5 unchanged sentences
Interest Rate Risk:
−Removed: The fair value of our cash and cash equivalents at October 31, 2022, approximates carrying value.
+Added: The fair value of our cash and cash equivalents at January 31, 2023, approximates carrying value.
We are exposed to interest rate risk with regard to existing debt consisting of fixed- and variable-rate maturities.
9 unchanged sentences
The termination resulted in a pre-tax loss of $239.8, which was deferred and included as a component of accumulated other comprehensive income (loss) and is being amortized as interest expense over the life of the debt.
−Removed: In measuring interest rate risk by the amount of net change in the fair value of our financial liabilities, a hypothetical 100 basis-point decrease in interest rates at October 31, 2022, would increase the fair value of our long-term debt by $272.0.
+Added: In measuring interest rate risk by the amount of net change in the fair value of our financial liabilities, a hypothetical 100 basis-point decrease in interest rates at January 31, 2023, would increase the fair value of our long-term debt by $307.2.
Commodity Price Risk:
4 unchanged sentences
The following sensitivity analysis presents our potential loss of fair value resulting from a hypothetical 10 percent change in market prices related to commodities.
−Removed: October 31, 2022 April 30, 2022
+Added: January 31, 2023 April 30, 2022
High $ 71.3 $ 72.3
9 unchanged sentences
with foreign currency denominated assets and liabilities, primarily denominated in Canadian currency.
−Removed: Because we have foreign currency denominated assets and liabilities,
−Removed: financial exposure may result, primarily from the timing of transactions and the movement of exchange rates.
−Removed: The foreign currency balance sheet exposures as of October 31, 2022, are not expected to result in a significant impact on future earnings or cash flows.
+Added: Because we have foreign currency denominated assets and liabilities, financial exposure may result, primarily from the timing of transactions and the movement of exchange rates.
+Added: The foreign currency balance sheet exposures as of January 31, 2023, are not expected to result in a significant impact on future earnings or cash flows.
We utilize foreign currency derivatives to manage the effect of foreign currency exchange fluctuations on future cash payments primarily related to purchases of certain raw materials and finished goods.
−Removed: The contracts generally have maturities of less than one year.
+Added: The contracts generally have maturities of less than
We do not qualify instruments used to manage foreign currency exchange exposures for hedge accounting treatment.
Therefore, the change in value of these instruments is immediately recognized in cost of products sold.
−Removed: Based on our hedged foreign currency positions as of October 31, 2022, a hypothetical 10 percent change in exchange rates would not materially impact the fair value.
−Removed: Revenues from customers outside the U.S., subject to foreign currency exchange, represented 5 percent of net sales during the six months ended October 31, 2022.
+Added: Based on our hedged foreign currency positions as of January 31, 2023, a hypothetical 10 percent change in exchange rates would not materially impact the fair value.
+Added: Revenues from customers outside the U.S., subject to foreign currency exchange, represented 5 percent of net sales during the nine months ended January 31, 2023.
Thus, certain revenues and expenses have been, and are expected to be, subject to the effect of foreign currency fluctuations, and these fluctuations may have an impact on operating results.
7 unchanged sentences
These risks and uncertainties include, but are not limited to, the following:
+Added: • uncertainties related to the timing of the consummation of the sale of certain pet food brands to Post Holdings, Inc., including the possibility that any or all of the conditions to the sale may not be satisfied or waived (including failure to receive required regulatory approvals);
+Added: • the effect of the announcement or pendency of the sale of certain pet food brands on our ability to retain key personnel and to maintain relationships with customers, suppliers, and other business partners, including risks relating to potential diversion of management attention from our ongoing business operations;
• the impact of the COVID-19 pandemic on our business, industry, suppliers, customers, consumers, employees, and communities;
−Removed: • disruptions or inefficiencies in our operations or supply chain, including any impact caused by product recalls (including the recent Jif peanut butter product recall), political instability, terrorism, armed hostilities (including the ongoing conflict between Russia and Ukraine), extreme weather conditions, natural disasters, pandemics (including the COVID-19 pandemic), work stoppages or labor shortages (including the potential national rail strike), or other calamities;
+Added: • disruptions or inefficiencies in our operations or supply chain, including any impact caused by product recalls (including the Jif peanut butter product recall), political instability, terrorism, armed hostilities (including the ongoing conflict between Russia and Ukraine), extreme weather conditions, natural disasters, pandemics (including the COVID-19 pandemic), work stoppages or labor shortages, or other calamities;
• risks related to the availability, and cost inflation in, supply chain inputs, including labor, raw materials, commodities, packaging, and transportation;
−Removed: • the impact of food security concerns involving either our products or our competitors’ products, including product recalls;
+Added: • the impact of food security concerns involving either our products or our competitors’ products, including changes in consumer preference, consumer litigation, actions by the FDA or other agencies, and product recalls;
• risks associated with derivative and purchasing strategies we employ to manage commodity pricing and interest rate risks;
16 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.