9 unchanged sentences
Interest Rate Market Risk Exposure
−Removed: Changes in interest rates affect the interest paid on certain of our debt.
+Added: Changes in interest rates affect the interest paid on our variable rate debt.
To mitigate the impact of fluctuations in interest rates, our management monitors interest rates and has developed and implemented a policy to maintain the percentage of fixed and variable rate debt within certain parameters, subject to approval by our Board of Directors.
4 unchanged sentences
A significant portion of our operations consists of manufacturing and sales activities in foreign jurisdictions.
−Removed: We manufacture our products in the United States, Northern Ireland, the Netherlands, Germany, China, Thailand and Australia, and sell our products in more than 100 countries.
+Added: We manufacture our products in the United States, Northern Ireland, the Netherlands, Germany, China, and Australia, and we sell our products in more than 100 countries.
As a result, our financial results have been, and could be, significantly affected by factors such as changes in foreign currency exchange rates or weak economic conditions in the foreign markets in which we distribute our products.
9 unchanged sentences
There were no active foreign currency derivative instruments as of January 1, 2023.
−Removed: During 2021, we recognized a $40.1 million increase in our accumulated other comprehensive loss – foreign currency translation adjustment account compared with January 3, 2021, because of the strengthening of the Euro, British Pound sterling, Australian dollar, and Chinese Renminbi against the U.S.
+Added: During 2022, we recognized a $38.3 million increase in our accumulated other comprehensive loss – foreign currency translation adjustment account compared with January 2, 2022, because of the weakening of the Euro, British Pound sterling, Australian dollar, and Chinese Renminbi against the U.S.
dollar in 2022.
6 unchanged sentences
The differences are the hypothetical gains or losses associated with each type of risk.
−Removed: Tab le of Contents
+Added: Ta b le of Contents
Interest Rate Risk
−Removed: 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 variable rate debt obligations under the Syndicated Credit Facility and fixed rate Senior Notes debt as of January 2, 2022.
+Added: As discussed above, our Facility is comprised of a combination of term loan and revolving loan borrowings.
+Added: The following table summarizes our market risks associated with our variable rate debt obligations under the Facility and fixed rate Senior Notes debt as of January 1, 2023.
For debt obligations, the table presents principal cash flows by year of maturity.
4 unchanged sentences
Fixed Rate — — — — 300,000 300,000 248,652
−Removed: Our weighted average interest rate for our outstanding borrowings under the Syndicated Credit Facility as of January 2, 2022 and January 3, 2021 was 1.91% and 1.89%, respectively.
+Added: Our weighted average interest rate for our outstanding borrowings under the Facility as of January 1, 2023 and January 2, 2022 was 5.78% and 1.91%, respectively.
An increase in our effective interest rate of 1% on our variable rate debt would increase annual interest expense by approximately $2.3 million.
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.
−Removed: The carrying value of the Company’s borrowings under our Syndicated Credit Facility approximates fair value as the Facility bears variable interest rates that are similar to existing market rates.
+Added: The carrying value of the Company’s borrowings under our Facility approximates fair value as the Facility bears variable interest rates that are similar to existing market rates.
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 $11.6 million.
4 unchanged sentences
As the impact of offsetting changes in the fair market value of our net foreign investments is not included in the sensitivity model, these results are not indicative of our actual exposure to foreign currency exchange risk.
−Removed: Tab le of Contents
+Added: Ta b le of Contents
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.