2 unchanged sentences
The Company maintains its cash equivalents in financial instruments, primarily time deposits and money market funds, with original maturities of three months or less.
−Removed: Recently the Company invested in short-term marketable securities with maturities less than twelve months.
+Added: The Company is also invested in short-term marketable securities with maturities less than twelve months.
Due to the short-term nature of these instruments, changes in interest rates are not expected to materially affect the fair value of these financial instruments.
3 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 resulted in realized gains of $0.3 million and $0.3 million for the thirteen weeks ended November 2, 2024 and October 28, 2023, respectively and $1.0 million and $1.6 million for the thirty-nine weeks ended November 2, 2024 and October 28, 2023, respectively.
−Removed: The realized gains were recorded in interest (income) expense, net on the Condensed Consolidated Statements of Operations and Comprehensive Income.
−Removed: The Rabbi Trust assets were included in other assets on the Condensed Consolidated Balance Sheets as of November 2, 2024 and February 3, 2024 and are restricted in their use as noted above.
+Added: The change in cash surrender value resulted in realized gains of $0.4 million and $0.3 million for the thirteen weeks ended May 3, 2025 and May 4, 2024, respectively.
+Added: The realized gains were recorded in interest income, net on the Condensed Consolidated Statements of Operations and Comprehensive Income.
+Added: The Rabbi Trust assets were included in other assets on the Condensed Consolidated Balance Sheets as of May 3, 2025 and February 1, 2025 and are restricted in their use as noted above.
INTEREST RATE RISK
−Removed: Prior to July 2, 2020, the Company’s 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 Company’s former term loan facility (the “Term Loan Facility”) and the ABL Facility.
−Removed: On July 2, 2020, the Company issued the Senior Secured Notes 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.
On July 15, 2024, the Company redeemed all of its outstanding 8.75% Senior Secured Notes, thereby eliminating that interest rate risk.
This analysis for Fiscal 2025 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 Amended and Restated Credit Agreement.
−Removed: 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.
−Removed: Certain publications of the LIBO rate were phased out at the end of 2021 and all LIBO rate publications ceased after June 30, 2023.
−Removed: 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 November 2, 2024, 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 May 3, 2025, 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 November 2, 2024 and February 3, 2024.
+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 May 3, 2025 and February 1, 2025.
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.