10 unchanged sentences
Our financial risk management objective is to reduce the negative impact to earnings from changes in interest rates, which we may manage through operational means or the use of financial instruments, such as interest rate swaps.
−Removed: We have approximately $1.7 billion of variable rate debt.
+Added: As of January 31, 2025, we have approximately $1.8 billion of variable rate debt.
The fair value of our outstanding long-term debt obligations approximates its carrying value.
3 unchanged sentences
For additional information related to our debt and interest rate swap agreements, see Note 11—Debt Obligations and Note 12—Derivative Instruments Designated as Cash Flow Hedges, respectively, to the consolidated financial statements contained in this report.
−Removed: SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
−Removed: As of February 2, 2024, the fair value of our fixed interest rate swaps was $15 million (asset).
+Added: As of January 31, 2025, the fair value of our fixed interest rate swaps asset was $6 million.
Under the swap agreements, we pay a fixed rate and the counterparties to the agreements pay a floating interest rate based on 1-month Term SOFR.
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Inflation Risk
−Removed: For each of the most recent three fiscal years ended February 2, 2024, inflation has not had a significant impact on our revenues or costs.
+Added: For each of the most recent three fiscal years ended January 31, 2025, inflation has not had a significant impact on our revenues or costs.
Approximately 62% of our revenues for fiscal 2025 were derived from cost-reimbursement type contracts, which have limited inflation risk because our contracts generally entail the provision of labor on a reimbursable basis, and, when materials are acquired, they provide for billing to the customer during the period in which the materials were received.
Bids for longer-term FFP and T&M contracts typically include sufficient provisions for labor and other cost escalations to cover anticipated cost increases over the period of performance.
−Removed: As a result, if we were to experience significant levels of inflation, our revenues and costs for cost-type contracts would generally both increase commensurate with inflation and operating income as a percentage of total revenues would not be significantly affected.
+Added: As a result, if we were to experience significant levels of inflation, our revenues and costs for cost-type contracts
+Added: SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
+Added: would generally both increase commensurate with inflation and operating income as a percentage of total revenues would not be significantly affected.
Operating income as a percentage of total revenues would not be significantly affected for longer-term FFP and T&M contracts to the extent that bid contract cost escalations are sufficient to cover heightened inflation levels.
4 unchanged sentences
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.