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 $0.4 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: 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 $1.4 million for the thirteen and thirty-nine weeks ended October 31, 2020, respectively, and $0.8 million and $2.4 million for the thirteen and thirty-nine weeks ended November 2, 2019, respectively.
These gains are recorded in interest expense, net on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).
−Removed: 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.
+Added: The Rabbi Trust assets are included in other assets on the Condensed Consolidated Balance Sheets as of October 31, 2020 and February 1, 2020, and are restricted in their use as noted above.
INTEREST RATE RISK
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.
−Removed: 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: 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 cash flow market risk due to changes in interest rates.
The Senior Secured Notes are exposed to interest rate risk that is limited to changes in fair value.
1 unchanged sentence
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.
+Added: In addition, the Company has seen, and may continue to see, lower interest income earned on the Company’s investments and cash holdings, reflecting the lower interest rate environment.
FOREIGN CURRENCY EXCHANGE RATE RISK
12 unchanged sentences
Foreign currency exchange forward contracts are sensitive to changes in foreign currency exchange rates.
−Removed: 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 August 1, 2020 , although the Company may enter into these contracts in future periods.
−Removed: 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 .
+Added: The Company assessed the risk of loss in fair values from the effect of a hypothetical 10% devaluation of the U.S.
+Added: Dollar against the exchange rates for foreign currencies under contract.
+Added: Such a hypothetical devaluation would decrease derivative contract fair values by approximately $10.6 million.
+Added: 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.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 October 31, 2020 and 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.