8 unchanged sentences
While we are in the process of contracting for certain key food and non-food supplies for fiscal 2026, these efforts may not be successful or yield our intended benefits.
−Removed: We continue to evaluate the possibility of entering into similar arrangements for other commodities and periodically
−Removed: evaluate hedging vehicles, such as direct financial instruments, to assist us in managing risk and variability associated with such commodities.
+Added: We continue to evaluate the possibility of entering into similar arrangements for other commodities and periodically evaluate hedging vehicles, such as direct financial instruments, to assist us in managing risk and variability associated with such commodities.
As of the end of fiscal 2025, we had no hedging contracts in place.
4 unchanged sentences
We may not have the ability to increase menu prices or vary menu items in response to food commodity price increases.
−Removed: For fiscal 2024 and 2023, a hypothetical increase of 1% in food costs would have negatively impacted food and beverage costs by $8.1 million and $8.0 million, respectively.
+Added: For both fiscal 2025 and 2024, a hypothetical increase of 1% in food costs would have negatively impacted food and beverage costs by $8.1 million.
(See Item 1A — Risk Factors — “Our inability to anticipate and react effectively to changes in the costs of key operating resources may increase our cost of doing business, which could materially adversely affect our financial performance.”)
We are exposed to market risk from interest rate changes on our funded debt.
−Removed: This exposure relates to the component of the interest rate on the Loan Agreement that is indexed to market rates.
−Removed: Based on outstanding borrowings at December 31, 2024 and January 2, 2024, a hypothetical 1% rise in interest rates would have increased interest expense by $1.1 million and $1.3 million on an annual basis, respectively.
−Removed: (See Note 10 of Notes to Consolidated Financial Statements in Part IV, Item 15 of this report for further discussion of our long-term debt.)
+Added: This exposure relates to the component of the interest rate on the Revolver Facility that is indexed to market rates.
+Added: As of December 30, 2025, we had no outstanding borrowings under the Revolver Facility.
+Added: Based on outstanding borrowings at December 31, 2024, a hypothetical 1% rise in interest rates would have increased interest expense by $1.1 million on an annual basis.
+Added: (See Note 10 of Notes to Consolidated Financial Statements in Part IV, Item 15 of this report for further discussion of our debt.)
We are also subject to market risk related to our investments in variable life insurance contracts used to support our Non-Qualified Plans to the extent these investments are not equivalent to the related liability.
In addition, because changes in these investments are not taxable, gains and losses result in tax benefit and tax expense, respectively, and directly affect net income through the income tax provision.
−Removed: Based on balances at December 31, 2024 and January 2, 2024, a hypothetical 10% decline in the market value of our deferred compensation asset and related liability would not have impacted income before income taxes.
−Removed: However, under such scenario, net income would have declined by $2.9 million and $2.4 million at December 31, 2024 and January 2, 2024, respectively.
+Added: Based on balances at December 30, 2025 and December 31, 2024, a hypothetical 10% decline in the market value of our deferred compensation asset and related liability would not have impacted income before income taxes.
+Added: However, under such scenario, net income would have declined by $3.2 million and $2.9 million at December 30, 2025 and December 31, 2024, respectively.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
2 unchanged sentences
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.