7 unchanged sentences
Debt and derivatives
−Removed: 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.
+Added: At December 30, 2022 and December 31, 2021, we had $4.9 billion and $5.1 billion, respectively, of debt, which included $1.5 billion and $1.7 billion, respectively, related to our senior unsecured term loans that have a variable stated interest rate that is determined based on either the London Interbank Offered Rate ("LIBOR") or the Stated Overnight Financing Date ("SOFR") rate plus a margin.
As a result, we may experience fluctuations in interest expense.
−Removed: Leidos Holdings, Inc.
−Removed: Annual Report - 48
+Added: As of December 30, 2022, we hold $500 million of unsecured notes due May 2023.
+Added: We anticipate refinancing this obligation during fiscal 2023, at which time we will be subject to current market rates which may vary significantly from the existing rates on our debt.
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").
2 unchanged sentences
The interest rate swap agreements effectively converted a portion of our variable rate borrowing to a fixed rate borrowing.
−Removed: 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.
+Added: The fair value of our interest rate swap agreements with respect to our Variable Rate Loan was an asset of $20 million, as of December 30, 2022, and a liability of $53 million, as of December 31, 2021.
The counterparties to these agreements are financial institutions.
1 unchanged sentence
We cannot predict future market fluctuations in interest rates and their impact on our interest rate swaps.
−Removed: The net hypothetical 10% movement in the one-month LIBOR rate would not have a significant impact on our annual interest expense.
+Added: The net hypothetical 10% movement in the one-month LIBOR or SOFR rate would not have a significant impact on our annual interest expense.
For additional information related to our interest rate swap agreements and debt, see "Note 12—Derivative Instruments" and "Note 13—Debt," respectively, of the notes to the consolidated financial statements contained within this Annual Report on Form 10-K.
Cash and Cash Equivalents
−Removed: As of December 31, 2021 and January 1, 2021, our cash and cash equivalents included investments in several large institutional money market accounts.
+Added: As of December 30, 2022 and December 31, 2021, our cash and cash equivalents included investments in several large institutional money market accounts.
For fiscal 2022 and fiscal 2021, a hypothetical 10% interest rate movement would not have a significant impact on the value of our holdings or on interest income.
7 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.