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Interest Rate Risk .
−Removed: With our outstanding debt, we are exposed to various forms of market risk, including the potential losses arising from adverse changes in interest rates on our outstanding 2024 and 2026 Term Loans.
−Removed: See “Note 4 – Debt” in our Notes to the Consolidated Financial Statements for further information.
+Added: With our outstanding debt, we are exposed to various forms of market risk, including the potential losses arising from adverse changes in interest rates on our outstanding 2026 Term Loan.
+Added: See “Note 4 – Debt” in our Notes to Consolidated Financial Statements for further information.
A hypothetical increase or decrease in the interest rate by 1 percentage point may result in an increase or decrease in annual interest expense by approximately $6.4 million.
−Removed: We currently carry debt that relies on one-month LIBOR as the benchmark rate.
−Removed: The one-month LIBOR is expected to cease publication after June 30, 2023.
−Removed: To the extent the one-month LIBOR ceases to exist, the 2024 and 2026 Term Loans and 2020 Revolving Credit Facility contemplate an alternative benchmark rate without the need for any amendment thereto.
We maintain an investment policy that requires minimum credit ratings, diversification of credit risk and limits the long-term interest rate risk by requiring effective maturities of generally less than five years.
−Removed: We typically invest our excess cash primarily in highly liquid debt instruments of the U.S.
−Removed: government and its agencies, money market mutual funds, corporate debt securities and municipal debt securities that are classified as available-for-sale and time deposits.
−Removed: These investments are recorded on our consolidated balance sheets at fair market value with their related unrealized gain or loss reflected as a component of accumulated other comprehensive income (loss) in the consolidated statement of stockholders’ equity.
+Added: We typically invest our excess cash primarily in highly liquid debt instruments including money market funds and time deposits.
Investments in both fixed rate and floating rate interest earning securities carry a degree of interest rate risk.
Fixed rate securities may have their fair market value adversely impacted due to a rise in interest rates, while floating rate securities may produce less income than predicted if interest rates fall.
−Removed: There were no such investments on hand at January 28, 2023, aside from cash and cash equivalents.
+Added: There were no such investments on hand at February 3, 2024, aside from cash and cash equivalents.
Foreign Currency Exchange 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.