5 unchanged sentences
Interest Rate Risk:
−Removed: The fair value of our cash and cash equivalents at October 31, 2025, approximates carrying value.
+Added: The fair value of our cash and cash equivalents at January 31, 2026, approximates carrying value.
We are exposed to interest rate risk with regard to existing debt consisting of fixed- and variable-rate maturities.
6 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.
−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, 2025, would increase the fair value of our long-term debt by $556.1.
+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 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.
+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, 2026, would increase the fair value of our long-term debt by $524.7.
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: October 31, 2025 April 30, 2025
+Added: January 31, 2026 April 30, 2025
High $ 112.5 $ 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 October 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 January 31, 2026, 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 October 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 six months ended October 31, 2025.
+Added: Based on our hedged foreign currency positions as of January 31, 2026, 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 4 percent of net sales during the nine months ended January 31, 2026.
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.
5 unchanged sentences
We are providing this cautionary statement in connection with the safe harbor provisions.
−Removed: Readers are cautioned not to place undue reliance on any forward-looking statements, as such statements are by nature subject to risks, uncertainties, and other factors, many of which are outside of our control and could cause actual results to differ materially from such statements and from our historical results and experience.
+Added: Readers are cautioned not to place undue reliance on any forward-looking statements, as such statements are by nature subject to risks, uncertainties, and other factors, many of which are outside of our control and could cause actual results to differ materially from such
+Added: statements and from our historical results and experience.
These risks and uncertainties include, but are not limited to, the following:
6 unchanged sentences
• 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, changes in consumer preferences, consumer or other litigation, actions by the FDA 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 U.S.
+Added: Food and Drug Administration 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, food ingredients, food labeling, and food accessibility;
+Added: • the impact of new or changes to existing governmental laws, regulations, and policies 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.