3 unchanged sentences
We do not use financial instruments or derivatives for any trading or other speculative purposes.
−Removed: We currently utilize derivative financial instruments to reduce the market risks related to changes in interest rates and foreign exchange rates.
+Added: We currently utilize derivative financial instruments to reduce the market risks related to changes in interest rates, fuel prices and foreign exchange rates.
Interest Rate Risk
9 unchanged sentences
We estimate that a 100 basis point increase in the interest rates related to our variable rate borrowings would increase our annualized interest expense by approximately $5.4 million , net of the floating interest rate receivable on our interest rate swaps.
−Removed: Changes in interest rates related to our fixed rate debt instruments do not have an impact upon future results of operations or cash flows while outstanding;
+Added: Changes in interest rates related to our fixed rate debt instruments would not have an impact upon future results of operations or cash flows while outstanding;
however, if additional debt issuances at higher interest rates are required to fund fixed rate debt maturities, future results of operations or cash flows may be impacted.
−Removed: At August 3, 2019 , a 100 basis point increase in interest rates would decrease the unrealized fair market value of our debt currently bearing fixed rates or debt scheduled to convert to fixed rates by approximately $2.3 million , while a 100 basis point decrease in interest rates would increase the unrealized fair market value of those same debt instruments by approximately $2.4 million .
+Added: At August 1, 2020 , a 100 basis point increase in interest rates would decrease the unrealized fair market value of our debt currently bearing fixed rates by approximately $1.6 million , while a 100 basis point decrease in interest rates would increase the unrealized fair market value of those same debt instruments by approximately $1.7 million .
At August 1, 2020 , a 100 basis point increase in forward LIBOR interest rates would increase the fair value of our outstanding interest rate swaps by approximately $60.4 million , while a 100 basis point decrease would decrease the fair value of those swaps by approximately $57.1 million .
−Removed: Loans are extended to certain wholesale customers in the normal course of business through notes receivable.
+Added: Customer loans have been extended to certain wholesale customers in the normal course of business through notes receivable.
The notes generally bear fixed interest rates negotiated with each wholesale customer.
+Added: In fiscal 2020, notes receivable were accepted in conjunction with the sale of a distribution center and a business.
The market value of the fixed rate notes is subject to change due to fluctuations in market interest rates.
19 unchanged sentences
Excludes the effect of interest rate swaps effectively converting certain of our variable rate obligations to fixed rate obligations.
+Added: Includes forward starting swap contracts with notional amounts of $450.0 million which are not yet effective.
+Added: Refer to Note 9—Derivatives n Part II, Item 8 of this Annual Report on Form 10-K for further information on interest rate swap contracts.
Fuel Price Risk
−Removed: We are exposed to market pricing risk consisting of changes in diesel prices.
−Removed: We maintain a fuel surcharge program, which allows us to pass some of our higher fuel costs through to our customers.
−Removed: In addition, to reduce diesel price risk, we have in the past, and may in the future, periodically enter in to derivative financial instruments and forward purchase commitments for a portion of our projected monthly diesel fuel requirements at fixed prices.
−Removed: As of August 3, 2019 , we had no forward diesel fuel commitments or derivatives outstanding.
+Added: To reduce diesel price risk, we have entered into derivative financial instruments and/or forward purchase commitments for a portion of our projected monthly diesel fuel requirements at fixed prices.
+Added: The fair values of fuel derivative agreements are measured using Level 2 inputs.
+Added: As of August 1, 2020, our outstanding fuel supply agreements and derivative agreements had fair values with a net liability of $0.1 million.
+Added: As of August 3, 2019, we had no outstanding fuel supply agreements and derivative agreements.
Foreign Exchange Risk
−Removed: We are exposed to market pricing risk consisting of changes in foreign exchange rates.
−Removed: To reduce foreign exchange risk, we have in the past, and may in the future, periodically enter into derivative financial instruments for a portion of our projected monthly foreign currency requirements at fixed prices.
+Added: To reduce foreign exchange risk, we have entered into derivative financial instruments for a portion of our projected monthly foreign currency requirements at fixed prices.
+Added: The fair values of foreign exchange derivative are measured using Level 2 inputs.
+Added: As of August 1, 2020, our outstanding foreign exchange derivatives had fair values with a net liability of $0.2 million.
As of August 3, 2019, our outstanding foreign currency forward contracts were immaterial.
4 unchanged sentences
In addition, increases or decreases in SUPERVALU Retirement Plan assets can result in a related increase or decrease to our equity through Accumulated other comprehensive loss.
−Removed: As of August 3, 2019 , a 10 percent unfavorable change in the value of investments held by the SUPERVALU Retirement Plan would not have had an impact on our minimum contributions required under ERISA for fiscal 2019 , but would have resulted in an unfavorable change in net periodic pension income for fiscal 2020 of $3 million and would have reduced stockholders’ equity by $250 million on a pre-tax basis as of August 3, 2019 .
+Added: As of August 1, 2020 , a 10 percent unfavorable change in the total value of investments held by the SUPERVALU Retirement Plan (entirely within the return-seeking portion of the plan assets) would not have had an impact on our minimum contributions required under ERISA for fiscal 2021, but would have resulted in an unfavorable change in net periodic pension income for fiscal 2021 of $2 million and would have reduced stockholders’ equity by $176 million on a pre-tax basis as of August 1, 2020 .
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.