9 unchanged sentences
Treasury rates, SOFR, 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: 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.
2 unchanged sentences
Generally, changes in the fair value of the contract are equal to changes in the fair value of the underlying debt and have no net impact on earnings.
+Added: In November 2023, we terminated interest rate contracts for $42.5 concurrent with the payment of the debt assumed with the acquisition of Hostess Brands.
+Added: The interest rate contracts were designated as cash flow hedges and were used to manage exposure to changes in cash flows associated with variable rate debt.
In 2020, we terminated all outstanding interest rate contracts concurrent with the pricing of the Senior Notes due March 15, 2030, and March 15, 2050.
14 unchanged sentences
As a result, the gains and losses on all commodity derivatives are immediately recognized in cost of products sold.
−Removed: The following sensitivity analysis presents our potential loss of fair value resulting from a hypothetical 10 percent change in market prices related to commodities.
+Added: The following sensitivity analysis presents our potential loss (gain) of fair value resulting from a hypothetical 10 percent change in market prices related to commodities.
Year Ended April 30,
3 unchanged sentences
The estimated fair value was determined using quoted market prices and was based on our net derivative position by commodity for the previous four quarters.
−Removed: The calculations are not intended to represent actual losses in fair value that we expect to incur.
+Added: The calculations are not intended to represent actual losses or gains in fair value that we expect to incur.
In practice, as markets move, we actively manage our risk and adjust hedging strategies as appropriate.
11 unchanged sentences
Based on our hedged foreign currency positions as of April 30, 2024, 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 2023.
+Added: Revenues from customers outside the U.S., subject to foreign currency exchange, represented 5 percent of consolidated net sales during 2024.
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.
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.