16 unchanged sentences
Dollars to settle this obligation.
−Removed: However, we may choose not to hedge certain foreign exchange exposures for a variety of reasons including, but not limited to, accounting considerations or the prohibitive economic cost of hedging particular exposures.
+Added: However, we may choose not to hedge certain foreign exchange exposures for a
+Added: variety of reasons including, but not limited to, accounting considerations or the prohibitive economic cost of hedging particular exposures.
Credit and Counterparty Risk
3 unchanged sentences
Interest Rate Risk
−Removed: At April 3, 2020, we had total borrowings of $383.0 million (net of deferred loan costs).
−Removed: Borrowings under our credit facilities bear interest at floating interest rates.
−Removed: As a result, we are exposed to fluctuations in interest rates to the extent of our borrowings under the credit facilities.
−Removed: As part of our overall risk management program, we entered into several interest rate swaps designed as cash flow hedges, to hedge the floating LIBOR components of our interest rate which represented a notional value of $247.5 million of our debt as of April 3, 2020.
+Added: In June 2020, we issued the Convertible Notes with an aggregate principal amount of $200 million.
+Added: We carry the Convertible Notes at face value less the unamortized debt discount and issuance costs on our consolidated balance sheet.
+Added: The Convertible Notes have a fixed interest rate;
+Added: therefore, we have no financial statement risk associated with changes in interest rates with respect to the Convertible Notes.
+Added: The fair value of the Convertible Notes changes when certain factors such as the market price of our stock or market interest rates change.
+Added: At July 3, 2020, we had total borrowings under our Credit Agreement of $260.5 million (net of deferred loan costs).
+Added: Borrowings under our Credit Agreement bear interest at floating interest rates.
+Added: As a result, we are exposed to fluctuations in interest rates to the extent of our borrowings under the Credit Agreement.
+Added: As part of our overall risk management program, we entered into several interest rate swaps designed as cash flow hedges, to hedge the floating LIBOR components of our interest rate which represented a notional value of $241.9 million of our debt as of July 3, 2020.
See Note 7, “Financial Derivatives and Hedging Activities” for further information on hedging activities.
−Removed: Excluding the amount of our borrowings that is subject to fixed interest rates under our interest rate swaps, and assuming the current level of borrowings remained the same, we estimate that our interest expense would change by approximately $1.4 million annually for each one percentage point change in the average interest rate under our borrowings.
+Added: Excluding the amount of our borrowings that is subject to fixed interest rates under our interest rate swaps and Convertible Notes, and assuming the current level of borrowings remained the same, we estimate that our interest expense would change by approximately $0.2 million annually for each one percentage point change in the average interest rate under our borrowings.
Commodity Price Risk
2 unchanged sentences
We try to protect against such volatility through various business strategies.
−Removed: During the three months ended April 3, 2020, we did not have any commodity derivative instruments in place to manage our exposure to price changes.
+Added: During the three months ended July 3, 2020, we did not have any commodity derivative instruments in place to manage our exposure to price changes.
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.