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 $0.3 million and $0.4 million for each of the thirteen weeks ended October 29, 2022 and October 30, 2021, respectively, and $1.1 million and $1.1 million for each of the thirty-nine weeks ended October 29, 2022 and October 30, 2021, respectively, which are recorded in interest expense, net on the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income.
−Removed: The Rabbi Trust assets were included in other assets on the Condensed Consolidated Balance Sheets as of October 29, 2022 and January 29, 2022 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 $0.3 million and $0.4 million for each of the thirteen weeks ended April 29, 2023 and April 30, 2022, respectively which are recorded in interest expense, net on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).
+Added: The Rabbi Trust assets were included in other assets on the Condensed Consolidated Balance Sheets as of April 29, 2023 and January 28, 2023 and are restricted in their use as noted above.
INTEREST RATE RISK
5 unchanged sentences
Certain publications of the LIBO rate were phased out at the end of 2021 and all LIBO rate publications will cease after June 30, 2023.
−Removed: 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 average daily balances.
+Added: On March 15, 2023, the Company entered into the First Amendment to the Amended and Restated Credit Agreement (the “First Amendment”) to eliminate LIBO rate based loans and to use the current market definitions with respect to the Secured Overnight Financing Rate, as well as to make other conforming changes.
FOREIGN CURRENCY EXCHANGE RATE RISK
12 unchanged sentences
Foreign currency exchange forward contracts are sensitive to changes in foreign currency exchange rates.
−Removed: As of October 29, 2022, the Company assessed the risk of loss in fair values from the effect of a hypothetical 10% devaluation of the U.S.
+Added: As of April 29, 2023, the Company assessed the risk of loss in fair values from the effect of a hypothetical 10% devaluation of the U.S.
Dollar against the exchange rates for foreign currencies under contract.
1 unchanged sentence
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: Refer to Note 12, “ DERIVATIVE INSTRUMENTS ,” for the fair value of any outstanding foreign currency exchange forward contracts included in other current assets and accrued expenses as of October 29, 2022 and January 29, 2022.
+Added: Refer to Note 12, “ DERIVATIVE INSTRUMENTS ,” for the fair value of any outstanding foreign currency exchange forward contracts included in other current assets and accrued expenses as of April 29, 2023 and January 28, 2023.
Abercrombie & Fitch Co.
1 unchanged sentence
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.