8 unchanged sentences
Our interest rate exposure primarily includes U.S.
−Removed: Treasury rates, SOFR, and commercial paper rates in the U.S.
+Added: Treasury rates, Secured Overnight Financing Rate (“SOFR”), and commercial paper rates in the U.S.
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.
3 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 November 2024, we entered into reverse treasury locks to manage our exposure to interest rate fluctuations related to the tender offers.
+Added: In November 2024, we entered into reverse treasury locks to manage our exposure to interest rate fluctuations related to anticipated tender offers.
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.
17 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
−Removed: that we expect to incur.
+Added: The calculations are not intended to represent actual gains or losses in fair value that we expect to incur.
In practice, as markets move, we actively manage our risk and adjust hedging strategies as appropriate.
10 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 April 30, 2025, a hypothetical 10 percent change in exchange rates would not materially impact the fair value.
+Added: Based on our hedged foreign curren cy positions as of April 30, 2026, a hypothetical 10 percent change in exchange rates would not materially impact the fair value.
Revenues from customers outside the U.S., subject to foreign currency exchange, represented 4 percent of consolidated net sales during 2026.
1 unchanged sentence
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.