13 unchanged sentences
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.
−Removed: As of April 1, 2025, we had no hedging contracts in place.
+Added: As of July 1, 2025, we had no hedging contracts in place.
Commodities for which we have not entered into contracts can be subject to unforeseen supply and cost fluctuations, which at times may be significant.
3 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 the first quarter of both fiscal 2025 and 2024, a hypothetical increase of 1% in food costs would have negatively impacted cost of sales by $2.0 million.
+Added: For both the second quarter of fiscal 2025 and 2024, a hypothetical increase of 1% in food costs would have negatively impacted cost of sales by $2.0 million.
We are exposed to market risk from interest rate changes on our funded debt.
This exposure relates to the component of the interest rate on our Loan Agreement that is indexed to market rates.
−Removed: As of April 1, 2025, we had no outstanding borrowings under the Loan Agreement.
+Added: As of July 1, 2025, we had no outstanding borrowings under the Loan Agreement.
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.
−Removed: (See Note 5 of Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this report for further discussion of our long-term debt.)
+Added: (See Note 5 of Notes to Condensed Consolidated Financial Statements in Part I, Item 1 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 April 1, 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.
−Removed: However, under such a scenario, net income would have declined by $2.8 million and $2.9 million at April 1, 2025 and December 31, 2024, respectively.
+Added: Based on balances at July 1, 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 a scenario, net income would have declined by $3.0 million and $2.9 million at July 1, 2025 and December 31, 2024, respectively.
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.