Quantitative and Qualitative Disclosures about Market Risk
−Removed: At November 22, 2025, the only material change to our instruments and positions that are sensitive to market risk since the disclosures in our Annual Report on Form 10-K for the year ended August 30, 2025 was the $179.1 million net decrease in commercial paper.
−Removed: The fair value of the Company’s debt was estimated at $8.7 billion as of November 22, 2025, and $8.9 billion as of August 30, 2025, based on the quoted market prices for the same or similar issues or on the current rates available to the Company for debt of the same terms (Level 2).
−Removed: Such fair value is greater than the carrying value of debt by $91.6 million and $94.4 million at November 22, 2025, and August 30, 2025, respectively, which reflects their face amount, adjusted for any unamortized debt issuance costs and discounts.
−Removed: We had $569.5 million and $748.6 million of variable rate debt outstanding at November 22, 2025, and August 30, 2025, respectively.
−Removed: At these borrowing levels for variable rate debt, a one percentage point increase in interest rates would have had an unfavorable annual impact on our pre-tax earnings and cash flows of $5.7 million in fiscal 2026.
+Added: At February 14, 2026, the only material change to our instruments and positions that are sensitive to market risk since the disclosures in our Annual Report on Form 10-K for the year ended August 30, 2025, was the $102.4 million net increase in commercial paper.
+Added: The fair value of the Company’s debt was estimated at $9.1 billion and $8.9 billion as of February 14, 2026, and August 30, 2025, respectively, based on the quoted market prices for the same or similar issues or on the current rates available to the Company for debt of the same terms (Level 2).
+Added: Such fair value is greater than the carrying value of debt by $151.7 million and $94.4 million at February 14, 2026, and August 30, 2025, respectively, and reflects their face amount, adjusted for any unamortized debt issuance costs and discounts.
+Added: We had $851.0 million and $748.6 million of variable rate debt outstanding at February 14, 2026, and at August 30, 2025, respectively.
+Added: At these borrowing levels for variable rate debt, a one percentage point increase in interest rates would have an unfavorable annual impact on our pre-tax earnings and cash flows of $8.5 million in fiscal 2026.
The primary interest rate exposure is based on the federal funds rate.
−Removed: We had outstanding fixed rate debt of $8.1 billion, net of unamortized debt issuance costs of $46.4 million at November 22, 2025, and $8.1 billion, net of unamortized debt issuance costs of $48.8 million at August 30, 2025.
−Removed: A one percentage point increase in interest rates would have reduced the fair value of our fixed rate debt by $443.3 million at November 22, 2025.
+Added: We had outstanding fixed rate debt of $8.1 billion, net of unamortized debt issuance costs of $43.9 million at February 14, 2026, and $8.1 billion, net of unamortized debt issuance costs of $48.8 million at August 30, 2025.
+Added: A one percentage point increase in interest rates would have reduced the fair value of our fixed rate debt by $304.8 million at February 14, 2026.
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.