3 unchanged sentences
We are exposed to changes in short-term market interest rates and these changes in rates will impact our net interest expense.
−Removed: Refer to Note 1, Summary of Significant Accounting Policies, in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended January 30, 2021, for further information regarding our interest rate swaps.
−Removed: As of July 31, 2021, we had $4.3 billion of cash and cash equivalents and $0.5 billion of fixed-rate debt that was swapped to floating rate, resulting in a net balance exposed to interest rate changes of $3.8 billion.
−Removed: As of July 31, 2021, a 50-basis point increase in short-term interest rates would have led to an estimated $19 million reduction in net interest expense, and conversely a 50-basis point decrease in short-term interest rates would have led to an estimated $19 million increase in net interest expense .
+Added: Refer to Note 1, Summary of Significant Accounting Policies, of the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended January 30, 2021, for further information regarding our interest rate swaps.
+Added: As of October 30, 2021, we had $3.47 billion of cash and cash equivalents and $0.5 billion of fixed-rate debt that was swapped to floating rate, resulting in a net balance exposed to interest rate changes of $2.97 billion.
+Added: As of October 30, 2021, a 50-basis point increase in short-term interest rates would have led to an estimated $15 million reduction in net interest expense, and conversely a 50-basis point decrease in short-term interest rates would have led to an estimated $15 million increase in net interest expense .
Foreign Currency Exchange Rate Risk
We have market risk arising from changes in foreign currency exchange rates related to our International segment operations.
−Removed: Refer to Note 1, Summary of Significant Accounting Policies , in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended January 30, 2021, for additional information regarding these instruments.
+Added: Refer to Note 1, Summary of Significant Accounting Policies , of the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended January 30, 2021, for additional information regarding these instruments.
Foreign currency exchange rate fluctuations were primarily driven by the strength of the Canadian dollar compared to the U.S.
dollar compared to the prior-year period, which had a positive overall impact on our revenue as these foreign currencies translated into more U.S.
−Removed: We estimate that foreign currency exchange rate fluctuations had a net favorable impact of $84 million and $149 million on our revenue in the second quarter and first six months of fiscal 2022, respectively.
−Removed: The impact of foreign exchange rate fluctuations on our net earnings for the second quarter and first six months of fiscal 2022 was not significant.
+Added: We estimate that foreign currency exchange rate fluctuations had a net favorable impact of $45 million and $194 million on our revenue in the third quarter and first nine months of fiscal 2022, respectively.
+Added: The impact of foreign exchange rate fluctuations on our net earnings for the third quarter and first nine months of fiscal 2022 was not significant.
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