8 unchanged sentences
Climate change may further exacerbate a number of these factors.
−Removed: 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 continued in fiscal 2022 and were exacerbated by geopolitical unrest.
−Removed: The aggregate impact of these and other factors contributed to significant cost inflation.
+Added: Beginning in fiscal 2021, our operating results were impacted by geopolitical and other macroeconomic events, causing supply chain challenges and significantly increased commodity and wage inflation.
While we have seen improvements in many of these areas, the absolute level of commodity costs has remained elevated.
2 unchanged sentences
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 October 3, 2023, we had no hedging contracts in place.
−Removed: Commodities not subject to fixed price and volume agreements can be subject to unforeseen supply and cost fluctuations, which at times may be significant.
+Added: As of April 2, 2024, we had no hedging contracts in place.
Commodities for which we have not entered into contracts can be subject to unforeseen supply and cost fluctuations, which at times may be significant.
3 unchanged sentences
We may not have the ability to increase menu prices or vary menu items in response to food commodity price increases.
−Removed: For the third quarters of fiscal 2023 and 2022, a hypothetical increase of 1% in food costs would have negatively impacted cost of sales by $1.9 million and $2.0 million, respectively.
+Added: For the first quarter of fiscal 2024 and 2023, a hypothetical increase of 1% in food costs would have negatively impacted cost of sales by $2.0 million and $2.1 million, respectively.
We are exposed to market risk from interest rate changes on our funded debt.
This exposure relates to the component of the interest rate on our Loan Agreement that is indexed to market rates.
−Removed: Based on outstanding borrowings at both October 3, 2023 and January 3, 2023, a hypothetical 1% rise in interest rates would have increased interest expense by $1.3 million, on an annual basis.
+Added: Based on outstanding borrowings at both April 2, 2024 and January 2, 2024, 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.)
1 unchanged sentence
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 October 3, 2023 and January 3, 2023, 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 $2.1 million and $2.0 million at October 3, 2023 and January 3, 2023, respectively.
+Added: Based on balances at April 2, 2024 and January 2, 2024, 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 income would have declined by $2.5 million and $2.4 million at April 2, 2024 and January 2, 2024, 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.