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The portfolio includes only marketable securities with active secondary or resale markets to ensure portfolio liquidity.
+Added: We utilize an interest rate swap to manage exposure to fluctuations in variable interest rates on certain of our outstanding debt instruments.
+Added: While the interest rate swap is not designated as a hedging instrument for accounting purposes, the Company does not enter into interest rate swap agreements for trading or speculative purposes.
+Added: The impact of the interest rate swap was immaterial to the financial statements as of April 30, 2026 and for the period then ended.
Based upon the outstanding balance of the Company's term loan facilities as of April 30, 2026, an immediate 100-basis-point move in interest rates would have an approximate annualized impact of $9.4 million on interest expense.
The Company also has exposure to market risks related to the volatility of fuel prices associated with non-store inventoried fuel (fuel pipeline and fuel terminal).
−Removed: The Company utilizes futures contracts to economically hedge the physical products while the bulk fuel is in storage at various terminals and pipelines, until such time the underlying gallons can be delivered to the store.
+Added: The Company utilizes futures contracts to economically hedge the physical products while the bulk fuel is in storage at various terminals and pipelines, until such time the underlying gallons can be delivered to the store or customer.
The Company does not speculate in trading financial instruments.
All hedges must be matched against recorded physical transactions, inventoried fuel in a pipeline or at a terminal.
−Removed: Derivative contracts and related activity were immaterial to the financial statements as of April 30, 2025 and for the period then ended.
+Added: See additional discussion regarding the Company's derivative instruments in Note 1 of the consolidated financial statements.
We do, from time to time, participate in a forward buy of certain commodities.
1 unchanged sentence
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.