16 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 December 30, 2023, and September 30, 2023, 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 March 30, 2024, and September 30, 2023, 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.
1 unchanged sentence
Effect of 10% change in fair value in millions
−Removed: December 30, 2023 September 30, 2023
+Added: March 30, 2024 September 30, 2023
Live Cattle $ 7 $ 68
2 unchanged sentences
Interest Rate Risk
−Removed: At December 30, 2023, we had variable rate debt of $1,769 million with a weighted average interest rate of 6.9%.
−Removed: A hypothetical 10% increase in interest rates effective at December 30, 2023 would increase annualized interest expense by approximately $12 million.
+Added: At March 30, 2024, we had variable rate debt of $1,519 million with a weighted average interest rate of 6.9%.
+Added: A hypothetical 10% increase in interest rates effective at March 30, 2024 would increase annualized interest expense by approximately $10 million.
Additionally, changes in interest rates impact the fair value of our fixed-rate debt.
−Removed: At December 30, 2023, we had fixed-rate debt of $7,909 million with a weighted average interest rate of 4.5%.
+Added: At March 30, 2024, we had fixed-rate debt of $9,441 million with a weighted average interest rate of 4.7%.
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 $204 million at December 30, 2023 and $215 million at September 30, 2023.
+Added: A hypothetical 10% change in interest rates would have changed the fair value of our fixed-rate debt by approximately $259 million at March 30, 2024 and $215 million at September 30, 2023.
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 $24 million and $17 million impact on pretax income at December 30, 2023, and September 30, 2023 respectively.
+Added: A hypothetical 10% change in foreign exchange rates related to the foreign exchange forward and option contracts would have had a $29 million and $17 million impact on pretax income at March 30, 2024, and September 30, 2023 respectively.
Concentration of Credit Risk
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.