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In the normal course of business, we may periodically enter into derivative contracts to mitigate these risks, but not for trading purposes.
−Removed: All of the following potential changes are based on sensitivity analyses performed on our financial positions as of August 27, 2023 and May 28, 2023.
+Added: All of the following potential changes are based on sensitivity analyses performed on our financial positions as of November 26, 2023 and May 28, 2023.
Actual results may differ materially.
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We may use commodity swap or forward purchase contracts, in addition to sourcing from multiple providers, to manage risks associated with market fluctuations in oil and energy prices.
−Removed: Based on our open commodity contract hedge positions as of August 27, 2023, a hypothetical 10 percent decline in market prices applied to the fair value of the instruments would have resulted in a charge to “Cost of sales” of $12.8 million ($9.6 million after-tax).
+Added: Based on our open commodity contract hedge positions as of November 26, 2023, a hypothetical 10 percent decline in market prices applied to the fair value of the instruments would have resulted in a charge to “Cost of sales” of $11.6 million ($8.7 million after-tax).
Based on our open commodity contract hedge positions as of May 28, 2023, a hypothetical 10 percent decline in market prices applied to the fair value of the instruments would have resulted in a charge to “Cost of sales” of $9.0 million ($6.8 million after-tax).
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Based on monetary assets and liabilities denominated in foreign currencies, we estimate that a hypothetical 10 percent adverse change in exchange rates versus the U.S.
−Removed: dollar would result in losses of $45.6 million ($34.7 million after-tax) and $48.8 million ($37.1 million after-tax) as of August 27, 2023 and May 28, 2023, respectively.
+Added: dollar would result in losses of $54.1 million ($41.1 million after-tax) and $48.8 million ($37.1 million after-tax) as of November 26, 2023 and May 28, 2023, respectively.
Interest Rate Risk
We issue fixed and floating rate debt in a proportion that management deems appropriate based on current and projected market conditions, and from time to time, we may enter into interest rate swaps to manage risk.
−Removed: At August 27, 2023, we had $2,170.0 million of fixed-rate and $1,291.9 million of variable-rate debt outstanding.
+Added: At November 26, 2023, we had $2,170.0 million of fixed-rate and $1,448.5 million of variable-rate debt outstanding.
At May 28, 2023, we had $2,170.0 million of fixed-rate and $1,309.8 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 $13.1 million annually ($10.2 million after-tax) and $13.3 million annually ($10.3 million after-tax) at August 27, 2023 and May 28, 2023, respectively.
+Added: 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 $14.7 million annually ($11.5 million after-tax) and $13.3 million annually ($10.3 million after-tax) at November 26, 2023 and May 28, 2023, respectively.
For more information about our market risks, 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.