14 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 2024, we entered into reverse treasury locks to manage our exposure to interest rate fluctuations related to the tender offers.
+Added: In December 2024, concurrent with the pricing of the tender offers, we settled the reverse treasury locks and realized a net loss of $4.5 during the year ended April 30, 2025, recognized in earnings within other debt gains (charges) – net on the Statement of Consolidated Income (Loss), netting with the gain on extinguishment associated with the tender offers.
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.
3 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 2015, we terminated the interest rate swap on the Senior Notes due October 15, 2021, which was designated as a fair value hedge and used to hedge against the changes in the fair value of the debt.
−Removed: As a result of the early termination, we received $58.1 in cash, which included $4.6 of accrued and prepaid interest.
−Removed: The gain on termination was recorded as an increase in the long-term debt balance and was recognized over the life of the debt as a reduction of interest expense.
−Removed: As of 2022, we had fully recognized the gain of $53.5, of which $4.0 was recognized in 2022.
−Removed: For more information on our derivative financial instruments and terminated contracts, see Note 10:
−Removed: Derivative Financial Instruments.
In measuring interest rate risk by the amount of net change in the fair value of our financial liabilities, a hypothetical
11 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 or gains in fair value that we expect to incur.
+Added: The calculations are not intended to represent actual losses or gains in fair value
+Added: that we expect to incur.
In practice, as markets move, we actively manage our risk and adjust hedging strategies as appropriate.
14 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.