7 unchanged sentences
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.
−Removed: We manage our debt portfolio to achieve an overall desired position of fixed and floating rates and may employ interest rate hedges as a tool to achieve that position.
+Added: We manage our debt portfolio to achieve an overall desired position of fixed and floating
+Added: rates and may employ interest rate hedges as a tool to achieve that position.
In April 2023, the Company entered into two, two-year rate cap agreements, which will each mature on April 30, 2025 with a total notional amount of $450 million .
2 unchanged sentences
We may, in the future, enter into additional interest rate hedges, the risks of which include changes in the interest rates affecting the fai r 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 caps that fixed the interest rate on a total notional amount of $450 million of the current principal amount of the Term Loan Facilities, approximately 30% of the principal amount of our debt bore interest at floating rates based on Term SOFR or an alternative reference rate, as defined in our credit agreements, as of March 30, 2024.
+Added: After considering interest rate caps that fixed the interest rate on a total notional amount of $450 million of the current principal amount of the Term Loan Facilities, approximately 30% of the principal amount of our debt bore interest at floating rates based on Term SOFR or an alternative reference rate, as defined in our credit agreements, as of June 29, 2024.
A hypothetical 1% change in the applicable rate would cause the interest expense on our floating rate debt to change by approximately $16 million per year (see Note 10, Debt, in our consolidated financial statements).
4 unchanged sentences
Fuel costs related to outbound deliveries approximated $191 million during the fiscal year ended December 30, 2023.
−Removed: Our activities to minimize fuel cost risk include route optimization, improving fleet utilization, growing our fleet of electric vehicles and assessing fuel
+Added: Our activities to minimize fuel cost risk include route optimization, improving fleet utilization, growing our fleet of electric vehicles and assessing fuel surcharges.
We typically directly offset approximately 40% of the increases in fuel costs through fuel surcharges to customers.
We also enter into forward purchase commitments for a portion of our projected diesel fuel requirements.
−Removed: As of March 30, 2024, we had diesel fuel forward purchase commitments totaling $24 million, which lock approximately 26% of our projected diesel fuel purchase needs through December 2024.
+Added: As of June 29, 2024, we had diesel fuel forward purchase commitments totaling $34 million, which lock approximately 19% of our projected diesel fuel purchase needs through December 2025.
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 $23 million in addition al fuel cost on uncommitted volumes through December 2025.
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.