6 unchanged sentences
Floating rate debt, where the interest rate fluctuates periodically, exposes us to short-term changes in market interest rates.
−Removed: Fixed rate debt, where the interest rate is fixed over the life of the instrument, exposes us to changes in market interest rates reflected in the fair value of the debt and to the risk that we may need to refinance
−Removed: maturing debt with new debt at higher rates.
+Added: Fixed rate debt, where the interest rate is fixed over the life of the instrument, exposes us to changes in market interest rates reflected in the fair value of the debt and to the risk that we may need to refinance maturing debt with new debt at higher rates.
We manage our debt portfolio to achieve an overall desired position of fixed and floating rates and may employ interest rate swaps as a tool to achieve that position.
We have entered into interest rate swap agreements to limit our exposure to variable interest rate terms on certain borrowings under our Initial Term Loan Facility.
+Added: The interest rate swap agreements expired on July 31, 2021.
The risks from interest rate swaps include changes in the interest rates affecting the fair value of such instruments, potential increases in interest expense due to market increases in floating interest rates and the creditworthiness of the counterparties.
−Removed: After considering interest rate swaps that fixed the interest rate on $550 million of the principal amounts of our Initial Term Loan Facility, approximately 52% of the principal amount of our debt bore interest at floating rates based on LIBOR or ABR, as of April 3, 2021.
+Added: After considering interest rate swaps that fixed the interest rate on $550 million of the principal amounts of our Initial Term Loan Facility, approximately 51% of the principal amount of our debt bore interest at floating rates based on LIBOR or ABR, as of July 3, 2021.
A hypothetical 1% change in the applicable rate would cause the interest expense on our floating rate debt to change by approximately $28 million per year (see Note 10, Debt, in our consolidated financial statements).
10 unchanged sentences
We also enter into forward purchase commitments for a portion of our projected diesel fuel requirements.
−Removed: As of April 3, 2021, we had diesel fuel forward purchase commitments totaling $38 million, which fix approximately 42% of our projected diesel fuel purchase needs through December 2021.
+Added: As of July 3, 2021, we had diesel fuel forward purchase commitments totaling $28 million, which fix approximately 23% of our projected diesel fuel purchase needs through June 2022.
Our remaining fuel purchase needs will occur at market rates unless contracted for at a fixed price or hedged at a later date.
−Removed: Using current published market price projections for diesel and estimated fuel consumption needs, a hypothetical 10% unfavorable change in diesel prices from the market price could result in approximately $6 million in additional fuel cost on uncommitted volumes through December 2021.
+Added: Using current published market price projections for diesel and estimated fuel consumption needs, a hypothetical 10% unfavorable change in diesel prices from the market price could result in approximately $13 million in additional fuel cost on uncommitted volumes through June 2022.
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.