5 unchanged sentences
Interest Rate Risk:
−Removed: The fair value of our cash and cash equivalents at January 31, 2025, approximates carrying value.
+Added: The fair value of our cash and cash equivalents at July 31, 2025, approximates carrying value.
We are exposed to interest rate risk with regard to existing debt consisting of fixed- and variable-rate maturities.
2 unchanged sentences
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.
−Removed: At the inception of an interest rate contract, the instrument is
−Removed: evaluated and documented for qualifying hedge accounting treatment.
+Added: At the inception of an interest rate contract, the instrument is evaluated and documented for qualifying hedge accounting treatment.
If the contract is designated as a cash flow hedge, the mark-to-market gains or losses on the contract are deferred and included as a component of accumulated other comprehensive income (loss) and generally reclassified to interest expense in the period during which the hedged transaction affects earnings.
1 unchanged sentence
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.
−Removed: In November 2024, we entered into reverse treasury locks to manage our exposure to interest rate fluctuations related to the tender offers.
−Removed: 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 three months ended January 31, 2025, recognized in earnings within other debt gains (charges) – net on the Condensed Statement of Consolidated Income, netting with the gain on extinguishment associated with the tender offers.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: The contracts were designated as cash flow hedges and were used to manage our exposure to interest rate volatility associated with the anticipated debt financing.
−Removed: 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, 2025, would increase the fair value of our long-term debt by $589.9.
+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, 2025, would increase the fair value of our long-term debt by $529.3.
Commodity Price Risk:
4 unchanged sentences
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.
−Removed: January 31, 2025 April 30, 2024
+Added: July 31, 2025 April 30, 2025
High $ 113.5 $ 112.7
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, 2025, 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, 2025, 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, 2025, 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 4 percent of net sales during the nine months ended January 31, 2025.
+Added: Based on our hedged foreign currency positions as of July 31, 2025, 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 3 percent of net sales during the three months ended July 31, 2025.
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 Sweet Baked Snacks value brands to JTM, including the possibility that any or all of the conditions to the sale may not be satisfied or waived;
• our ability to successfully integrate Hostess Brands’ operations and employees and to implement plans and achieve financial forecasts with respect to the Hostess Brands’ business;
−Removed: • our ability to realize the anticipated benefits, including synergies and cost savings, related to the Hostess Brands acquisition, including the possibility that the expected benefits will not be realized or will not be realized within the expected time period;
• disruption from the acquisition of Hostess Brands by diverting the attention of our management and making it more difficult to maintain business and operational relationships;
2 unchanged sentences
• the effect of the acquisition of Hostess Brands on our business relationships, operating results, ability to hire and retain key talent, and business generally;
−Removed: • disruptions or inefficiencies in our operations or supply chain, including any impact caused by product recalls, political instability, terrorism, geopolitical conflicts (including the ongoing conflicts between Russia and Ukraine and Israel and Hamas), extreme weather conditions, natural disasters, pandemics, work stoppages or labor shortages, or other calamities;
+Added: • disruptions or inefficiencies in our operations or supply chain, including any impact caused by product recalls, political instability, terrorism, geopolitical conflicts, extreme weather conditions, natural disasters, pandemics, work stoppages or labor shortages, or other calamities;
• risks related to the availability of, 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 changes in consumer preference, consumer litigation, actions by the U.S.
−Removed: Food and Drug Administration or other agencies, and product recalls;
+Added: • the impact of food security concerns involving either our products or our competitors’ products, changes in consumer preferences, consumer or other 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;
9 unchanged sentences
• impairments in the carrying value of goodwill, other intangible assets, or other long-lived assets or changes in the useful lives of other intangible assets or other long-lived assets;
−Removed: • the impact of new or changes to existing governmental laws and regulations and their application, including tariffs;
+Added: • the impact of new or changes to existing governmental laws and regulations and their application, including tariffs, food ingredients, food labeling, and food accessibility;
• the outcome of tax examinations, changes in tax laws, and other tax matters;
5 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.