14 unchanged sentences
Hog prices demonstrate a cyclical nature over periods of years, changing market supply and demand of hogs on the market.
−Removed: These fluctuations can be significant, as shown in recent years, with average domestic live hog prices going from $61 per hundredweight for the twelve months ended April 28, 2013 to $79 per hundredweight in 2014.
+Added: These fluctuations can be significant, as shown in recent years, with average domestic live hog prices going from $79 per hundredweight in 2014 to $53 per hundredweight in 2015.
Further, hog raising costs are largely dependent on the fluctuations of commodity prices for corn and other feed ingredients.
−Removed: For example, our results of operations for the twelve months ended April 28, 2013 were negatively impacted by higher feed and feed ingredient costs which increased hog raising costs to $68 per hundredweight compared to $54 per hundred weight for the twelve months ended May 1, 2011 .
−Removed: When hog prices are lower than our hog production costs which occurred in the twelve months ended April 28, 2013 , our non-vertically integrated competitors (i.e., those without significant hog production operations) may have a cost advantage over us.
+Added: For example, hog raising costs decreased from $64 per hundredweight in 2014 to $58 per hundred weight in 2015.
+Added: When hog prices are lower than our hog production costs which occurred in 2015, our non-vertically integrated competitors (i.e., those without significant hog production operations) may have a cost advantage over us.
Additionally, commodity pork prices demonstrate a cyclical nature over periods of years, reflecting changes in the supply of fresh pork and competing animal proteins on the market, especially beef and chicken.
11 unchanged sentences
For example, during 2013, the USDA identified the first case of Porcine Epidemic Diarrhea Virus (PEDv).
−Removed: Management's Discussion and Analysis of Financial Condition and Results of Operations-Executive Overview-Porcine Epidemic Diarrhea Virus (PEDv)” for additional details.
+Added: Management's Discussion and Analysis of Financial Condition and Results of Operations-Executive Overview-Animal Health” for additional details.
Adverse publicity concerning any disease or health concern could also cause customers to lose confidence in the safety and quality of our food products, particularly as we expand our branded pork products.
47 unchanged sentences
We also face the risk of lawsuits even if we are operating in compliance with applicable regulations.
−Removed: For example, 26 nuisance suits seeking recovery of an unspecified amount of compensatory, special and punitive damages, as well as unspecified injunctive and equitable relief are currently pending against our subsidiary Murphy-Brown in North Carolina.
+Added: For example, 26 nuisance suits seeking recovery of an unspecified amount of compensatory, special and punitive damages are currently pending against our subsidiary Murphy-Brown in North Carolina.
Legal Proceedings--North Carolina Nuisance Litigation” for additional details.
11 unchanged sentences
Our level of indebtedness and the terms of our indebtedness could adversely affect our business and liquidity position.
−Removed: As of December 28, 2014 , we had:
−Removed: approximately $2.7 billion of indebtedness;
+Added: As of January 3, 2016 , we had:
+Added: indebtedness of $2.3 billion ;
guarantees of $6.7 million for leases that were transferred to JBS S.A.
1 unchanged sentence
aggregate unused capacity available totaling approximately $1.4 billion under (1) our inventory based revolving credit facility with capacity up to $1.025 billion , with an option to expand up to $1.225 billion (the Inventory Revolver), (2) our accounts receivable securitization facility with capacity up to $325.0 million (the Securitization Facility) and (3) our other credit facilities with capacity of $167.2 million , such total taking into account outstanding borrowings of $38.8 million and $88.0 million of outstanding letters of credit under the Securitization Facility.
−Removed: Because the borrowing capacity under the Inventory Revolver and Securitization Facility depend, in part, on inventory and accounts receivable levels, respectively, which fluctuate from time to time, such amounts may not reflect actual borrowing capacity.
+Added: Because the borrowing capacity under the Inventory Revolver and Securitization Facility depends, in part, on inventory and accounts receivable levels, respectively, which fluctuate from time to time, such amounts may not reflect actual borrowing capacity.
Our indebtedness may increase from time to time for various reasons, including fluctuations in operating results, working capital needs, capital expenditures and potential acquisitions or joint ventures.
In addition, due to the volatile nature of the commodities markets, we may have to borrow significant amounts to cover any margin calls under our risk management and hedging programs.
−Removed: During 2014 , margin deposits posted by us ranged from $7.1 million to $382.0 million .
+Added: During 2015 , margin deposits posted by us reached $80.7 million .
Our consolidated indebtedness level could significantly affect our business because:
31 unchanged sentences
The ability of these entities to refinance or amend their facilities on a successful and satisfactory basis, and to comply with the covenants in their financing facilities, affects our assessment of the carrying value of any individual investment.
−Removed: As of December 28, 2014 , none of our equity investments represented more than 5% of our total consolidated assets.
+Added: As of January 3, 2016 , none of our equity investments represented more than 5% of our total consolidated assets.
If we determine in the future that an investment is impaired, we would be required to record a non-cash impairment charge, which could substantially affect our reported earnings in the period of such charge.
5 unchanged sentences
We conduct foreign operations in Poland, Romania and the United Kingdom and export our products to more than 40 countries.
−Removed: In addition, we are engaged in joint ventures in Mexico and have a significant investment in Western Europe.
−Removed: As of December 28, 2014 , approximately 16% of our long-lived assets were associated with our foreign operations.
+Added: In addition, we are engaged in joint ventures in Mexico.
+Added: As of January 3, 2016 , approximately 16% of our long-lived assets were associated with our foreign operations.
Because of the growing market share of U.S.
23 unchanged sentences
We depend on availability of, and satisfactory relations with, our employees.
−Removed: As of December 28, 2014 , we had approximately 48,240 employees, 18,747 of whom are covered by collective bargaining agreements or are members of labor unions.
+Added: As of January 3, 2016 , we had approximately 50,200 employees, 19,600 of whom are covered by collective bargaining agreements or are members of labor unions.
Our operations depend on the availability, retention and relative costs of labor and maintaining satisfactory relations with employees and the labor unions.
22 unchanged sentences
In addition, impairment charges would negatively impact our financial ratios and could limit our ability to obtain financing in the future.
−Removed: As of December 28, 2014 , we had $1.6 billion of goodwill, which represented approximately 16% of total assets.
+Added: As of January 3, 2016 , we had $1.6 billion of goodwill, which represented approximately 16% of total assets.
Deterioration of economic conditions could negatively impact our business.
10 unchanged sentences
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.