7 unchanged sentences
The Rabbi Trust assets primarily consist of trust-owned life insurance policies which are recorded at cash surrender value.
−Removed: The change in cash surrender value of the trust-owned life insurance policies held in the Rabbi Trust resulted in realized gains of $0.6 million for the thirteen weeks ended May 2, 2020 and $0.8 million for the thirteen weeks ended May 4, 2019 , which are recorded in interest expense, net on the Condensed Consolidated Statements of Operations and Comprehensive Loss.
−Removed: The Rabbi Trust assets are included in other assets on the Condensed Consolidated Balance Sheets as of May 2, 2020 and February 1, 2020 , and are restricted in their use as noted above.
+Added: The change in cash surrender value of the trust-owned life insurance policies held in the Rabbi Trust resulted in realized gains of $0.4 million and $1.0 million for the thirteen and twenty-six weeks ended August 1, 2020 , respectively, and $0.8 million and $1.6 million for the thirteen and twenty-six weeks ended August 3, 2019 , respectively.
+Added: These gains are recorded in interest expense, net on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).
+Added: The Rabbi Trust assets are included in other assets on the Condensed Consolidated Balance Sheets as of August 1, 2020 and February 1, 2020 , and are restricted in their use as noted above.
INTEREST RATE RISK
−Removed: As of May 2, 2020 , the Company had approximately $233.3 million in long-term gross borrowings outstanding under the Term Loan Facility and approximately $210.0 million in short-term gross borrowings outstanding under the Amended ABL Facility.
−Removed: The Credit Facilities carry interest rates that are tied to the LIBO rate, or an alternate base rate, plus a margin.
−Removed: The interest rate on the Term Loan Facility has a 100 basis point LIBO rate floor which was applicable as of May 2, 2020.
−Removed: An increase of 100 basis points to the underlying LIBO rate as of May 2, 2020 would increase the Fiscal 2020 annual interest expense on borrowings under the Term Loan Facility and Amended ABL Facility by approximately $3.7 million .
−Removed: This hypothetical analysis for Fiscal 2020 may differ from the actual change in interest expense due to actual interest rate terms and limitations described within the Credit Facility agreements and potential changes in interest rates and gross borrowings outstanding under the Company’s Credit Facilities.
−Removed: The expected transition from the widespread use of LIBO rate to alternative rates over the next several years is not expected to have a material impact on interest expense on borrowings outstanding under the Company’s Credit Facilities.
+Added: Prior to July 2, 2020, our exposure to market risk due to changes in interest rates related primarily to the increase or decrease in the amount of interest expense from fluctuations in the LIBO rate, or an alternate base rate associated with the Term Loan Facility and ABL Facility.
+Added: On July 2, 2020 the Company issued the Senior Secured Notes due in 2025 with a 8.75% fixed interest rate per annum and repaid all outstanding borrowings under the Term Loan Facility and the ABL Facility, thereby eliminating any then existing market risk due to changes in interest rates.
+Added: The Senior Secured Notes are exposed to interest rate risk that is limited to changes in fair value.
+Added: This analysis for the remainder of Fiscal 2020 may differ from the actual results due to potential changes in gross borrowings outstanding under the ABL Facility and potential changes in interest rate terms and limitations described within the credit agreement.
+Added: The expected transition from the widespread use of LIBO rate to alternative rates over the next several years is not expected to have a material impact on the Company’s interest expense.
FOREIGN CURRENCY EXCHANGE RATE RISK
13 unchanged sentences
As the Company’s foreign currency exchange forward contracts are primarily designated as cash flow hedges of forecasted transactions, the hypothetical change in fair values would be expected to be largely offset by the net change in fair values of the underlying hedged items.
−Removed: The Company has no outstanding foreign currency exchange contracts as of May 2, 2020.
−Removed: Refer to Note 14 , “ DERIVATIVE INSTRUMENTS ,” for the fair value of outstanding foreign currency exchange forward contracts included in other current assets and accrued expenses as of February 1, 2020 .
+Added: The Company has no outstanding foreign currency exchange contracts as of August 1, 2020 , although the Company may enter into these contracts in future periods.
+Added: Refer to Note 14 , “ DERIVATIVE INSTRUMENTS ,” for the fair value of then outstanding foreign currency exchange forward contracts included in other current assets and accrued expenses as of February 1, 2020 .
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.