1 unchanged sentence
Earnings, cash flows and financial position are exposed to market risks relating to fluctuations in interest rates and foreign currency exchange rates.
−Removed: All potential changes noted below are based on information available at September 29, 2023.
+Added: All potential changes noted below are based on information available at March 29, 2024.
Interest Rate Risk
1 unchanged sentence
Assuming the 2023 Revolver was fully drawn to a principal amount equal to $500.0 million, each one percentage point change in interest rates would result in a $5.1 million change in annual cash interest expense.
−Removed: As of September 29, 2023, the notional value of the Company's interest rate swap agreements totaled $346.9 million.
+Added: As of March 29, 2024, the notional value of the Company's interest rate swap agreements totaled $343.8 million.
The difference to be paid or received under the terms of the interest rate swap agreements is accrued as interest rates change and recognized as an adjustment to interest expense for the related debt in the period incurred.
2 unchanged sentences
Foreign Currency Exchange Risk
−Removed: The majority of the Company's business is conducted in U.S.
−Removed: However, the Company is required to transact in foreign currencies for some of its contracts, resulting in some assets and liabilities denominated in foreign currencies.
+Added: The majority of our business is conducted in U.S.
+Added: However, we are required to transact in foreign currencies for some of our contracts, resulting in some assets and liabilities denominated in foreign currencies.
As a result, earnings may experience volatility related to movements in foreign currency exchange rates.
−Removed: In the past, the Company entered into forward foreign exchange contracts to buy or sell various foreign currencies to selectively protect against volatility in the value of non-functional currency denominated monetary assets and liabilities.
−Removed: The impact of the related contracts on the Condensed Consolidated Statements of Loss and Condensed Consolidated Balance Sheets was not material and related hedging was discontinued.
−Removed: The Company's forward contracts expired in January 2022 and no such contracts are outstanding as of September 29, 2023.
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.