7 unchanged sentences
Based on our January 28, 2024 floating-rate debt principal, a one percentage point increase in the interest rate of floating-rate debt would increase our annual interest expense by approximately $54 million.
−Removed: The United Kingdom’s Financial Conduct Authority announced the phased cessation of publication of LIBOR beginning after 2021 and continuing through 2023.
−Removed: While the discontinuance of LIBOR tenors that are scheduled to occur in 2023 will impact our interest rate swaps, we do not anticipate the transition to a new reference rate will have a material impact on our consolidated financial condition, results of operations, or cash flows.
−Removed: Fiscal 2022 Form 10-K 32
+Added: During the second quarter of fiscal 2023, we amended all of our interest rate swap agreements to replace LIBOR with SOFR and concurrently adopted certain expedients provided in ASU No.
+Added: 2020-04, “Reference Rate Reform (Topic 848)”.
+Added: These amendments did not result in any change to our application of hedge accounting or have a material impact to our consolidated financial statements.
FOREIGN CURRENCY EXCHANGE RATE RISK
4 unchanged sentences
COMMODITY PRICE RISK
−Removed: We experience inflation and deflation related to our purchase of certain commodity products.
+Added: We experience inflation and deflation related to our purchase and sale of certain commodity products.
This price volatility could potentially have a material impact on our financial condition and/or our results of operations.
2 unchanged sentences
We currently do not use derivative instruments to manage these risks.
+Added: Fiscal 2023 Form 10-K
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.