17 unchanged sentences
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 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 .
−Removed: 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 .
+Added: As of July 31, 2021, a 100 basis point increase in forward LIBOR interest rates would increase the fair value of the interest rate swaps by approximately $31 million;
+Added: a 100 basis point decrease in forward LIBOR interest rates would decrease the fair value of the interest rate swaps by approximately $32 million.
+Added: Refer to Note 8—Derivatives for further information on interest rate swap contracts.
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.
−Removed: 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;
+Added: however, this market risk is not significant to us.
The table below provides information about our financial instruments that are sensitive to changes in interest rates, including debt obligations, interest rate swaps and notes receivable.
−Removed: For debt obligations, the table presents principal amounts due and related weighted average interest rates by expected maturity dates using interest rates as of August 1, 2020 , excluding any original issue and purchase accounting discounts, and deferred financing costs.
+Added: For debt obligations, the table presents principal amounts due and related weighted average interest rates by expected maturity dates using interest rates as of July 31, 2021, excluding any original issue and purchase accounting discounts, and deferred financing costs.
For interest rate swaps, the table presents the notional amounts and related weighted average interest rates by maturity.
For notes receivable, the table presents the expected collection of principal cash flows and weighted average interest rates by expected year of maturity.
−Removed: August 1, 2020
−Removed: Expected Fiscal Year of Maturity
+Added: July 31, 2021 Expected Fiscal Year of Maturity
+Added: Fair Value Total 2022 2023 2024 2025 2026 Thereafter
(in millions, except interest rates)
2 unchanged sentences
Weighted average interest rate (1)
+Added: 2.7 % — % — % 1.5 % — % 3.6 % — %
Fixed rate—principal payments $ 578 $ 537 $ 14 $ 14 $ 8 $ 1 $ — $ 500
4 unchanged sentences
Weighted average receive rate 0.4 % 0.1 % 0.2 % 0.3 % 0.5 % 0.6 % — %
−Removed: Notes receivable:
−Removed: Principal receivable
−Removed: Weighted average receivable rate
(1) Excludes the effect of interest rate swaps effectively converting certain of our variable rate obligations to fixed rate obligations.
−Removed: Includes forward starting swap contracts with notional amounts of $450.0 million which are not yet effective.
−Removed: 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.
−Removed: Fuel Price Risk
−Removed: 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.
−Removed: The fair values of fuel derivative agreements are measured using Level 2 inputs.
−Removed: As of August 1, 2020, our outstanding fuel supply agreements and derivative agreements had fair values with a net liability of $0.1 million.
−Removed: As of August 3, 2019, we had no outstanding fuel supply agreements and derivative agreements.
−Removed: Foreign Exchange Risk
−Removed: 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.
−Removed: The fair values of foreign exchange derivative are measured using Level 2 inputs.
−Removed: As of August 1, 2020, our outstanding foreign exchange derivatives had fair values with a net liability of $0.2 million.
−Removed: As of August 3, 2019, our outstanding foreign currency forward contracts were immaterial.
+Added: (2) Refer to Note 8—Derivatives for further information on interest rate swap contracts.
Investment Risk
−Removed: We assumed the defined benefit pension plan obligations and assets of the SUPERVALU Retirement Plan from the Supervalu acquisition.
−Removed: This plan holds investments in public and private equity, fixed income and real estate securities, which is described further in Note 14—Benefit Plans in Part II, Item 8 of this Annual Report.
−Removed: Changes in SUPERVALU Retirement Plan assets can affect the amount of our anticipated future contributions.
−Removed: 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 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 .
+Added: We assumed the defined benefit pension plan obligations and assets of the SUPERVALU INC.
+Added: Retirement Plan from the Supervalu acquisition.
+Added: This plan holds investments in fixed income, public and private equity, and real estate securities, which is described further in Note 13—Benefit Plans in Part II, Item 8 of this Annual Report.
+Added: Changes in SUPERVALU INC.
+Added: Retirement Plan assets can affect the amount of our anticipated future contributions.
+Added: In addition, increases or decreases in SUPERVALU INC.
+Added: Retirement Plan assets can result in a related increase or decrease to our equity through Accumulated other comprehensive loss.
+Added: As of July 31, 2021, a 10 percent unfavorable change in the total value of investments held by the SUPERVALU INC.
+Added: 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 2022 of $2 million and would have reduced stockholders’ equity by $186 million on a pre-tax basis as of July 31, 2021.
+Added: Fuel Price and Foreign Exchange Risk
+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 primarily related to inbound transportation.
+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 fuel derivative and foreign exchange agreements are measured using Level 2 inputs.
+Added: As of July 31, 2021, the fair value and expected exposure risk based on aggregate notional values are insignificant.
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.