7 unchanged sentences
Debt and derivatives
−Removed: At January 1, 2021 and January 3, 2020, we had $4.7 billion and $3.0 billion, respectively, of long-term debt, which included $1.4 billion and $1.9 billion, respectively, related to our senior unsecured term loans that have a variable stated interest rate that is determined based on the London Interbank Offered Rate ("LIBOR") rate plus a margin.
+Added: At December 31, 2021 and January 1, 2021, we had $5.1 billion and $4.7 billion, respectively, of short-term and long-term debt, which included $1.7 billion and $1.4 billion, respectively, related to our senior unsecured term loans that have a variable stated interest rate that is determined based on the London Interbank Offered Rate ("LIBOR") rate plus a margin.
As a result, we may experience fluctuations in interest expense.
+Added: Leidos Holdings, Inc.
+Added: Annual Report - 48
We have interest rate swap agreements to hedge the cash flows of a portion of our variable rate senior unsecured term loan ("Variable Rate Loan").
Under the terms of the interest rate swap agreements, we receive variable interest payments based on the one-month LIBOR rate and pay interest at a fixed rate.
−Removed: During fiscal 2018, we terminated our existing interest rate swaps and entered into new interest rate swap agreements, which mature in August 2025 and have a fixed interest rate of 3.00%, to hedge the cash flows of $1.5 billion of our Variable Rate Loan.
−Removed: As of January 1, 2021, the notional value of the interest rate swap agreements was $1.1 billion.
+Added: As of December 31, 2021, the notional value of the interest rate swap agreements was $1.0 billion.
The interest rate swap agreements effectively converted a portion of our variable rate borrowing to a fixed rate borrowing.
−Removed: As of January 1, 2021, and January 3, 2020, the fair value of our interest rate swap agreements with respect to our Variable Rate Loan was a liability of $103 million and $75 million, respectively.
−Removed: Leidos Holdings, Inc.
−Removed: Annual Report - 54
+Added: As of December 31, 2021 and January 1, 2021, the fair value of our interest rate swap agreements with respect to our Variable Rate Loan was a liability of $53 million and $103 million, respectively.
The counterparties to these agreements are financial institutions.
4 unchanged sentences
Cash and Cash Equivalents
−Removed: As of January 1, 2021, and January 3, 2020, our cash and cash equivalents included investments in several large institutional money market accounts.
+Added: As of December 31, 2021 and January 1, 2021, our cash and cash equivalents included investments in several large institutional money market accounts.
For fiscal 2021 and fiscal 2020, a hypothetical 10% interest rate movement would not have a significant impact on the value of our holdings or on interest income.
3 unchanged sentences
Our foreign currency exchange rate risk relates to receipts from customers, payments to suppliers and certain intercompany transactions denominated in currencies other than our (or one of our subsidiaries') functional currency.
−Removed: Our foreign operations represented 8% of total revenues for fiscal 2020 and 2019 and 9% of total revenues for fiscal 2018.
+Added: Our foreign operations represented 8% of total revenues for fiscal 2021, 2020 and 2019.
Leidos Holdings, Inc.
1 unchanged sentence
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.