14 unchanged sentences
wholesale operations in the normal course of business as well as to manage foreign currency translation exposure.
−Removed: At December 28, 2019 and December 29, 2018 , the Company had outstanding forward currency exchange contracts to purchase primarily U.S.
−Removed: dollars in the amounts of $ 253.6 million and $ 225.1 million , respectively, with maturities ranging up to 545 days.
+Added: At January 2, 2021 and December 28, 2019, the Company had outstanding forward currency exchange contracts to purchase
+Added: primarily U.S.
+Added: dollars in the amounts of $250.7 million and $253.6 million, respectively, with maturities ranging up to 538 and 545 days, respectively.
The Company also has sourcing locations in Asia, where financial statements reflect the U.S.
8 unchanged sentences
dollar are generally considered long-term.
−Removed: At December 28, 2019 , a weaker U.S.
+Added: At January 2, 2021, a weaker U.S.
dollar compared to certain foreign currencies, increased the value of these investments in net assets by $10.8 million from their value at December 28, 2019.
−Removed: At December 29, 2018 , a stronger U.S.
−Removed: dollar compared to foreign currencies, decreased the value of these investments in net assets by $ 20.3 million from their value at December 30, 2017 .
+Added: At December 28, 2019, a weaker U.S.
+Added: dollar compared to foreign currencies, increased the value of these investments in net assets by $5.4 million from their value at December 29, 2018.
The Company has a cross currency swap, which has been designated as a hedge of a net investment in a foreign operation.
−Removed: The hedge had a notional amount of $ 79.8 million as of December 28, 2019 and will mature on September 1, 2021 .
+Added: The hedge had a notional amount of $79.8 million as of January 2, 2021 and will mature on September 1, 2021.
Interest Rate Risk
−Removed: The Company is exposed to interest rate changes primarily as a result of interest expense on borrowings used to finance acquisitions and working capital requirements.
−Removed: The Company’s total variable-rate debt was $ 552.5 million at December 28, 2019 and the Company held two interest rate swap agreements, denominated in U.S.
−Removed: dollars that effectively converted $ 355.8 million to fixed-rate debt.
−Removed: The interest rate swap derivative instruments are held and used by the Company as tools for managing interest rate risk.
−Removed: The counterparty to the swap instrument is a large financial institution that the Company believes is of high-quality creditworthiness.
−Removed: While the Company may be exposed to potential losses due to the credit risk of non-performance by this counterparty, such losses are not anticipated.
−Removed: The fair value of the interest rate swap was determined to be a net liability of $ 1.8 million at the end of fiscal 2019 .
−Removed: As of December 28, 2019 , the weighted-average interest rate on the Company’s variable-rate debt, net of the impact of the interest rate swap, was 3.08 %.
+Added: The Company is exposed to interest rate changes primarily as a result of interest expense on the Incremental Term Loan borrowings and any borrowings under the Revolving Credit Facility.
+Added: The Company’s total variable-rate debt was $180.0 million at January 2, 2021.
Based on the level of variable-rate debt outstanding as of that date, a 100 basis point increase in the weighted-average interest rate would have increased the Company’s annual pre-tax interest expense by approximately $0.7 million.
+Added: The Company had an interest rate swap arrangement to mitigate interest volatility with regard to variable rate borrowings under the senior credit facility which was terminated during 2020.
+Added: Refer to Note 11 for additional information on the termination.
The Company does not enter into contracts for speculative or trading purposes, nor is it a party to any leveraged derivative instruments.
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.