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We have interest rate risk relative to our outstanding borrowings under our revolving credit facility.
−Removed: At August 01, 2025, no borrowings were outstanding under our 2025 Revolving Credit Facility.
+Added: At both July 31, 2026 and August 01, 2025, no borrowings were outstanding under our 2025 Revolving Credit Facility.
Accordingly, no interest rate sensitivity analysis has been presented.
−Removed: At August 02, 2024, our outstanding borrowings totaled $180,000 under our 2022 Revolving Credit Facility with a weighted average interest rate of 7.19%.
−Removed: See Note 4 to our Consolidated Financial Statements.
+Added: See Note 4 to the Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K.
In accordance with the 2025 Revolving Credit Facility, outstanding borrowings bear interest, at our election, either at (1) the Term Secured Overnight Financing Rate (SOFR) or (2) a base rate equal to the greatest of (i) the prime rate, (ii) a rate that is 0.5% in excess of the Federal Funds Rate, and (iii) one-month Term SOFR plus 1.0%, in each case plus an applicable margin based on the Company’s consolidated total leverage ratio.
−Removed: Our policy has been to manage interest cost using a mix of fixed and variable rate debt (see Note 4 to our Consolidated Financial Statements).
−Removed: Additionally, we have 2026 Notes and 2030 Notes, which bear cash interest at a fixed rate of 0.625% and 1.75%, respectively, per annum.
−Removed: In 2021, the Company issued the 2026 Notes and entered into the Convertible Note Hedge Transactions and the Warrant Transactions with the Hedge Counterparties.
−Removed: In 2025, the Company issued the 2030 Notes and entered into the Capped Call Transactions.
−Removed: In connection with the issuance of the 2030 Notes, the Company entered into partial unwind agreements with initial purchasers of the 2026 Notes to unwind a portion of the Convertible Note Hedge Transactions and the Warrant Transactions.
−Removed: Subject to the movement in the Company’s common stock price, the Company could be exposed to credit risk arising out of the net settlement of the Capped Call Transactions, the Convertible Note Hedge Transactions and the Warrant Transactions in its favor.
−Removed: Based on the Company’s review of the possible net settlements and the creditworthiness of the Hedge Counterparties and their affiliates, the Company believes it does not have a material exposure to credit risk as a result of these transactions at this time.
+Added: Our policy has been to manage interest cost using a mix of fixed and variable rate debt (see Note 4 to the Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K).
+Added: Additionally, we have 2030 Notes, which bear cash interest at a fixed rate of 1.75% per annum.
+Added: In 2025, the Company issued the 2030 Notes and entered into the Capped Call Transactions with the Option Counterparties.
+Added: Subject to the movement in the Company’s common stock price, the Company could be exposed to credit risk arising out of the net settlement of the Capped Call Transactions in its favor.
+Added: Based on the Company’s review of the possible net settlements and the creditworthiness of the Option Counterparties and their affiliates, the Company believes it does not have a material exposure to credit risk as a result of these transactions at this time.
Commodity Price Risk.
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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.