7 unchanged sentences
Debt and derivatives
−Removed: 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.
+Added: At December 29, 2023, and December 30, 2022, we had $4.7 billion and $4.9 billion, respectively, of debt, which included $1.0 billion and $1.5 billion, respectively, related to our senior unsecured term loans that have a variable stated interest rate that is determined based on the Secured Overnight Financing Rate ("SOFR") plus a margin.
As a result, we may experience fluctuations in interest expense.
−Removed: As of December 30, 2022, we hold $500 million of unsecured notes due May 2023.
−Removed: 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").
−Removed: 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: As of December 30, 2022, the notional value of the interest rate swap agreements was $1.0 billion.
+Added: During fiscal 2023, we modified our interest rate swap agreements to receive monthly variable interest payments based on the one-month SOFR rate, and we will continue to pay interest at a fixed rate.
+Added: We applied the guidance of Accounting Standards Codification 848 which permits the continuation of hedge accounting for such modification.
+Added: As of December 29, 2023, the notional value of the interest rate swap agreements was $500 million.
The interest rate swap agreements effectively converted a portion of our variable rate borrowing to a fixed rate borrowing.
−Removed: 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.
+Added: The fair value of our interest rate swap agreements with respect to our Variable Rate Loan was an asset of $11 million and $20 million as of December 29, 2023, and December 30, 2022, respectively.
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 or SOFR rate would not have a significant impact on our annual interest expense.
+Added: A net hypothetical 10% movement in the one-month 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.
6 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 2022, 2021 and 2020.
+Added: Our foreign operations represented 9% of total revenues for fiscal 2023 and 8% for both fiscal 2022 and 2021.
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.