7 unchanged sentences
Interest Rate Risk
−Removed: We are exposed to changes in interest rates as a result of our short-term borrowings and long-term debt.
+Added: We are exposed to changes in interest rates as a result of our short-term borrowings, long-term debt, and cash investments.
We manage our interest rate risk through the strategic use of fixed and variable interest rate debt and, from time to time, derivative financial instruments.
3 unchanged sentences
In recent years, our principal interest rate exposure has been from outstanding borrowings under our Revolving Facility as well as our commercial paper program.
−Removed: As of February 2, 2024, we had no consolidated commercial paper borrowings and no borrowings outstanding under our Revolving Facility.
+Added: As of January 31, 2025, we had no consolidated commercial paper borrowings and no borrowings outstanding under our Revolving Facility.
For a detailed discussion of our Revolving Facility and our commercial paper program, see Note 5 to the consolidated financial statements.
1 unchanged sentence
whereas a change in interest rates on fixed rate debt impacts the economic fair value of debt but not our pre-tax earnings and cash flows.
−Removed: At February 2, 2024, our primary interest rate exposure was from changes in interest rates which affect our variable rate debt.
−Removed: Based on our outstanding variable rate debt as of February 2, 2024, after giving consideration to our interest rate swap agreements, the annualized effect of a one percentage point increase in variable interest rates would have resulted in a pretax reduction of our earnings and cash flows of approximately $3.5 million in 2023.
+Added: At January 31, 2025, our primary interest rate exposure was from changes in interest rates on our variable rate investment holdings, which are classified as cash and cash equivalents in our consolidated financial statements.
+Added: The increase in cash and cash equivalents was driven primarily from cash from operations.
+Added: Based on our outstanding variable rate cash and debt balances as of January 31, 2025, the net annualized effect of a one percentage point decrease in interest rates would have resulted in a pre-tax reduction of our earnings and cash flows of approximately $3.5 million in 2024.
At February 2, 2024, our primary interest rate exposure was from changes in interest rates which affect our variable rate debt.
1 unchanged sentence
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.