates.
−Removed: As of March 27, 2020, we had an aggregate of $2.6 billion in outstanding borrowings under our Revolving Credit Facility and 2020 Term Loan Facility.
+Added: As of June 26, 2020, we had an aggregate of $1.66 billion in outstanding borrowings under our Revolving Credit Facility and 2020 Term Loan Facility.
Interest on amounts borrowed under these agreements is subject to adjustment based on the Compa ny’s Consolidated Leverage Ratio (as defined in the credit agreements governing the Revolving Credit Facility and the 2020 Term Loan Facility).
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Additionally, if our consolidated leverage ratio exceeds a certain amount, the interest on the Senior Notes may increase by 75 basis points.
−Removed: For the six months ended March 27, 2020, our weighted average floating rate borrowings were approximately $1.38 billion.
−Removed: If floating interest rates had increased by 1.00%, our interest expense for the six months ended March 27, 2020 would have increased by approximately $7.9 million.
+Added: However, as discussed in Note 19- Commitments and Contingencies and Derivative Financial Instrument s, we have entered into swap agreements with an aggregate notional value of $899.6 million to convert the variable rate interest based liabilities associated with a corresponding amount of our debt into fixed interest rate liabilities, leaving $757.3 million in principal amount subject to variable interest rate risk.
+Added: For the nine months ended June 26, 2020, our weighted average borrowings that are subject to floating rate exposure were approximately $1.39 billion.
+Added: If floating interest rates had increased by 1.00%, our interest expense for the nine months ended June 26, 2020 would have increased by approximately $10.4 million.
Foreign Currency Risk
−Removed: In situations where our operations incur contract costs in currencies other than their functional currency, we attempt to have a portion of the related contract revenues denominated in the same currencies as the costs.
−Removed: In those situations, where revenues and costs are transacted in different currencies, we sometimes enter into foreign exchange contracts to limit our exposure to fluctuating foreign currencies.
+Added: In situations where the Company incurs costs in currencies other than our functional currency, we sometimes enter into foreign exchange contracts to limit our exposure to fluctuating foreign currencies.
We follow the provisions of ASC No.
815, Derivatives and Hedging in accounting for our derivative contracts.
−Removed: The Company did not have exchange rate sensitive instruments at March 27, 2020 that would have a material effect on our consolidated financial statements or results of operations.
+Added: The Company has $ 388.4 million in notional value of exchange rate sensitive instruments at June 26, 2020.
+Added: See Note 19- Commitments and Contingencies and Derivative Financial Instruments for discussion.
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.