15 unchanged sentences
At inception, we designated the interest rate swap as a cash flow hedge and the fair value of the interest rate swap was zero.
−Removed: As of June 29, 2020, the fair value of the interest rate swap was recorded as a liability and as a component of other long-term liabilities in the amount of $19.6 million.
−Removed: No ineffectiveness was recognized for the quarter and two quarters ended June 29, 2020.
−Removed: During the quarter and two quarters ended June 29, 2020, the interest rate swap increased interest expense by $2.3 million and $3.5 million, respectively.
+Added: As of September 28, 2020, the fair value of the interest rate swap was recorded as a liability and as a component of other long-term liabilities in the amount of $17.5 million.
+Added: No ineffectiveness was recognized for the quarter and three quarters ended September 28, 2020.
+Added: During the quarter and three quarters ended September 28, 2020, the interest rate swap increased interest expense by $2.7 million and $6.2 million, respectively.
See Liquidity and Capital Resources and Long-term Debt and Letters of Credit appearing in Item 2 of this Quarterly Report on Form 10-Q for further discussion of our financing facilities and capital structure.
−Removed: As of June 29, 2020, approximately 68.3% of our total debt was based on fixed rates.
−Removed: Based on our borrowings as of June 29, 2020, an assumed 100 basis point increase in variable rates would cause our annual interest cost to increase by $4.8 million and an assumed 100 basis point decrease in variable rates would cause our annual interest cost to decrease by $0.8 million.
+Added: As of September 28, 2020, approximately 93.1% of our total debt was based on fixed rates.
+Added: Based on our borrowings as of September 28, 2020, an assumed 100 basis point increase in variable rates would cause our annual interest cost to increase by $0.8 million and an assumed 100 basis point decrease in variable rates would cause our annual interest cost to decrease by $0.1 million.
On July 27, 2017, the Financial Conduct Authority announced the desire to phase out the use of LIBOR by the end of 2021, which may affect us adversely.
−Removed: If LIBOR is discontinued, we may need to renegotiate the terms of certain of our capital securities and credit instruments, which utilize LIBOR as a benchmark in determining the interest rate, to replace LIBOR with the new standard that is established.
+Added: If LIBOR is discontinued, we may need to renegotiate the terms of certain credit instruments, which utilize LIBOR as a benchmark in determining the interest rate, to replace LIBOR with the new standard that is established.
There is currently no definitive information regarding the future utilization of LIBOR or of any particular replacement rate.
12 unchanged sentences
Our foreign subsidiaries may at times enter into forward exchange contracts to manage foreign currency risks in relation to certain purchases of machinery denominated in foreign currencies other than our functional currencies.
−Removed: The notional amount of the foreign exchange contracts as of June 29, 2020 and December 30, 2019 was approximately $1.4 million and $2.0 million, respectively.
+Added: The notional amount of the foreign exchange contracts as of September 28, 2020 and December 30, 2019 was approximately $2.0 million (Japanese Yen (JPY) 209.0 million) and $2.0 million (JPY 215.8 million), respectively.
We designated certain of these foreign exchange contracts as cash flow hedges.
−Removed: The table below presents information about certain of the foreign currency forward contracts as of June 29, 2020 and December 30, 2019:
−Removed: As of June 29, 2020
+Added: The table below presents information about certain of the foreign currency forward contracts as of September 28, 2020 and December 30, 2019:
+Added: As of September 28, 2020
As of December 30, 2019
5 unchanged sentences
Receive foreign currency/pay USD
−Removed: Estimated fair value, net liability
+Added: Estimated fair value, net asset / (liability)
Debt Instruments
−Removed: The table below presents information about certain of our debt instruments as of June 29, 2020:
−Removed: As of June 29, 2020
+Added: The table below presents information about certain of our debt instruments as of September 28, 2020:
+Added: As of September 28, 2020
Remaining 2020
5 unchanged sentences
Interest Rate Swap Contracts
−Removed: As of June 29, 2020, the fair value of the interest rate swap was recorded as a liability in the amount of $19,582.
−Removed: The table below presents information regarding our interest rate swaps during the two quarters ended June 29, 2020:
−Removed: Two Quarters Ended
−Removed: June 29, 2020
+Added: As of September 28, 2020, the fair value of the interest rate swap was recorded as a liability in the amount of $17,461.
+Added: The table below presents information regarding our interest rate swaps during the three quarters ended September 28, 2020:
+Added: Three Quarters Ended
+Added: September 28, 2020
(In thousands, except interest rates)
4 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.