Quantitative and Qualitative Disclosures About Market Risk.
−Removed: The Company is subject to interest rate risk on its revolving credit facility and did not have any outstanding borrowings on its revolving credit facility as of September 29, 2023.
−Removed: As such, assuming no changes in the Company’s capital structure, if market interest rates average 1% more over the next 12 months than the interest rates as of September 29, 2023, there would be no change to interest expense for the next 12 months.
+Added: The Company is subject to interest rate risk on its revolving credit facility and did not have any outstanding borrowings on its revolving credit facility as of March 29, 2024.
+Added: As such, assuming no changes in the Company’s capital structure, if market interest rates average 1% more over the next 12 months than the interest rates as of March 29, 2024, there would be no change to interest expense for the next 12 months.
The Company’s acquisition related contingent consideration liability, which is adjusted to fair value each reporting period, is also impacted by changes in interest rates.
11 unchanged sentences
The Company accounts for its commodity derivative instruments on a mark-to-market basis with any expense or income being reflected as an adjustment to cost of sales or SD&A expenses, consistent with the expense classification of the underlying hedged item.
−Removed: The rate of inflation in the United States, as measured by year-over-year changes in the Consumer Price Index (the “CPI”), was 3.7% in September 2023, as compared to 6.5% in December 2022 and 7.0% in December 2021.
−Removed: Inflation in the prices of those commodities important to the Company’s business is reflected in changes in the CPI, but commodity prices are volatile and in recent years have moved at a faster rate of change than the CPI.
−Removed: The principal effect of inflation in both commodity and consumer prices on the Company’s operating results is to increase costs, both of goods sold and SD&A expenses.
−Removed: Although the Company can offset these cost increases by increasing selling prices for its products, consumers may not have the buying power to cover these increased costs and may reduce their volume of purchases of those products.
+Added: The rate of inflation in the United States, as measured by year-over-year changes in the Consumer Price Index (the “CPI”), was 3.5% in March 2024, as compared to 3.4% in December 2023 and 6.5% in December 2022.
+Added: Inflation in the prices of those commodities important to the Company’s business is reflected in changes in the CPI.
+Added: The principal effect of inflation in both commodity and consumer prices on the Company’s operating results is to increase both cost of goods sold and SD&A expenses.
+Added: Although the Company can offset these cost increases by increasing selling prices for its
+Added: products, consumers may not have the buying power to cover these increased costs and may reduce their volume of purchases of those products.
In that event, selling price increases may not be sufficient to offset completely the Company’s cost increases.
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.