QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
−Removed: The Company is exposed to various forms of market risk as a part of its ongoing business practices including commodity price risk, interest rate risk, foreign currency exchange rate risk, investment risk, and credit risk, among others.
+Added: The Company is exposed to various forms of market risk as a part of its ongoing business practices including commodity price risk, interest rate risk, foreign currency exchange rate risk, investment risk, and concentration of credit risk, among others.
Commodity Price Risk:
2 unchanged sentences
These programs utilize futures, swaps, and options contracts and are accounted for as cash flow hedges.
−Removed: The fair value of the Company’s cash flow commodity contracts as of April 27, 2025 was $7.8 million compared to $(5.9) million as of October 27, 2024.
+Added: The fair value of the Company’s cash flow commodity contracts as of July 27, 2025, was $7.4 million compared to $(5.9) million as of October 27, 2024.
The Company measures its market risk exposure on its cash flow commodity contracts using a sensitivity analysis, which considers a hypothetical 10 percent change in the market prices.
−Removed: A 10 percent decrease in the market price would have negatively impacted the fair value of the Company’s cash flow commodity contracts as of April 27, 2025 by $29.2 million, which in turn would have lowered the Company’s future cost on purchased commodities by a similar amount.
+Added: A 10 percent decrease in the market price would have negatively impacted the fair value of the Company’s cash flow commodity contracts as of July 27, 2025, by $26.4 million, which in turn would have lowered the Company’s future cost on purchased commodities by a similar amount.
Interest Rate Risk :
The Company is subject to interest rate risk primarily from changes in fair value of long-term fixed rate debt.
−Removed: The Company’s long-term debt had a fair value of $2.5 billion as of April 27, 2025, and October 27, 2024.
−Removed: The Company measures its market risk exposure of long-term fixed rate debt using a sensitivity analysis, which considers a 10 percent change in interest rates.
−Removed: A 10 percent decrease in interest rates would have positively impacted the fair value of the Company’s long-term debt as of April 27, 2025 by $68.0 million.
+Added: The Company’s long-term debt had a fair value of $2.5 billion as of July 27, 2025, and October 27, 2024.
+Added: The Company measures its market risk exposure of long-term fixed rate debt using a sensitivity analysis, which considers a hypothetical 10 percent change in interest rates.
+Added: A 10 percent decrease in interest rates would have positively impacted the fair value of the Company’s long-term debt as of July 27, 2025, by $65.9 million.
A 10 percent increase would have negatively impacted the long-term debt by $61.2 million.
Foreign Currency Exchange Rate Risk:
−Removed: The fair values of certain Company assets are subject to fluctuations in foreign currency exchange rates.
−Removed: The Company’s net asset position in foreign currencies was $1.2 billion as of April 27, 2025, and October 27, 2024, with most of the exposure existing in Chinese yuan, Indonesian rupiah, and Brazilian real.
−Removed: The Company currently does not use market risk sensitive instruments to manage this risk.
+Added: The fair values of certain Company assets and liabilities are subject to fluctuations in foreign currency exchange rates.
+Added: The Company’s net asset position in foreign currencies was $1.1 billion as of July 27, 2025, and $1.2 billion as of October 27, 2024, with most of the exposure existing in Indonesian rupiah, Chinese yuan, and Brazilian real.
+Added: The Company does not use market risk sensitive instruments to manage this risk.
Investment Risk:
The Company has corporate-owned life insurance policies classified as trading securities as part of a rabbi trust to fund certain supplemental executive retirement plans and deferred income plans.
−Removed: As of April 27, 2025, the balance of these securities totaled $208.6 million compared to $209.7 million as of October 27, 2024.
+Added: As of July 27, 2025, the balance of these securities totaled $215.0 million compared to $209.7 million as of October 27, 2024.
The rabbi trust is invested primarily in fixed income funds.
The Company is subject to market risk due to fluctuations in the value of the remaining investments as unrealized gains and losses associated with these securities are included in the Company’s net earnings on a mark-to-market basis.
−Removed: A 10 percent decline in the value of the investments not held in fixed income funds would have negatively impacted the Company’s pre-tax earnings by approximately $10.1 million, while a 10 percent increase in value would have a positive impact of the same amount.
+Added: A hypothetical 10 percent decline in the value of the investments not held in fixed income funds would have negatively impacted the Company’s pre-tax earnings by approximately $10.7 million, while a 10 percent increase in value would have a positive impact of the same amount.
Concentration of Credit Risk:
1 unchanged sentence
The Company regularly assesses the credit worthiness of its customers.
−Removed: As of April 27, 2025, and October 27, 2024, one customer accounted for more than 10% of net accounts receivable.
+Added: As of July 27, 2025, and October 27, 2024, one customer accounted for more than 10 percent of net accounts receivable.
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.