1 unchanged sentence
The principal market risks affecting us are exposures to price fluctuations of commodity and energy inputs, interest rates, and foreign currencies.
−Removed: Other than the changes noted below, there have been no material changes in our market risk during the thirteen weeks ended August 25, 2024.
+Added: Other than the changes noted below, there have been no material changes in our market risk during the twenty-six weeks ended November 24, 2024.
For additional information, refer to the “Quantitative and Qualitative Disclosures About Market Risk” section in Part II, Item 7A of our Annual Report on Form 10-K for the fiscal year ended May 26, 2024.
8 unchanged sentences
We may use interest rate swaps to manage the effect of interest rate changes on the fair value of our existing debt as well as the forecasted interest payments for the anticipated issuance of debt.
−Removed: The carrying amount of long-term debt (including current installments) was $7.51 billion as of August 25, 2024.
−Removed: Based on current market rates, the fair value of this debt at August 25, 2024 was estimated at $7.52 billion.
−Removed: As of August 25, 2024, a 1% increase in the interest rates would decrease the fair value of our fixed rate debt by approximately $369.6 million, while a 1% decrease in interest rates would increase the fair value of our fixed rate debt by approximately $416.2 million.
+Added: The carrying amount of long-term debt (including current installments) was $7.27 billion as of November 24, 2024.
+Added: Based on current market rates, the fair value of this debt at November 24, 2024 was estimated at $7.12 billion.
+Added: As of November 24, 2024, a 1% increase in the interest rates would decrease the fair value of our fixed rate debt by approximately $340.6 million, while a 1% decrease in interest rates would increase the fair value of our fixed rate debt by approximately $382.7 million.
Foreign Currency Risk
4 unchanged sentences
Fair Value Impact
−Removed: August 25, 2024
−Removed: August 27, 2023
+Added: November 24, 2024
+Added: November 26, 2023
Energy commodities
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.