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Our Revo lving Credit Facility, Term Loan Facilities 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 July 2, 2021, we had an aggregate of $2.63 billion in outstanding borrowings under our Revolving Credit Facility and Term Loan Facilities.
+Added: As of December 31, 2021, we had an aggregate of $2.63 billion in outstanding borrowings under our Revolving Credit Facility and Term Loan Facilities.
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 Term Loan Facilities).
−Removed: Depending on the Company’s Consolidated Leverage Ratio, borrowings under the Revolving Credit Facility and the Term Loan Facilities bear interest at a Eurocurrency rate plus a margin of between 0.875% and 1.625% or a base rate plus a margin of between 0.0% and 0.625% including applicable margins.
+Added: Depending on the Company’s Consolidated Leverage Ratio, borrowings denominated in U.S.
+Added: dollars under the Revolving Credit Facility and the Term Loan Facilities bear interest at a Eurocurrency rate plus a margin of between 0.875% and 1.625% or a base rate plus a margin of between 0.0% and 0.625% including applicable margins while borrowings denominated in British pounds under these respective facilities bear interest at an adjusted SONIA rate plus a margin of between 0.875% and 1.625%.
Additionally, if our Consolidated Leverage Ratio exceeds a certain amount, the interest on the Senior Notes may increase by 75 basis points.
−Removed: 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 $929.7 million to convert the variable rate interest based liabilities associated with a corresponding amount of our debt into fixed interest rate liabilities, leaving $1.70 billion in principal amount subject to variable interest rate risk.
−Removed: For the nine months ended July 2, 2021, our weighted average borrowings that are subject to floating rate exposure were approximately $1.28 billion.
−Removed: If floating interest rates had increased by 1.00%, our interest expense for the nine months ended July 2, 2021 would have increased by approximately $9.6 million.
+Added: However, as discussed in Note 19- Commitments and Contingencies and Derivative Financial Instrument s, we are party to swap agreements with an aggregate notional value of $923.5 million to convert the variable rate interest based liabilities associated with a corresponding amount of our debt into fixed interest rate liabilities, leaving $1.71 billion in principal amount subject to variable interest rate risk.
+Added: For the three months ended December 31, 2021, our weighted average borrowings that are subject to floating rate exposure were approximately $1.78 billion.
+Added: If floating interest rates had increased by 1.00%, our interest expense for the three months ended December 31, 2021 would have increased by approximately $4.5 million.
Foreign Currency Risk
2 unchanged sentences
815, Derivatives and Hedging in accounting for our derivative contracts.
−Removed: The Company has $498.0 million in notional value of exchange rate sensitive instruments at July 2, 2021.
+Added: The Company has $503.5 million in notional value of exchange rate sensitive instruments at December 31, 2021.
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.