18 unchanged sentences
Variable Interest Rates
−Removed: As of June 29, 2024 and December 31, 2023, we had $252 million and $255 million, respectively, of variable rate debt subject to interest rate risk.
−Removed: At these borrowing levels, a hypothetical one percent change in interest rates would have resulted in a $2 million change in interest expense for each of the respective periods.
+Added: As of September 28, 2024 and December 31, 2023, we had $250 million and $255 million, respectively, of variable rate debt subject to interest rate risk.
+Added: At these borrowing levels, a hypothetical one percent change in interest rates would have resulted in a $2 million annual change in interest expense for each of these periods.
The fair market value of our long-term fixed interest rate debt is also subject to interest rate risk when the debt becomes due or if we do not hold the debt until maturity.
−Removed: The estimated fair value of our fixed-rate debt at June 29, 2024 and December 31, 2023 was $511 million and $498 million, respectively, compared to their respective $542 million and $540 million principal amounts.
+Added: The estimated fair value of our fixed-rate debt at September 28, 2024 and December 31, 2023 was $532 million and $498 million, respectively, compared to its respective $538 million and $540 million carrying values.
We use quoted market prices to estimate the fair value of our fixed-rate debt.
Generally, the fair market value of fixed-rate debt will increase as interest rates fall and decrease as interest rates rise.
+Added: In October 2024, we secured variable-rate term loan financing of $700 million, which will be used in the fourth quarter, together with cash on hand, to redeem the respective $453 million and $246 million outstanding principal balances of the 2026 Notes and 2027 Term Loan.
+Added: The 2029 Term Loan bears interest at an annual rate equal to three-month Term SOFR plus 7 percent.
+Added: For this new debt, a hypothetical one percent change in interest rates would result in a $7 million annual change in interest expense.
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.