6 unchanged sentences
INTEREST RATE RISK
−Removed: 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 the 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 cash flow market risk due to changes in interest rates.
+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 ABL Facility and the Company’s prior term loan 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 ABL Facility and its prior term loan 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.
−Removed: This analysis for Fiscal 2022 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 associated credit agreement.
+Added: This analysis for Fiscal 2023 may differ from 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 associated credit agreement.
In July 2017, the Financial Conduct Authority (the authority that regulates LIBO rate) announced it intended to stop compelling banks to submit rates for the calculation of LIBO rate after 2021.
1 unchanged sentence
The transition from the LIBO rate to alternative rates is not expected to have a material impact on the Company’s interest expense.
−Removed: In addition, the Company has seen lower interest income earned on the Company’s investments and cash holdings, reflecting the lower interest rate environment.
+Added: On March 15, 2023, the Company entered into the First Amendment to the Amended and Restated Credit Agreement to eliminate LIBO rate based loans and to use the current market definitions with respect to the Secured Overnight Financing Rate (“SOFR”), as well as to make other conforming changes.
FOREIGN CURRENCY EXCHANGE RATE RISK
13 unchanged sentences
The Company assessed the risk of loss in fair values from the effect of a hypothetical 10% devaluation of the U.S.
−Removed: Dollar against the exchange rates for foreign currencies under contract.
+Added: dollar against the exchange rates for foreign currencies under forward contracts.
Such a hypothetical devaluation would decrease derivative instrument fair values by approximately $15.3 million.
4 unchanged sentences
RISK FACTORS ,” included in this Annual Report on Form 10-K.
+Added: Abercrombie & Fitch Co.
+Added: 2022 Form 10-K
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.