10 unchanged sentences
Borrowings at the base rate have no designated term and may be repaid without penalty any time prior to the Facility’s maturity date.
−Removed: Borrowings at a SOFR rate have a term no l ess than 30 days and no greater than 180 days and may be prepaid without penalty.
+Added: Borrowings at a SOFR rate have a term no less than 30 days and no greater than 180 days and may be prepaid without penalty.
Typically, at the end of such term, such borrowings may be rolled over at our discretion into either a borrowing at the base rate or a borrowing at a SOFR rate with similar terms, not to exceed the maturity date of the Facility.
The Facility matures on February 18, 2027.
−Removed: At October 1, 2023, we had $320 million in outstanding borrowings under the Amended Credit Agreement, which was all under the New Term Loan Facility, and no borrowings under the Amended Revolving Credit Facility.
+Added: At September 29, 2024, we had $250 million in outstanding borrowings under the Amended Credit Agreement, which was consisted of $250 million under the New Term Loan Facility, and no borrowings under the Amended Revolving Credit Facility.
The year-to-date weighted-average interest rate of the outstanding borrowings during fiscal 2024 was 6.70%.
−Removed: In August 2018, we entered into five interest rate swap agreements with five banks to fix the variable interest rate on $250 million of our Amended Term Loan Facility.
−Removed: The objective of these interest rate swaps was to eliminate the variability of our cash flows on the amount of interest expense we pay under our Credit Agreement.
−Removed: The five swaps expired on July 31, 2023.
−Removed: Our year-to-date average effective interest rate on borrowings outstanding under the Credit Agreement, including the effects of interest rate swap agreements, at October 1, 2023, was 5.37%.
−Removed: For more information, see Note 14, “Derivative Financial Instruments” of the “Notes to Consolidated Financial Statements” in Item 8.
The majority of our transactions are in U.S.
1 unchanged sentence
Therefore, we are subject to currency exposure and volatility because of currency fluctuations.
−Removed: We attempt to minimize our exposure to these fluctuations by matching revenue and expenses in the same currency for our contracts.
−Removed: We reported $0.1 million of foreign currency gains in fiscal 2023 and $0.2 million of foreign currency losses in fiscal 2022 in “Selling, general and administrative expenses” on our consolidated statements of income.
+Added: We attempt to minimize our exposure to these fluctuations by matching revenue and expenses in the same currency for our contrac ts.
+Added: We reported $1.8 million of foreign currency losses in fiscal 2024 in “Selling, general and administrative expenses” on our consolidated statement of income.
+Added: The impact of foreign currency was immaterial in fiscal 2023.
We have foreign currency exchange rate exposure in our results of operations and equity primarily because of the currency translation related to our foreign subsidiaries where the local currency is the functional currency.
4 unchanged sentences
For fiscal 2024 and 2023, 38.5% and 36.7% of our consolidated revenue, respectively, was generated by our international business.
−Removed: For fiscal 2023, the effect of foreign exchange rate translation on the consolidated balance sheets was an increase in equity of $12.6 million compared to a decrease in equity of $94.9 million in fiscal 2022.
+Added: For fiscal 2024, the effect of foreign exchange rate translation on the consolidated balance sheets was an increase in equity of $115.1 million compared to an increase in equity of $12.6 million in fiscal 2023.
These amounts were recognized as an adjustment to equity through other comprehensive income.
9 unchanged sentences
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.