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Market Risk Factors
−Removed: No material change in the Company’s market risk has occurred during the nine month period ended July 3, 2022 with the exception of the increase in capacity and borrowings under our Revolver Facility that are subject to variable interest rates.
−Removed: If market interest rates continue to increase, the interest rate on our variable rate debt will increase and will create higher debt service requirements, which would adversely affect our cash flow and could adversely impact our results of operations.
−Removed: The general levels of SOFR and LIBOR affect our interest expense.
−Removed: As of July 3, 2022, we had $1,170.0 million subject to variable interest rates, or 35.9% of total debt, which increased from $398.0 million and 15.7% of total debt as of September 30, 2021.
−Removed: Assuming an increase to market rates of 1.0% as of July 3, 2022, we would incur an increase to annual interest expense of $5.7 million.
+Added: No material change in the Company’s market risk has occurred during the three month period ended January 1, 2023.
For additional information, refer to Note 9 – Debt and Note 10 – Derivatives to the Condensed Consolidated Financial Statement included elsewhere in the Quarterly Report and to Part II, Items 7A of the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2022.
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.