7 unchanged sentences
DEBT AND DERIVATIVES
−Removed: 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.
+Added: As of January 2, 2026, and January 3, 2025, we had $4.6 billion and $4.7 billion of debt, respectively, which included $500 million 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: 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 monthly variable interest payments based on the one-month SOFR rate and pay interest at a fixed rate.
+Added: We had interest rate swap agreements to hedge the cash flows of a portion of our variable rate senior unsecured term loan (“Variable Rate Loan”).
+Added: Under the terms of the interest rate swap agreements, we received monthly variable interest payments based on the one-month SOFR rate and paid interest at a fixed rate.
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 $4 million and $11 million as of January 3, 2025, and December 29, 2023, respectively.
−Removed: The counterparties to these agreements are financial institutions.
−Removed: We do not hold or issue derivative financial instruments for trading or speculative purposes.
−Removed: We cannot predict future market fluctuations in interest rates and their impact on our interest rate swaps.
+Added: The fair value of our interest rate swap agreements with respect to our Variable Rate Loan was an asset of $4 million as of January 3, 2025.
+Added: The interest rate swap agreements matured in August 2025.
+Added: The counterparties to these agreements were financial institutions.
+Added: We did not hold or issue derivative financial instruments for trading or speculative purposes.
+Added: We cannot predict future market fluctuations in interest rates.
A net hypothetical 10% movement in the one-month SOFR rate would not have a significant impact on our annual interest expense.
1 unchanged sentence
CASH AND CASH EQUIVALENTS
−Removed: As of January 3, 2025, and December 29, 2023, our cash and cash equivalents included investments in several large institutional money market accounts.
+Added: As of January 2, 2026, and January 3, 2025, our cash and cash equivalents included investments in several large institutional money market accounts.
For fiscal 2025 and fiscal 2024, a hypothetical 10% interest rate movement would not have a significant impact on the value of our holdings or on interest income.
+Added: Leidos Holdings, Inc.
+Added: Annual Report
FOREIGN CURRENCY RISK
2 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%, 9% and 8% of total revenues for fiscal 2024, 2023 and 2022, respectively.
+Added: Our foreign operations represented 8% of total revenues for both fiscal 2025 and 2024, and 9% for fiscal 2023.
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.