2 unchanged sentences
Financial Instruments
−Removed: Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents, derivatives, marketable securities and accounts receivable.
+Added: Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents, derivatives, marketable securities, accounts receivable and notes receivables.
We believe we had no significant concentrations of credit risk as of December 29, 2024.
−Removed: We use derivative instruments as part of our risk management strategy only, and includes derivatives utilized as economic hedges that are not designated as hedging instruments.
+Added: We only use derivative instruments as part of our risk management strategy including derivatives utilized as economic hedges that are not designated as hedging instruments.
By nature, all financial instruments involve market and credit risks.
1 unchanged sentence
We do not enter into derivative contracts for trading or other speculative purposes, nor do we use leveraged financial instruments.
−Removed: In the ordinary course of business, we enter into foreign exchange contracts for periods consistent with its committed exposures to mitigate the effect of foreign currency movements on transactions denominated in foreign currencies.
+Added: In the ordinary course of business, we enter into foreign exchange contracts for periods consistent with our committed exposures to mitigate the effect of foreign currency movements on transactions denominated in foreign currencies.
The intent of these economic hedges is to offset gains and losses that occur on the underlying exposures from these currencies, with gains and losses resulting from the forward currency contracts that hedge these exposures.
5 unchanged sentences
We held forward foreign exchange contracts, designated as economic hedges, with U.S.
−Removed: dollar equivalent notional amounts totaling $412.1 million at December 31, 2023 and $476.9 million at January 1, 2023, and the fair value of these foreign currency derivative contracts was insignificant.
+Added: dollar equivalent notional amounts totaling $409.8 million at December 29, 2024 and $412.1 million at December 31, 2023, and the fair value of these foreign currency derivative contracts was insignificant.
The gains and losses realized on these foreign currency derivative contracts are not material.
The duration of these contracts is generally 30 days.
−Removed: In addition, in connection with certain intercompany loan agreements utilized to finance our acquisitions and stock repurchase program, we enter into forward foreign exchange contracts intended to hedge movements in foreign exchange rates prior to settlement of such intercompany loans denominated in foreign currencies.
−Removed: We record these hedges at fair value on our consolidated balance sheets.
−Removed: The unrealized gains and losses on these hedges, as well as the gains and losses associated with the remeasurement of the intercompany loans, are recognized immediately in interest and other expense, net.
−Removed: The cash flows related to the settlement of these hedges are included in cash flows from financing activities within our consolidated statements of cash flows.
−Removed: During fiscal year 2018, we designated a portion of the 2026 Notes to hedge its investments in certain foreign subsidiaries.
−Removed: Unrealized translation adjustments from a portion of the 2026 Notes were included in the foreign currency translation component of accumulated other comprehensive income (“AOCI”), which offsets translation adjustments on the underlying net assets of foreign subsidiaries.
+Added: During fiscal year 2018, we designated a portion of the 2026 Notes to hedge our investments in certain foreign subsidiaries.
+Added: Unrealized translation adjustments from a portion of the 2026 Notes were included in the foreign currency
+Added: translation component of accumulated other comprehensive income (“AOCI”), which offsets translation adjustments on the underlying net assets of foreign subsidiaries.
The cumulative translation gains or losses will remain in AOCI until the foreign subsidiaries are liquidated or sold.
20 unchanged sentences
Interest Rate Risk.
−Removed: As of December 31, 2023, we had no outstanding borrowings under our senior unsecured revolving credit facility which bears interest at a variable rate.
−Removed: Substantially all of our debt portfolio is comprised of fixed interest debt.
−Removed: As of December 31, 2023, our investments in U.S.
−Removed: treasury securities of $689.9 million earn fixed interest rates, however, the invested portion of our cash and cash equivalents, for which we receive interest at variable rates, was $913.2 million.
+Added: Our debt portfolio is primarily comprised of fixed interest debt;
+Added: however, there i s $0.5 million of variable rate instruments.
+Added: Our cash and cash equivalents, for which we receive interest at variable rates, were $1,163.4 million at December 29, 2024.
Fluctuations in interest rates can therefore have a direct impact on both our short-term cash flows, as they relate to interest, and our earnings.
3 unchanged sentences
Our current earnings exposure for changes in interest rates can be summarized as follows:
−Removed: (i) Changes in interest rates can cause our interest expense and cash flows to fluctuate to the extent we have borrowing outstanding on our revolving credit facility.
−Removed: (ii) Changes in interest rates can cause our interest income and cash flows to fluctuate.
+Added: Changes in interest rates can cause our interest expense and cash flows to fluctuate to the extent we have borrowing outstanding on our revolving credit facility.
+Added: Changes in interest rates can cause our interest income and cash flows to fluctuate.
We believe that we do not have any material exposure of interest rate risk.
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.