6 unchanged sentences
With the exception of normal purchases and normal sales that are expected to result in physical delivery, we record these positions at fair value, and the unrealized gains and losses are reported in earnings at each reporting date.
−Removed: The sensitivity analyses presented below are the measures of potential losses of fair value resulting from hypothetical changes in market prices related to commodities.
+Added: The sensitivity analyses presented below are the measures of potential changes in fair value resulting from hypothetical changes in market prices related to commodities.
Sensitivity analyses do not consider the actions we may take to mitigate our exposure to changes, nor do they consider the effects such hypothetical adverse changes may have on overall economic activity.
7 unchanged sentences
We generally do not hedge anticipated transactions beyond 18 months.
−Removed: The following table presents a sensitivity analysis resulting from a hypothetical change of 10% in market prices as of October 1, 2022 and October 2, 2021, on the fair value of open positions.
+Added: The following table presents a sensitivity analysis resulting from a hypothetical change of 10% in market prices as of September 30, 2023 and October 1, 2022, on the fair value of open positions.
The fair value of such positions is a summation of the fair values calculated for each commodity by valuing each net position at quoted forward and option prices.
5 unchanged sentences
INTEREST RATE RISK
−Removed: At October 1, 2022, we had variable rate debt of $2 million with a weighted average interest rate of 3.0%.
−Removed: A hypothetical 10% increase in interest rates effective at October 1, 2022, and October 2, 2021, would have a minimal effect on interest expense.
+Added: At September 30, 2023, we had variable rate debt of $1,608 million with a weighted average interest rate of 6.2%.
+Added: A hypothetical 10% increase in interest rates effective at September 30, 2023, and October 1, 2022, would not have a significant effect on variable interest expense.
Additionally, changes in interest rates impact the fair value of our fixed-rate debt.
−Removed: At October 1, 2022, we had fixed-rate debt of $8,319 million with a weighted average interest rate of 4.5%.
+Added: At September 30, 2023, we had fixed-rate debt of $7,898 million with a weighted average interest rate of 4.5%.
Market risk for fixed-rate debt is estimated as the potential increase in fair value, resulting from a hypothetical 10% decrease in interest rates.
−Removed: A hypothetical 10% change in interest rates would have changed the fair value of our fixed-rate debt by approximately $215 million at October 1, 2022, and $154 million at October 2, 2021.
+Added: A hypothetical 10% change in interest rates would have changed the fair value of our fixed-rate debt by approximately $215 million at September 30, 2023 and October 1, 2022.
The fair values of our debt were estimated based on quoted market prices and/or published interest rates.
8 unchanged sentences
We periodically enter into foreign exchange forward and option contracts to hedge some portion of our foreign currency exposure.
−Removed: A hypothetical 10% change in foreign exchange rates related to the foreign exchange forward and option contracts would have had a $25 million and $13 million impact on pretax income at October 1, 2022 and October 2, 2021, respectively.
+Added: A hypothetical 10% change in foreign exchange rates related to the foreign exchange forward and option contracts would have had a $17 million and $25 million impact on pretax income at September 30, 2023 and October 1, 2022, respectively.
CONCENTRATIONS OF CREDIT RISK
3 unchanged sentences
We perform periodic credit evaluations of our customers’ financial condition and generally do not require collateral.
−Removed: At October 1, 2022 and October 2, 2021, 16.4% and 16.3%, respectively, of our net accounts receivable balance was due from Walmart Inc.
+Added: At September 30, 2023 and October 1, 2022, 15.9% and 16.4%, respectively, of our net accounts receivable balance was due from Walmart Inc.
No other single customer or customer group represented 10% or greater of net accounts receivable.
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.