12 unchanged sentences
In addition, we hold a cross-currency swap between the Euro and U.S.
−Removed: Dollar as a Net Investment Hedge of our recent acquisition of Direct Conversion.
+Added: Dollar as a Net Investment Hedge of our acquisition of Direct Conversion.
Depending on the spot rate between the Euro and U.S.
5 unchanged sentences
Our cash and cash equivalents may be exposed to a concentration of credit risk and we may also be exposed to credit risk and interest rate risk to the extent that we enter into credit facilities.
−Removed: We perform ongoing credit evaluations of our customers and we maintain what we believe to be strong credit controls in evaluating and granting customer credit, including performing ongoing evaluations of our customers’ financial condition and creditworthiness and often using letters of credit and requiring industrial customers to provide a down payment.
+Added: We perform ongoing credit evaluations of our customers and we maintain what we believe to be strong credit controls in evaluating and granting customer credit, including performing ongoing evaluations of our customers’ financial condition and creditworthiness and often using letters of credit and requiring certain industrial customers to provide a down payment.
Interest Rate Risk
−Removed: At September 27, 2019 , we had total borrowings of $395.1 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 $264.4 million of our debt as of September 27, 2019 .
−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 $1.3 million annually for each one percentage point change in the average interest rate under our borrowings.
−Removed: Financial Derivatives and Hedging Activities and Note 8 .
−Removed: Borrowings of the notes to our consolidated financial statements for further information on interest rate hedging activities and borrowings.
+Added: Borrowings under our ABL Facility bear interest at floating interest rates.
+Added: At October 2, 2020, we had no borrowings subject to floating interest rates.
+Added: Borrowings, of the notes to our consolidated financial statements for further information.
Commodity Price Risk
1 unchanged sentence
The prices of these raw materials fluctuate in response to changes in supply and demand fundamentals and our product margins and level of profitability tend to fluctuate with changes in these raw materials prices.
−Removed: We try to protect against such volatility through various business strategies.
−Removed: During the fiscal year ended September 27, 2019 , we did not have any commodity derivative instruments in place to manage our exposure to price changes.
+Added: We try to protect against such volatility through various business
+Added: During the fiscal year ended October 2, 2020, we did not have any commodity derivative instruments in place to manage our exposure to price changes.
Financial Statements and Supplementary Data.
2 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.