3 unchanged sentences
We are exposed to interest rate risk under our Amended Credit Agreement.
−Removed: We can borrow, at our option, under both the Amended Term Loan Facility and Amended Revolving Credit Facility.
−Removed: We may borrow on the Amended Revolving Credit Facility, at our option, at either (a) a Eurocurrency rate plus a margin that ranges from 1.000% to 1.875% per annum, or (b) a base rate for loans in U.S.
+Added: We can borrow, at our option, under the 5Y Term Loan Facility and Amended Revolving Credit Facility.
+Added: We may borrow on the Amended Revolving Credit Facility, at our option, at either (a) a benchmark rate plus a margin that ranges from 1.000% to 1.750% per annum, or (b) a base rate for loans in U.S.
dollars (the highest of the U.S.
1 unchanged sentence
In each case, the applicable margin is based on our Consolidated Leverage Ratio, calculated quarterly.
−Removed: The Amended Term Loan Facility is subject to the same interest rate provisions.
−Removed: 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 less than 30 days and no greater than 180 days and may be prepaid without penalty.
−Removed: 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.
−Removed: The Facility matures on February 18, 2027.
−Removed: 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.
−Removed: The year-to-date weighted-average interest rate of the outstanding borrowings during fiscal 2024 was 6.70%.
+Added: The 5Y Term Loan Facility is subject to the same interest rate provisions.
+Added: The Amended Credit Agreement ex pires on May 5, 2030, or earlier at our discretion upon payment in full of loans and other obligations.
+Added: At September 28, 2025, we had $200 million in outstanding borrowings under the Amended Credit Agreement, which consisted of $200 million under the 5Y Term Loan Facility and no borrowings under the Amended Revolving Credit Facility.
+Added: The year-to-date weighted-average interest rate of the outstanding borrowings under the Amended Credit Agreement during fiscal 2025 was 5.63%.
The majority of our transactions are in U.S.
2 unchanged sentences
We attempt to minimize our exposure to these fluctuations by matching revenue and expenses in the same currency for our contrac ts.
−Removed: We reported $1.8 million of foreign currency losses in fiscal 2024 in “Selling, general and administrative expenses” on our consolidated statement of income.
−Removed: The impact of foreign currency was immaterial in fiscal 2023.
+Added: We reported $2.5 million and $1.8 million of foreign currency losses in fiscal 2025 and 2024, respectively, in “Selling, general and administrative expenses” on our consolidated statements of income.
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 2025 and 2024, 37.4% and 38.5% of our consolidated revenue, respectively, was generated by our international business.
−Removed: 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.
−Removed: These amounts were recognized as an adjustment to equity through other comprehensive income.
−Removed: In the fourth quarter of fiscal 2022, we entered into a forward contract to acquire GBP 714.0 million at a rate of 1.0852 for a total of USD 774.8 million that was integrated with our plan to acquire RPS.
−Removed: This contract matured on December 30, 2022.
−Removed: On December 28, 2022, we entered into an extension of the integrated forward contract to acquire GBP 714.0 million at a rate of 1.086 for a total of USD 775.4 million, extending the maturity date to January 23, 2023, the closing date of the RPS acquisition.
−Removed: Although an effective economic hedge of our foreign exchange risk related to this transaction, the forward contract did not qualify for hedge accounting.
−Removed: As a result, the forward contract was marked-to-market with changes in fair value recognized in earnings each period.
−Removed: The intrinsic value of the forward contract was immaterial at inception as the GBP/USD spot and forward exchange rates were essentially the same.
−Removed: The fair value of the forward contract at October 2, 2022 was $19.9 million, and an unrealized gain of the same amount was recognized in our fourth quarter of fiscal 2022 results.
−Removed: On January 23, 2023, the forward contract was settled for cash proceeds of $109.3 million and we recognized additional gains of $89.4 million in fiscal 2023.
−Removed: All gains related to this transaction were reported in “Other non-operating income" on our consolidated income statements for the respective periods.
+Added: For fiscal 2025, the effect of foreign exchange rate translation on the consolidated balance sheets was a decrease in equity of $17.2 million compared to an increase in equity of $115.1 million in fiscal 2024.
+Added: These amounts were recognized as an adjustment to equit y through other comprehensive income.
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.