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The fair value of our debt was estimated at $7.3 billion as of August 26, 2023, and $5.9 billion as of August 27, 2022, 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.
−Removed: Such fair value is less than the carrying value of debt by $182.8 million and greater than the carrying value of debt by $413.1 million at August 27, 2022 and August 28, 2021, respectively, which reflects its face amount, adjusted for any unamortized debt issuance costs and discounts.
−Removed: We had $603.4 million in variable rate debt outstanding at August 27, 2022 and none in August 28, 2021.
+Added: Such fair value is less than the carrying value of debt by $406.6 million and $182.8 million at August 26, 2023 and August 27, 2022, respectively, which reflects its face amount, adjusted for any unamortized debt issuance costs and discounts.
+Added: We had $1.2 billion in variable rate debt outstanding at August 26, 2023 and $603.4 million in August 27, 2022.
We had outstanding fixed rate debt of $6.5 billion, net of unamortized debt issuance costs of $41.1 million, at August 26, 2023, and $5.5 billion, net of unamortized debt issuance costs of $31.3 million, at August 27, 2022.
8 unchanged sentences
The net asset exposure in the Mexican subsidiaries translated into U.S.
−Removed: dollars using the year-end
−Removed: exchange rates was $270.2 million at August 27, 2022 and $310.1 million at August 28, 2021.
−Removed: The year-end exchange rates with respect to the Mexican peso decreased less than 1.0% with respect to the U.S.
−Removed: dollar during fiscal 2022 and increased by approximately 10% with respect to the U.S.
+Added: dollars using the year-end exchange rates was $409.8 million at August 26, 2023 and $270.2 million at August 27, 2022.
+Added: The year-end exchange rates with respect to the Mexican peso increased by 15.7% with respect to the U.S.
+Added: dollar during fiscal 2023 and decreased by less than 1.0% with respect to the U.S.
dollar during fiscal 2022.
−Removed: The potential loss in value of our net assets in the Mexican subsidiaries resulting from a hypothetical 10 percent adverse change in quoted foreign currency exchange rates at August 27, 2022 and August 28, 2021, would have been approximately $24.6 million and approximately $28.2 million, respectively.
+Added: The potential loss in value
+Added: of our net assets in the Mexican subsidiaries resulting from a hypothetical 10 percent adverse change in quoted foreign currency exchange rates at August 26, 2023 and August 27, 2022, would have been approximately $37.3 million and approximately $24.6 million, respectively.
Any changes in our net assets in the Mexican subsidiaries relating to foreign currency exchange rates would be reflected in the foreign currency translation component of Accumulated Other Comprehensive Loss, unless the Mexican subsidiaries are sold or otherwise disposed.
A hypothetical 10 percent adverse change in average exchange rates would not have a material impact on our results of operations.
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−Removed: We believe our stores are “destination stores,” generating their own traffic rather than relying on traffic created by adjacent stores.
−Removed: Therefore, we situate most stores on major thoroughfares with easy access and good parking.
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−Removed: All store support functions are centralized in our store support centers located in Memphis, Tennessee;
−Removed: Monterrey, Mexico;
−Removed: Chihuahua, Mexico and Sao Paulo, Brazil.
−Removed: We believe that this centralization enhances consistent execution of our merchandising and marketing strategies at the store level, while reducing expenses and cost of sales.
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−Removed: For fiscal 2022, we achieved record net income of $2.4 billion, an 11.9% increase over the prior year, and sales growth of $1.6 billion, an 11.1% increase over the prior year.
−Removed: Domestic commercial sales increased 26.5%, which represents 28.8% of our domestic auto parts sales.
−Removed: Both our retail sales and commercial sales grew this past year as we made progress on our initiatives aimed at improving our ability to say “Yes” to our customers more frequently and accelerating our commercial growth.
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−Removed: Our business is impacted by various factors within the economy that affect both our consumer and our industry, including but not limited to inflation, fuel costs, wage rates, supply chain disruptions, hiring and other economic conditions.
−Removed: Given the nature of these macroeconomic factors, we cannot predict whether or for how long certain trends will continue, nor can we predict to what degree these trends will impact us in the future.
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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.