11 unchanged sentences
The company has entered into interest rate swaps to fix the interest rate applicable to certain of its variable-rate debt.
−Removed: The agreements swap one-month LIBOR for fixed rates.
−Removed: In February 2022, the company entered into an additional floating-to-fixed interest rate swap agreement that uses a daily Secured Overnight Financing Rate ("SOFR") in lieu of LIBOR.
+Added: Prior to July 1, 2023, the company amended its Credit Facility and the existing interest rate swap agreements to transition the interest reference rate from one-month LIBOR to one-month Secured Overnight Financing Rate ("SOFR").
+Added: There were no other changes to the company's Credit Facility or timing of cash flows.
+Added: The amendment was entered into because the LIBOR rate historically used was no longer published after June 30, 2023.
+Added: The company utilized expedients within ASC 848 to conclude that this amendment should be treated as a non-substantial modification of the existing contract, resulting in no impact to the company's consolidated financial statements.
The company has designated these swaps as cash flow hedges and all changes in fair value of the swaps are recognized in accumulated other comprehensive income.
As of December 30, 2023, the fair value of these instruments was an asset of $42.8 million.
−Removed: The change in fair value of these swap agreements in the first twelve months of 2022 was a gain of $61.6 million, net of taxes.
+Added: The change in fair value of these swap agreements in the first twelve months of 2023 was a loss of $16.5 million, net of taxes.
The potential net loss on fair value for such instruments from a hypothetical 10% adverse change in quoted interest rates would not have a material impact on the company's financial position, results of operations and cash flows.
14 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.