Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk
At May 8, 2021, we had no material change to our instruments and positions that is sensitive to market risk since the disclosures in our Annual Report on Form 10-K for the year ended August 29, 2020.
The fair value of our debt was estimated at $4.758 billion as of May 8, 2021, and $6.081 billion as of August 29, 2020, based on the quoted market prices for the same or similar debt issues or on the current rates available to us for debt having the same remaining maturities. Such fair value was less than the carrying value of debt by $509.5 million and greater than the carrying value by $567.5 million at May 8, 2021 and August 29, 2020, respectively. We did not have any variable rate debt outstanding at May 8, 2021. The carrying value of debt reflects its face amount adjusted for any unamortized debt issuance costs and discounts. We had outstanding fixed rate debt of $5.268 billion, net of unamortized debt issuance costs of $32.1 million at May 8, 2021 and $5.513 billion, net of unamortized debt issuance costs of $36.6 million at August 29, 2020. A one percentage point increase in interest rates would have increased the fair value of our fixed rate debt by $624.5 million at May 8, 2021.
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