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.
+Added: Our cash, cash equivalents and restricted cash generate interest income that will vary based on changes in short-term interest rates.
+Added: In addition, we have swapped a portion of our fixed-rate debt to floating rate such that the interest expense on this debt will vary with short-term interest rates.
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 29, 2022, for further information regarding our interest rate swaps.
−Removed: 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.
−Removed: 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 .
+Added: As of April 30, 2022, we had $960 million of cash, cash equivalents and restricted cash and $500 million of debt that has been swapped to floating rate, and therefore the net balance exposed to interest rate changes was $460 million.
+Added: As of April 30, 2022, a 50-basis point increase in short-term interest rates would have led to an estimated $2 million reduction in net interest expense, and conversely a 50-basis point decrease in short-term interest rates would have led to an estimated $2 million increase in net interest expense .
Foreign Currency Exchange Rate Risk
−Removed: We have market risk arising from changes in foreign currency exchange rates related to our International segment operations.
+Added: We have market risk arising from changes in foreign currency exchange rates related to operations in our International segment.
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 29, 2022, for additional information regarding these instruments.
−Removed: Foreign currency exchange rate fluctuations were primarily driven by the strength of the Canadian dollar compared to the U.S.
−Removed: 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 $45 million and $194 million on our revenue in the third quarter and first nine months of fiscal 2022, respectively.
−Removed: 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.
+Added: In the first quarter of fiscal 2023, foreign currency exchange rate fluctuations were primarily driven by the strength of the U.S.
+Added: dollar compared to the Canadian dollar compared to the prior-year period, which had a negative overall impact on our revenue as this foreign currency revenue translated into less U.S.
+Added: The impact of foreign exchange rate fluctuations on our revenue and net earnings in the first quarter of fiscal 2023 was not significant.
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.