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We do not expect any material losses from our invested cash balances and we believe that our interest rate exposure is modest.
−Removed: As of May 1, 2021, our cash and cash equivalents totaled approximately $8.0 million.
−Removed: We may from time to time borrow money under the Credit Facility and FILO Facility at various interest rate options based on LIBOR or alternate base rate (each term as defined therein) depending upon certain financial tests.
+Added: As of April 30, 2022, our cash and cash equivalents totaled approximately $10.4 million.
+Added: We may from time to time borrow money under the Credit Facility and FILO Facility at various interest rate options based on SOFR or alternate base rate (each term as defined therein) depending upon certain financial tests.
Accordingly, we may be exposed to interest rate risk on borrowings outstanding under the Credit Facility and FILO Facility.
−Removed: We had $177.6 million of borrowings outstanding under Credit Facility and FILO Facility as of May 1, 2021.
+Added: We had $225.7 million of
+Added: Index to Form 10-K Index to FS
+Added: borrowings outstanding under Credit Facility and FILO Facility as of April 30, 2022.
A 25 basis point increase in interest rates or 25 basis point decrease in interest rates would affect interest expense by approximately less than $0.1 million in Fiscal 2022.
−Removed: Effective April 28, 2019, we adopted Accounting Standards Codification ("ASC") Topic 842, Leases , and recognized lease assets and lease liabilities on the consolidated balance sheet for all operating lease arrangements based on the present value of future lease payments.
+Added: We recognize lease assets and lease liabilities on the consolidated balance sheet for all operating lease arrangements based on the present value of future lease payments.
We used our incremental borrowing rates to determine the present value of fixed lease payments based on the information available at the lease commencement date, as the rate implicit in the lease is not readily determinable.
5 unchanged sentences
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.