3 unchanged sentences
We attempt to minimize interest rate risk exposure by fixing our interest rate through the utilization of interest rate swaps, which are derivative financial instruments.
−Removed: As previously mentioned, these interest rate swaps were eligible for hedge accounting for part of the period and were de-designated following the issuance of the Notes.
+Added: The interest rate swaps were de-designated following the issuance of the Notes in the third quarter of 2021.
Our swaps are entered into with financial institutions that participate in the PJI Revolving Facility.
1 unchanged sentence
We do not enter into contracts for trading purposes and do not use leveraged instruments.
−Removed: The market risks associated with our debt obligations as of September 26, 2021 have not changed from those reported in “Part II.
+Added: The market risks associated with our debt obligations as of March 27, 2022 have not changed from those reported in “Part II.
Quantitative and Qualitative Disclosure About Market Risk” in our Annual Report on Form 10-K for the fiscal year ended December 26, 2021.
3 unchanged sentences
Our international operations principally consist of distribution sales to franchised Papa John’s restaurants located in the United Kingdom and our franchise sales and support activities, which derive revenues from sales of franchise and development rights and the collection of royalties from our international franchisees.
−Removed: Approximately 7% of our revenues were derived from these operations for the three and nine months ended September 26, 2021 and September 27, 2020.
+Added: For each of the periods presented, between 6% and 7% of our revenues were derived from these operations.
We have not historically hedged our exposure to foreign currency fluctuations.
−Removed: Foreign currency exchange rate fluctuations had a favorable impact of approximately $2.1 million and $7.9 million on International revenues for the three and nine months ended September 26, 2021, respectively, and a favorable impact of approximately $650,000 and an unfavorable impact of approximately $1.4 million for the three and nine months ended September 27, 2020, respectively.
−Removed: Foreign currency exchange rate fluctuations had a favorable impact of approximately $400,000 and $1.7 million on operating income for the three and nine months ended September 26, 2021, respectively, and an unfavorable impact of $120,000 and $1.1 million on operating income for the three and nine months ended September 27, 2020, respectively.
+Added: Foreign currency exchange rate fluctuations had an unfavorable impact of approximately $1.2 million on International revenues for first quarter of 2022 compared to a favorable impact of approximately $1.9 million in the first quarter of 2021.
+Added: Foreign currency exchange rate fluctuations had an unfavorable impact of approximately $0.6 million on operating income in the first quarter of 2022 compared to a favorable impact of $0.5 million in the first quarter of 2021.
Commodity Price Risk
2 unchanged sentences
however, we remain exposed to on-going commodity volatility.
−Removed: The following table presents the actual average block price for cheese by quarter through the third quarter of 2021 and the projected average block price by quarter for 2021 (based on the October 29, 2021 Chicago Mercantile Exchange cheese futures market prices):
+Added: The following table presents the actual average block price for cheese by quarter through the first quarter of 2022 and the projected average block price by quarter for 2022 (based on the April 29, 2022 Chicago Mercantile Exchange cheese futures market prices):
*The full year estimate is based on futures prices and does not include the impact of forward pricing agreements we have for a portion of our cheese purchases for our domestic Company-owned restaurants.
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.