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Refer to Note 6, Derivative Instruments , and Note 8, Debt , of the Notes to Consolidated Financial Statements, included in Item 8, Financial Statements and Supplementary Data , of this Annual Report on Form 10-K for further information regarding our interest rate swaps.
−Removed: As of January 28, 2023, we had $2.3 billion 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 $1.8 billion.
−Removed: As of January 28, 2023, a 50-basis point increase in short-term interest rates would have led to an estimated $9 million reduction in net interest expense, and conversely a 50-basis point decrease in short-term interest rates would have led to an estimated $9 million increase in net interest expense.
+Added: As of February 3, 2024, we had $1.8 billion of cash, cash equivalents and restricted cash and $0.5 billion of debt that has been swapped to floating rate, and therefore the net asset balance exposed to interest rate changes was $1.3 billion.
+Added: As of February 3, 2024, a 50-basis point increase in short-term interest rates would have led to an estimated $6 million increase in interest income, and conversely a 50-basis point decrease in short-term interest rates would have led to an estimated $6 million decrease in interest income.
Foreign Currency Exchange Rate Risk
We have market risk arising from changes in foreign currency exchange rates related to operations in our International segment.
−Removed: On a limited basis, we utilize foreign exchange forward contracts to manage foreign currency exposure to certain forecasted inventory purchases, recognized receivable and payable balances and our investment in our Canadian operations.
+Added: On a limited basis, we utilize foreign currency forward contracts to manage foreign currency exposure to certain forecasted inventory purchases, recognized receivable and payable balances and our investment in our Canadian operations.
Our primary objective in holding derivatives is to reduce the volatility of net earnings and cash flows, as well as net asset value associated with changes in foreign currency exchange rates.
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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.
−Removed: We estimate that foreign currency exchange rate fluctuations had a net unfavorable impact on our revenue of approximately $162 million.
+Added: We estimate that foreign currency exchange rate fluctuations had an unfavorable impact on our revenue of approximately $90 million.
The impact of foreign exchange rate fluctuations on our net earnings in fiscal 2024 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.