5 unchanged sentences
Interest Rate Risk:
−Removed: The fair value of our cash and cash equivalents at January 31, 2023, approximates carrying value.
+Added: The fair value of our cash and cash equivalents at July 31, 2023, approximates carrying value.
We are exposed to interest rate risk with regard to existing debt consisting of fixed- and variable-rate maturities.
Our interest rate exposure primarily includes U.S.
−Removed: Treasury rates and commercial paper rates in the U.S.
−Removed: We utilize derivative instruments to manage interest rate risk associated with anticipated debt transactions, as well as to manage changes in the fair value of our long-term debt.
+Added: Treasury rates, SOFR, and commercial paper rates in the U.S.
+Added: From time to time, we utilize derivative instruments to manage interest rate risk associated with anticipated debt transactions, as well as to manage changes in the fair value of our long-term debt.
At the inception of an interest rate contract, the instrument is evaluated and documented for qualifying hedge accounting treatment.
5 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 January 31, 2023, would increase the fair value of our long-term debt by $307.2.
+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 July 31, 2023, would increase the fair value of our long-term debt by $292.0.
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: January 31, 2023 April 30, 2022
+Added: July 31, 2023 April 30, 2023
High $ 51.9 $ 53.9
10 unchanged sentences
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.
−Removed: 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.
+Added: The foreign currency balance sheet exposures as of July 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.
2 unchanged sentences
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 January 31, 2023, 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 nine months ended January 31, 2023.
+Added: Based on our hedged foreign currency positions as of July 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 6 percent of net sales during the three months ended July 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:
−Removed: • 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);
−Removed: • 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;
−Removed: • 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 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;
+Added: • the effect 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, and any impact to the value of our investment in Post common stock or our ability to dispose of some or all of such securities at favorable market prices;
+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 novel coronavirus), 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;
1 unchanged sentence
• risks associated with derivative and purchasing strategies we employ to manage commodity pricing and interest rate risks;
−Removed: • the availability of reliable transportation on acceptable terms, including any impact of the COVID-19 pandemic;
+Added: • the availability of reliable transportation on acceptable terms;
• our ability to achieve cost savings related to our restructuring and cost management programs in the amounts and within the time frames currently anticipated;
1 unchanged sentence
• our ability to implement and realize the full benefit of price changes, and the impact of the timing of the price changes to profits and cash flow in a particular period;
−Removed: • the success and cost of marketing and sales programs and strategies intended to promote growth in our businesses, including product innovation;
+Added: • the success and cost of marketing and sales programs and strategies intended to promote growth in our business, including product innovation;
• general competitive activity in the market, including competitors’ pricing practices and promotional spending levels;
4 unchanged sentences
• the outcome of tax examinations, changes in tax laws, and other tax matters;
−Removed: • a disruption, failure, or security breach of our or our suppliers’ information technology systems, including ransomware attacks;
+Added: • a disruption, failure, or security breach of our or our suppliers’ information technology systems, including, but not limited to, ransomware attacks;
• foreign currency exchange rate and interest rate fluctuations;
3 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.