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 thirty-nine weeks ended February 23, 2020.
+Added: Other than the changes noted below, there have been no material changes in our market risk during the thirteen weeks ended August 30, 2020.
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 31, 2020.
1 unchanged sentence
We purchase commodity inputs such as wheat, corn, oats, soybean meal, soybean oil, meat, dairy products, nuts, sugar, natural gas, electricity, and packaging materials to be used in our operations.
−Removed: These commodities are subject to price fluctuations that may
−Removed: create price risk.
+Added: These commodities are subject to price fluctuations that may create price risk.
We enter into commodity hedges to manage this price risk using physical forward contracts or derivative instruments.
4 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 $10.02 billion as of February 23, 2020.
−Removed: Based on current market rates, the fair value of this debt at February 23, 2020 was estimated at $11.39 billion.
−Removed: As of February 23, 2020, a 1% increase in the interest rates would decrease the fair value of our fixed rate debt by approximately $694.1 million, while a 1% decrease in interest rates would increase the fair value of our fixed rate debt by approximately $795.5 million.
+Added: The carrying amount of long-term debt (including current installments) was $9.62 billion as of August 30, 2020.
+Added: Based on current market rates, the fair value of this debt at August 30, 2020 was estimated at $11.38 billion.
+Added: As of August 30, 2020, a 1% increase in the interest rates would decrease the fair value of our fixed rate debt by approximately $704.4 million, while a 1% decrease in interest rates would increase the fair value of our fixed rate debt by approximately $809.6 million.
Foreign Currency Risk
9 unchanged sentences
We include commodity swaps, futures, and options and foreign exchange forwards, swaps, and options in this calculation.
−Removed: The following table provides an overview of our average daily VaR for our energy, agriculture, and foreign exchange positions during the thirty-nine weeks ended February 23, 2020 and February 24, 2019.
+Added: The following table provides an overview of our average daily VaR for our energy, agriculture, and foreign exchange positions during the thirteen weeks ended August 30, 2020 and August 25, 2019.
Fair Value Impact
−Removed: During Thirty-nine Weeks
−Removed: Ended February 23, 2020
−Removed: During Thirty-nine Weeks
−Removed: Ended February 24, 2019
+Added: During Thirteen Weeks
+Added: Ended August 30, 2020
+Added: During Thirteen Weeks
+Added: Ended August 25, 2019
Energy commodities
3 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.