7 unchanged sentences
Any gain or loss associated with this hedging arrangement was included in interest expense.
−Removed: There are no outstanding derivative interest rate contracts at June 29, 2025.
+Added: There are no outstanding derivative interest rate contracts at September 28, 2025.
Volatility of Energy Prices.
9 unchanged sentences
These approaches include incorporating an energy surcharge on many of our products and using financial derivatives to reduce exposure to energy price volatility.
−Removed: At June 29, 2025, the outstanding financial derivatives used to hedge our exposure to energy cost volatility consisted of natural gas hedges covering approximately 65% of our forecasted domestic requirements for natural gas for the remainder of 2025 and approximately 35% for 2026.
−Removed: At June 29, 2025, the net mark-to-market valuation of these outstanding natural gas hedges was an unrealized pre-tax gain of $2.9 million, comprised of $2.3 million in prepaid expenses and other current assets, $0.8 million in other long-term assets and $0.2 million in other current liabilities on the balance sheet.
−Removed: For the quarter ended June 29, 2025, natural gas hedging activity had an immaterial impact on cost of sales.
+Added: At September 28, 2025, the outstanding financial derivatives used to hedge our exposure to energy cost volatility consisted of natural gas hedges covering approximately 60% of our forecasted domestic requirements for natural gas for the remainder of 2025 and approximately 35% for 2026.
+Added: At September 28, 2025, the net mark-to-market valuation of these outstanding natural gas hedges was an unrealized pre-tax loss of $0.1 million, comprised of $0.4 million in prepaid expenses and other current assets, $0.2 million in other long-term assets and $0.7 million in other current liabilities on the balance sheet.
+Added: For the quarter ended September 28, 2025, natural gas hedging activity increased cost of sales by $0.4 million.
Volatility of Raw Material Prices.
6 unchanged sentences
The majority of our products are sold utilizing raw material surcharges and index mechanisms.
−Removed: However, as of June 29, 2025, we had entered into financial hedging arrangements, primarily at the request of our customers related to firm orders, for an aggregate notional amount of approximately 4 million pounds of nickel with hedge dates through 2027.
+Added: However, as of September 28, 2025, we had entered into financial hedging arrangements, primarily at the request of our customers related to firm orders, for an aggregate notional amount of approximately 1 million pounds of nickel with hedge dates through 2027.
The aggregate notional amount hedged is approximately 2% of a single year’s estimated nickel raw material purchase requirements.
1 unchanged sentence
Any gain or loss associated with these hedging arrangements is included in sales or cost of sales, depending on whether the underlying risk being hedged was the variable selling price or the variable raw material cost, respectively.
−Removed: At June 29, 2025, the net mark-to-market valuation of our outstanding raw material hedges was an unrealized pre-tax loss of $2.3 million, comprised of $2.2 million in other current liabilities and $0.1 million in other long-term liabilities on the balance sheet.
+Added: At September 28, 2025, the net mark-to-market valuation of our outstanding raw material hedges was an unrealized pre-tax loss of $0.9 million, comprised of $0.1 million in prepaid expenses and other current assets, $0.1 million in other long-term assets, $1.0 million in other current liabilities and $0.1 million in other long-term liabilities on the balance sheet.
Foreign Currency Risk.
3 unchanged sentences
In addition, we may also hedge forecasted capital expenditures and designate cash balances held in foreign currencies as hedges of forecasted foreign currency transactions.
−Removed: At June 29, 2025, we had no material outstanding foreign currency forward contracts.
+Added: At September 28, 2025, we had no material outstanding foreign currency forward contracts.
We may also use derivative instruments that are not designated as hedges to protect our results from certain fluctuations in foreign exchange rates, as well as to offset a portion of the foreign currency gains and losses generated by the remeasurement of certain assets and liabilities denominated in non-functional currencies.
−Removed: Changes in the fair value of these foreign exchange contract derivatives not designated as hedging instruments are recorded in cost of sales or selling, general and administrative expenses on the consolidated statement of operations, and we recognized $1.1 million and $2.9 million of income, net, for settled foreign currency forward contracts that were not designated as hedges during the second quarter and year-to-date period ended June 29, 2025, respectively, and $0.5 million of expense during the second quarter and year-to-date period ended June 30, 2024, which offset foreign currency gains/losses in the relevant currency.
−Removed: We have no significant outstanding hedges that are not designated as of June 29, 2025.
+Added: Changes in the fair value of these foreign exchange contract derivatives not designated as hedging instruments are recorded in cost of sales or selling, general and administrative expenses on the consolidated statement of operations, and we recognized $0.6 million of expense and $2.3 million of income, net, for settled foreign currency forward contracts that were not designated as hedges during the third quarter and year-to-date period ended September 28, 2025, respectively, and $1.0 million and $0.5 million of income, net, during the third quarter and year-to-date period ended September 29, 2024, respectively, which offset foreign currency gains/losses in the relevant currency.
+Added: We have no significant outstanding hedges that are not designated as of September 28, 2025.
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.