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 March 29, 2026.
+Added: There are no outstanding derivative interest rate contracts at June 28, 2026.
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 March 29, 2026, 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 2026 and approximately 25% for 2027.
−Removed: At March 29, 2026, the net mark-to-market valuation of these outstanding natural gas hedges was an unrealized pre-tax loss of $1.8 million, comprised of $0.5 million in prepaid expenses and other current assets, $0.1 million in other long-term assets, $2.0 million in other current liabilities, and $0.4 million in other long-term liabilities on the balance sheet.
−Removed: For the quarter ended March 29, 2026, natural gas hedging activity increased cost of sales by $2.1 million.
+Added: At June 28, 2026, the outstanding financial derivatives used to hedge our exposure to energy cost volatility consisted of natural gas hedges covering approximately 70% of our forecasted domestic requirements for natural gas for the remainder of 2026 and approximately 40% for 2027.
+Added: At June 28, 2026, the net mark-to-market valuation of these outstanding natural gas hedges was an unrealized pre-tax loss of $1.9 million, comprised of $0.4 million in prepaid expenses and other current assets, $0.2 million in other long-term assets, $2.3 million in other current liabilities, and $0.2 million in other long-term liabilities on the balance sheet.
+Added: For the quarter ended June 28, 2026, natural gas hedging activity decreased cost of sales by $1.2 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 March 29, 2026, 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.
+Added: However, as of June 28, 2026, 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.
The aggregate notional amount hedged is approximately 5% 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 March 29, 2026, the net mark-to-market valuation of our outstanding raw material hedges was an unrealized pre-tax gain of $1.1 million, comprised of $1.1 million in prepaid expenses and other current assets, $0.1 million in other long-term assets, and $0.1 million in other current liabilities on the balance sheet.
+Added: At June 28, 2026, the net mark-to-market valuation of our outstanding raw material hedges was an unrealized pre-tax loss of $2.5 million, comprised of $0.2 million in prepaid expenses and other current assets, $2.5 million in other current liabilities, and $0.2 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 March 29, 2026, we had no material outstanding foreign currency forward contracts.
+Added: At June 28, 2026, 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 $1.0 million of expense, net for settled foreign currency forward contracts that were not designated as hedges during the quarter ended March 29, 2026, and $1.8 million of income, net, during the quarter ended March 30, 2025, which offset foreign currency gains/losses in the relevant currency.
−Removed: We have no significant outstanding hedges that are not designated as of March 29, 2026.
+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.
+Added: We did not recognize any expense, net for settled foreign currency forward contracts that were not designated as hedges during the quarter ended June 28, 2026, and we recognized $1 million of expense, net for settled foreign currency forward contracts that were not designated as hedges during the year-to-date period ended June 28, 2026.
+Added: We recognized $1.1 million and $2.9 million, respectively, of income, net, during the quarter and year-to-date periods ended June 29, 2025, which offset foreign currency gains/losses in the relevant currency.
+Added: We have no significant outstanding hedges that are not designated as of June 28, 2026.
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.