11 unchanged sentences
In 2017 and 2019, the Company entered into interest rate swap transactions with regard to a portion of its term loan debt.
−Removed: The Company’s interest rate swaps are designated and qualify as cash flow hedges of forecasted interest payments.
−Removed: The Company reports the effective portion of the fair value gain or loss on the swaps as a component of other comprehensive income (or other comprehensive loss).
−Removed: The aggregate notional amount of the swaps as of December 29, 2019 was $250 million .
+Added: The Company’s interest rate swaps were designated and qualified as cash flow hedges of forecasted interest payments.
+Added: Both of the Company’s interest rate swaps were terminated in the fourth quarter of 2020.
Foreign Currency Exchange Market Risk Exposure
3 unchanged sentences
Our operating results are exposed to changes in exchange rates between the U.S.
−Removed: dollar and many other currencies, including the Euro, British pound sterling, Canadian dollar, Australian dollar, Thai baht and Japanese yen.
+Added: dollar and many other currencies, including the Euro, British pound sterling, Canadian dollar, Australian dollar, Thai baht and Chinese Renminbi.
When the U.S.
4 unchanged sentences
dollars on a consolidated basis, foreign currency exchange fluctuations could have a translation impact on our financial position.
−Removed: At December 29, 2019 , we recognized an $11.7 million decrease in our foreign currency translation adjustment account compared with December 30, 2018 , because of the weakening of the Euro, British pound and Australian dollar against the U.S.
+Added: At January 3, 2021, we recognized a $52.8 million decrease in our accumulated other comprehensive loss – foreign currency translation adjustment account compared with December 29, 2019, because of the strengthening of the Euro, British pound sterling, Australian dollar, and Chinese Renminbi against the U.S.
dollar in 2020.
3 unchanged sentences
The market value of instruments affected by interest rate and foreign currency exchange rate risk is computed based on the present value of future cash flows as impacted by the changes in the rates attributable to the market risk being measured.
−Removed: The discount rates used for the present value computations were selected based on market interest and foreign currency exchange rates in effect at December 29, 2019 .
+Added: The discount rates used for the present value computations were selected based on market interest and foreign currency exchange rates in effect at January 3, 2021.
The values that result from these computations are then compared with the market values of the financial instruments.
1 unchanged sentence
Interest Rate Risk
−Removed: Our weighted average interest rate for our outstanding borrowings in 2019 and 2018 was 3.27% and 3.50% , respectively.
As discussed above, our Syndicated Credit Facility is comprised of a combination of term loan and revolving loan borrowings.
−Removed: The following table summarizes our market risks associated with our debt obligations as of December 29, 2019 .
−Removed: For debt obligations, the table presents principal cash flows and related weighted average interest rates by year of maturity.
−Removed: Variable interest rates presented for variable-rate debt represent the weighted average interest rate on our Syndicated Credit Facility borrowings as of December 29, 2019 .
+Added: The following table summarizes our market risks associated with our variable rate debt obligations under the Syndicated Credit Facility as of January 3, 2021.
+Added: For debt obligations, the table presents principal cash flows by year of maturity.
+Added: Rate-Sensitive Liabilities 2021 2022 2023 2024 Thereafter Total Fair Value
(in thousands)
−Removed: Rate-Sensitive Liabilities
Long-term Debt:
Variable Rate $ 15,319 $ 15,319 $ 15,319 $ 15,319 $ 223,939 $ 285,215 $ 285,215
−Removed: An increase in our effective interest rate of 1% would increase annual interest expense by approximately $3.3 million .
−Removed: We will continue to review our exposure to interest rate fluctuations and evaluate whether we should continue to manage such exposures through our current and any future interest rate swap transactions.
−Removed: As of December 29, 2019 , a 100 bps decrease or increase in interest rates would result in a decrease or increase in the fair value of our interest rate swaps of approximately $7.3 million .
+Added: Fixed Rate $ — $ — $ — $ — $ 300,000 $ 300,000 $ 315,999
+Added: Our weighted average interest rate, including the effect of any active interest rate swaps, for our outstanding borrowings under the Syndicated Credit Facility as of January 3, 2021 and December 29, 2019 was 1.89% and 3.27%, respectively.
+Added: An increase in our effective interest rate of 1% on our variable rate debt would increase annual interest expense by approximately $2.9 million.
+Added: We will continue to review our exposure to interest rate fluctuations and evaluate whether we should continue to manage such exposures through any future interest rate swap transactions.
+Added: Based on a hypothetical immediate 100 basis point increase in interest rates, with all other variables held constant, the fair value of our fixed rate long-term debt would be impacted by a net decrease of $13.2 million.
+Added: Conversely, a 100 basis point decrease in interest rates would result in a net increase in the fair value of our fixed rate long-term debt of $9.9 million.
Foreign Currency Exchange Rate Risk
−Removed: As of December 29, 2019 , a 10% decrease or increase in the levels of foreign currency exchange rates against the U.S.
+Added: As of January 3, 2021, a 10% decrease or increase in the levels of foreign currency exchange rates against the U.S.
dollar, with all other variables held constant, would result in a decrease in the fair value of our short-term financial instruments (primarily cash, accounts receivable and accounts payable) of $11.9 million or an increase in the fair value of our financial instruments of $14.6 million, respectively.
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.