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At the time of this filing, we are unable to predict or determine the impacts that the COVID-19 pandemic may have on our exposure to market risk from commodity prices, foreign currency exchange rates and interest rates, among other factors.
−Removed: Based on our open commodity contract hedge positions as of August 30, 2020, a hypothetical 10 percent decline in market prices applied to the fair value of the instruments would result in a charge to “Cost of sales” of approximately $1.4 million ($1.1 million net of income tax benefits).
+Added: Based on our open commodity contract hedge positions as of November 29, 2020, a hypothetical 10 percent decline in market prices applied to the fair value of the instruments would result in a charge to “Cost of sales” of approximately $2.9 million ($2.2 million net of income tax benefits).
It should be noted that any change in the fair value of the contracts, real or hypothetical, would be substantially offset by an inverse change in the value of the underlying hedged item.
−Removed: At August 30, 2020, we had $2,166.0 million of fixed-rate and $882.6 million of variable-rate debt outstanding.
+Added: At November 29, 2020, we had $2,166.0 million of fixed-rate and $602.2 million of variable-rate debt outstanding.
We have interest rate risk associated with our variable-rate debt.
−Removed: A one percent increase in interest rates related to variable-rate debt would have resulted in an increase in interest expense and a corresponding decrease in income before taxes of approximately $8.9 million annually ($6.9 million net of income tax benefit).
+Added: A one percent increase in interest rates related
+Added: to variable-rate debt would have resulted in an increase in interest expense and a corresponding decrease in income before taxes of approximately $6.1 million annually ($4.7 million net of income tax benefit).
See Note 9, Debt and Financing Obligations, of the Condensed Notes to Consolidated Financial Statements in “Part I, Item 1.
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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.