10 unchanged sentences
During fiscal 2021, we began to experience certain supply shortages and transportation delays largely attributable to impacts of the COVID-19 pandemic.
−Removed: These shortages have continued and have been exacerbated by the geo-political unrest in fiscal 2022.
+Added: These shortages have continued and have been exacerbated by the geopolitical unrest in fiscal 2022.
The aggregate impact of these and other factors have contributed to significant cost inflation.
1 unchanged sentence
We continue to evaluate the possibility of entering into similar arrangements for other commodities and periodically evaluate hedging vehicles, such as direct financial instruments, to assist us in managing risk and variability associated with such commodities.
−Removed: As of June 28, 2022, we had no hedging contracts in place.
+Added: As of September 27, 2022, we had no hedging contracts in place.
Commodities not subject to fixed price and volume agreements can be subject to unforeseen supply and cost fluctuations, which at times may be significant.
3 unchanged sentences
We may or may not have the ability to increase menu prices or vary menu items in response to food commodity price increases.
−Removed: For the second quarters of fiscal 2022 and 2021, a hypothetical increase of 1% in food costs would have negatively impacted cost of sales by $2.0 million and $1.7 million, respectively.
+Added: For the third quarters of fiscal 2022 and 2021, a hypothetical increase of 1% in food costs would have negatively impacted cost of sales by $2.0 million and $1.7 million, respectively.
We are exposed to market risk from interest rate changes on our funded debt.
−Removed: This exposure relates to the component of the interest rate on the Amended Facility that is indexed to market rates.
−Removed: Based on outstanding borrowings at both June 28, 2022 and December 28, 2021, a hypothetical 1% rise in interest rates would have increased interest expense by $1.3 million, on an annual basis.
+Added: This exposure relates to the component of the interest rate on our Revolving Facility that is indexed to market rates.
+Added: Based on outstanding borrowings at both September 27, 2022 and December 28, 2021, a hypothetical 1% rise in interest rates would have increased interest expense by $1.3 million, on an annual basis.
(See Note 5 of Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this report for further discussion of our long-term debt.)
We are also subject to market risk related to our investments in variable life insurance contracts used to support our non-qualified executive deferred compensation plan to the extent these investments are not equivalent to the related liability.
−Removed: In addition, because changes in these investments are not taxable, gains and losses result in tax benefit and tax expense, respectively, and directly affect net income through the income tax provision.
−Removed: Based on balances at June 28, 2022 and December 28, 2021, a hypothetical 10% decline in the market value of our deferred compensation asset and related liability would not have impacted income before income taxes.
−Removed: However, under such a scenario, net income would have declined by $2.0 million and $2.3 million at June 28, 2022 and December 28, 2021, respectively.
+Added: In addition, because changes in these investments are not taxable, gains and losses result in tax benefit and tax expense, respectively, and directly affect net (loss)/income through the income tax (benefit)/provision.
+Added: Based on balances at September 27, 2022 and December 28, 2021, a hypothetical 10% decline in the market value of our deferred compensation asset and related liability would not have impacted income before income taxes.
+Added: However, under such a scenario, net (loss)/income would have declined by $1.9 million and $2.3 million at September 27, 2022 and December 28, 2021, respectively.
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.