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FINANCIAL INFORMATION
−Removed: 2022 SECOND QUARTER FORM 10-Q | 56
+Added: 2022 FIRST QUARTER FORM 10-Q | 50
We are subject to interest rate risk in connection with borrowings under the ABL Credit Agreement and the Term Loan Credit Agreement, as amended, in each case bearing interest at variable rates and we may incur additional indebtedness that bears interest at variable rates.
−Removed: The Federal Reserve continued increasing short-term interest rates in the first half of 2022, compared to the historically low levels in the same period in 2021 and there is widespread expectation in the market for rate increases to continue during the remainder of 2022.
+Added: The Federal Reserve continued increasing short-term interest rates in the first quarter of 2022, compared to the historically low levels in the same period in 2021 and there is widespread expectation in the market for rate increases to continue during the remainder of 2022.
Such interest rate increases, if they continue, may increase the interest rate applicable to our borrowings that have rates that are subject to adjustment pursuant to floating rate indices such as LIBOR or SOFR.
−Removed: As of July 30, 2022, we had no outstanding borrowings under the revolving line of credit and $2,485 million outstanding under the Term Loan Credit Agreement.
+Added: As of April 30, 2022, we had no outstanding borrowings under the revolving line of credit and $1,990 million outstanding under the Term Loan Credit Agreement.
+Added: In May, 2022, we issued an additional $500 million in principal amount of term debt under the Term Loan Credit Agreement, as amended.
The ABL Credit Agreement provides for a borrowing amount based on the value of eligible collateral and a formula linked to certain borrowing percentages based on certain categories of collateral.
−Removed: Under the terms of such provisions, the amount under the revolving line of credit borrowing base that could be available pursuant to the ABL Credit Agreement as of July 30, 2022 was $528 million, net of $25 million in outstanding letters of credit.
−Removed: Based on the average interest rate on the revolving line of credit under the ABL Credit Agreement and the Term Loan B and Term Loan B-2 under the Term Loan Credit Agreement during the six months ended July 30, 2022, and to the extent that borrowings were outstanding under any facility, we do not believe that a 10% change in the interest rate would have a material effect on our consolidated results of operations or financial condition.
+Added: Under the terms of such provisions, the amount under the revolving line of credit borrowing base that could be available pursuant to the ABL Credit Agreement as of April 30, 2022 was $444 million, net of $20 million in outstanding letters of credit.
+Added: Based on the average interest rate on the revolving line of credit under the ABL Credit Agreement and the Term Loan under the Term Loan Credit Agreement during the three months ended April 30, 2022, and to the extent that borrowings were outstanding under any facility, we do not believe that a 10% change in the interest rate would have a material effect on our consolidated results of operations or financial condition.
To the extent that we incur additional indebtedness, we may increase our exposure to risk from interest rate fluctuations.
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banking and other global financial services regulators have directed regulated institutions to cease entering into new LIBOR-based contracts as soon as practicable and in any event by the end of 2021.
−Removed: A number of our current debt facilities entered into prior to the end of 2021, including the facilities under the ABL Credit Agreement and the Term Loan B, have an interest rate tied to LIBOR.
+Added: A number of our current debt facilities entered into prior to the end of 2021, including the facilities under the ABL Credit Agreement and the Term Loan Credit Agreement, have an interest rate tied to LIBOR.
At this time, it is not possible to predict the effect of transitioning from LIBOR.
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We intend to continue to evaluate and monitor the risks associated with the LIBOR transition which include identifying and monitoring our exposure to LIBOR and ensuring operational processes are updated to accommodate alternative rates.
−Removed: We expect that the interest rates under our ABL Credit Agreement and Term Loan B will transition from LIBOR to SOFR upon the cessation of applicable published LIBOR rates by June 2023.
Due to uncertainty surrounding alternative rates, we are unable to predict the overall impact of this change at this time.
−Removed: As of July 30, 2022, we had $1.7 million principal amount of 0.00% convertible senior notes due 2023 outstanding (the “2023 Notes”).
+Added: As of April 30, 2022, we had $20 million principal amount of 0.00% convertible senior notes due 2023 outstanding (the “2023 Notes”).
As this instrument does not bear interest, we do not have interest rate risk exposure related to this debt.
−Removed: As of July 30, 2022, we had $42 million principal amount of 0.00% convertible senior notes due 2024 outstanding (the “2024 Notes”).
+Added: As of April 30, 2022, we had $81 million principal amount of 0.00% convertible senior notes due 2024 outstanding (the “2024 Notes”).
As this instrument does not bear interest, we do not have interest rate risk exposure related to this debt.
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dollars upon consolidation.
−Removed: Fluctuations in foreign currency exchange rates may cause us to recognize transaction gains and losses in our consolidated statements of income, which are presented in other expense—net on the consolidated statements of income.
+Added: Fluctuations in foreign currency exchange rates may cause us to recognize transaction gains and losses in our consolidated statements of income, which are presented in other income—net on the consolidated statements of income.
We minimize this exposure by managing cash balances at levels appropriate to meet forthcoming expenses in U.S.
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FINANCIAL INFORMATION
−Removed: 2022 SECOND QUARTER FORM 10-Q | 57
+Added: 2022 FIRST QUARTER FORM 10-Q | 51
To date, we have not engaged in foreign currency hedging transactions because our foreign currency transaction gains and losses have not been material to our consolidated financial statements, but we may begin foreign currency risk management strategies in the future.
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We also entered into separate warrant transactions with the same group of counterparties initially relating to the number of shares of our common stock underlying the convertible note hedge transactions, subject to customary anti-dilution adjustments.
−Removed: D uring the first and second quarters of fiscal 2022, we entered into agreements to repurchase $237 million in aggregate principal amount of convertible senior notes consisting of approximately $63 million and $174 million in aggregate principal amount of the 2023 Notes and 2024 Notes, respectively.
−Removed: In addition to such convertible senior notes repurchases, in the first quarter of fiscal 2022 we also terminated all of the remaining bond hedges as well as all of the outstanding warrants originally issued in conjunction with the 2023 Notes and the 2024 Notes .
+Added: D uring the first quarter of fiscal 2022, we have entered into agreements to repurchases $180 million in aggregate principal amount of convertible senior notes consisting of approximately $45 million and $135 million in aggregate principal amount of the 2023 Notes and 2024 Notes, respectively.
+Added: In addition to such notes repurchase, we have also terminated all of the remaining bond hedges as well as all of the outstanding warrants originally issued in conjunction with the 2023 Notes and the 2024 Notes .
Refer to Note 9— Convertible Senior Notes in our condensed consolidated financial statements for further information on these transactions related to the 2023 Notes and 2024 Notes.
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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.