6 unchanged sentences
We are exposed to market pricing risk consisting of interest rate risk related to certain of our debt instruments and notes receivable outstanding.
−Removed: Our debt obligations are more fully described in Note 9—Long-Term Debt to the Consolidated Financial Statements included in Item 8.
−Removed: Financial Statements and Supplementary Data of this Annual Report.
+Added: Our debt obligations are more fully described in Note 9—Long-Term Debt in Part II, Item 8 of this Annual Report.
Interest rate risk is managed through the strategic use of fixed and variable rate debt and derivative instruments.
−Removed: As more fully described in Note 8—Derivatives to the Consolidated Financial Statements included in Item 8.
−Removed: Financial Statements and Supplementary Data of this Annual Report, we have used interest rate swap agreements to mitigate our exposure to adverse changes in interest rates by effectively converting certain of our variable rate obligations to fixed rate obligations.
+Added: As more fully described in Note 8—Derivatives in Part II, Item 8 of this Annual Report, we have used interest rate swap agreements to mitigate our exposure to adverse changes in interest rates by effectively converting certain of our variable rate obligations to fixed rate obligations.
These interest rate swaps are derivative instruments designated as cash flow hedges on the forecasted interest payments related to a certain portion of our debt obligations.
1 unchanged sentence
Changes in interest rates could also affect the interest rates we pay on future borrowings under our ABL Credit Facility and Term Loan Facility, which rates are typically related to SOFR.
−Removed: As of July 29, 2023, 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 $7 million, net of the floating interest rate receivable on our interest rate swaps.
+Added: As of August 3, 2024, 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 $9 million, net of the floating interest rate receivable on our interest rate swaps.
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: As of July 29, 2023, a 100-basis point increase in forward SOFR interest rates would increase the fair value of the interest rate swaps by approximately $8 million;
+Added: As of August 3, 2024, a 100-basis point increase in forward SOFR interest rates would increase the fair value of the interest rate swaps by approximately $11 million;
while a 100-basis point decrease in forward SOFR interest rates would decrease the fair value of the interest rate swaps by approximately $11 million.
1 unchanged sentence
The table below provides information about our financial instruments that are sensitive to changes in interest rates, including debt obligations and interest rate swaps.
−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 July 29, 2023, 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 August 3, 2024, 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.
−Removed: July 29, 2023 Expected Fiscal Year of Maturity
+Added: August 3, 2024 Expected Fiscal Year of Maturity
Fair Value Total 2025 2026 2027 2028 2029 Thereafter
23 unchanged sentences
Retirement Plan is subject to less volatility in the net plan assets.
−Removed: As of July 29, 2023, a 10% unfavorable change in the total value of investments held by the SUPERVALU INC.
−Removed: 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 2023, but would have resulted in an unfavorable change in net periodic pension income for fiscal 2024 of $2 million and would have reduced Stockholders’ equity by $156 million on a pre-tax basis as of July 29, 2023.
+Added: As of August 3, 2024, a 10% 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 2024, but would have resulted in an unfavorable change in net periodic pension income for fiscal 2025 of $2 million and would have reduced Stockholders’ equity by $153 million on a pre-tax basis as of August 3, 2024.
Fuel Price and Foreign Exchange Risk
2 unchanged sentences
The fair values of fuel derivative and foreign exchange agreements are measured using Level 2 inputs.
−Removed: As of July 29, 2023, the fair value and expected exposure risk based on aggregate notional values are insignificant.
+Added: As of August 3, 2024, 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.