3 unchanged sentences
We use interest rate swap agreements to manage our fixed/floating-rate debt portfolio, none of which are for trading or speculative purposes.
−Removed: At January 28, 2024, after giving consideration to our interest rate swap agreements, floating-rate debt principal was $5.4 billion, or approximately 13% of our senior notes portfolio.
−Removed: Our interest rate swap agreements were in an aggregate liability position of $858 million at January 28, 2024.
+Added: At February 2, 2025, after giving consideration to our interest rate swap agreements, floating-rate debt principal was $6.0 billion, or approximately 12% of our senior notes portfolio.
+Added: Our interest rate swap agreements were in an aggregate liability position of $795 million at February 2, 2025.
The changes in the fair values of our interest rate swap agreements offset the changes in the fair value of the hedged long-term debt.
−Removed: Based on our January 28, 2024 floating-rate debt principal, a one percentage point increase in the interest rate of floating-rate debt would increase our annual interest expense by approximately $54 million.
−Removed: During the second quarter of fiscal 2023, we amended all of our interest rate swap agreements to replace LIBOR with SOFR and concurrently adopted certain expedients provided in ASU No.
−Removed: 2020-04, “Reference Rate Reform (Topic 848)”.
−Removed: These amendments did not result in any change to our application of hedge accounting or have a material impact to our consolidated financial statements.
+Added: Based on our February 2, 2025 floating-rate debt principal, a one percentage point increase in the interest rate of floating-rate debt would increase our annual interest expense by approximately $60 million.
FOREIGN CURRENCY EXCHANGE RATE RISK
3 unchanged sentences
Our foreign currency related hedging arrangements outstanding at the end of fiscal 2024 were not material.
+Added: Fiscal 2024 Form 10-K
COMMODITY PRICE RISK
4 unchanged sentences
We currently do not use derivative instruments to manage these risks.
−Removed: Fiscal 2023 Form 10-K
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.