7 unchanged sentences
DEBT AND DERIVATIVES
−Removed: 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.
+Added: At January 3, 2025, and December 29, 2023, we had $4.7 billion of debt, which included $1.0 billion 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.
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: 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.
−Removed: We applied the guidance of Accounting Standards Codification 848 which permits the continuation of hedge accounting for such modification.
−Removed: As of December 29, 2023, the notional value of the interest rate swap agreements was $500 million.
+Added: Under the terms of the interest rate swap agreements, we receive monthly variable interest payments based on the one-month SOFR rate and pay interest at a fixed rate.
+Added: As of January 3, 2025, 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 $11 million and $20 million as of December 29, 2023, and December 30, 2022, respectively.
+Added: The fair value of our interest rate swap agreements with respect to our Variable Rate Loan was an asset of $4 million and $11 million as of January 3, 2025, and December 29, 2023, respectively.
The counterparties to these agreements are financial institutions.
4 unchanged sentences
CASH AND CASH EQUIVALENTS
−Removed: As of December 29, 2023, and December 30, 2022, our cash and cash equivalents included investments in several large institutional money market accounts.
+Added: As of January 3, 2025, and December 29, 2023, our cash and cash equivalents included investments in several large institutional money market accounts.
For fiscal 2024 and fiscal 2023, 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 9% of total revenues for fiscal 2023 and 8% for both fiscal 2022 and 2021.
+Added: Our foreign operations represented 8%, 9% and 8% of total revenues for fiscal 2024, 2023 and 2022, respectively.
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.