What changed in this filing

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

2026-02-24 compared with 2025-02-25 · 34 added, 29 removed, 98 unchanged (39% of the section changed)

45 unchanged sentences

which expire through November 3,

2028, had a fair value of $12 million as determined by quoted market prices.

2028, had a fair value of $(20) million as determined by quoted

market prices.

Included in the forward foreign

currency exchange agreements, Henry Schein, Inc.

had net investment

designated EUR/USD forward contracts

had net investment designated

EUR/USD forward contracts

with notional values of approximately €300 million and reported fair values

3 unchanged sentences

value of these forward contracts by

On March 20, 2020, we entered into a total return swap for the purpose

of economically hedging our unfunded non-

On March 20, 2020, we entered into a total return swap for the purpose of economically

hedging our unfunded non-

qualified supplemental retirement plan and our deferred compensation plan obligation.

6 unchanged sentences

combined rate of 4.54%.

For the years ended December 28, 2024, December 30, 2023, and

December 31, 2022 we

have recorded a gain/(loss), within selling, general and administrative

expense, of approximately $8 million, $10

million and $(17) million, respectively, net of transaction costs, related to this undesignated swap.

expected to be renewed on an annual basis and is expected to result

in a neutral impact to our results of operations.

For the years ended December 27, 2025, December 28, 2024, and December

have recorded a gain within selling, general and administrative expense, of approximately

$11 million, $8 million

and $10 million, respectively, net of transaction costs, related to this undesignated swap.

This swap is expected to

be renewed on an annual basis and is expected to result in a neutral impact to our

results of operations.

Credit Risk Monitoring

17 unchanged sentences

As of December 27, 2025, there was $100 million outstanding under

this revolving credit facility.

During the year ended December 28, 2024, the average outstanding balance was

approximately $50 million.

upon our average outstanding balances, for each hypothetical increase

of 25 basis points, our interest expense

thereunder would have increased by $0.1 million.

this revolving credit

During the year ended December 27, 2025, the average outstanding

balance was approximately $203

Based upon our average outstanding balances, for each hypothetical

increase of 25 basis points, our

interest expense thereunder would have increased by $0.5 million.

trade accounts receivable securitization, which we entered

10 unchanged sentences

would have increased by $1

On July 11, 2023, we entered into a three-year $750 million term loan credit agreement (the “Term Credit

which was originally scheduled to mature on July 11, 2026.

On June 6, 2025, this agreement was

amended and restated to, among other things, (i) extend the maturity date

to June 6, 2030, and (ii) modify certain

financial definitions and covenants.

The interest rate on this term loan is based on the Term SOFR plus a spread

based on our leverage ratio at the end of each financial reporting quarter.

After renewing the Term Credit

Agreement in June of 2025, our hedged portion of the Term Credit Agreement was approximately 90% of the

notional total.

As of December 27, 2025, the effective fixed rate was 5.69% and the floating

rate was 5.01%,

resulting in a weighted average rate of 5.62%.

On July 11, 2023, we entered into interest rate swap agreements to hedge the cash flow of our variable

4 unchanged sentences

As of December 27, 2025, the

notional value of the interest rate swap agreements was $713

On July 11, 2023, we entered into a three-year $750 million term loan credit agreement (the “Term Credit

The interest rate on this term loan is based on the Term SOFR plus a spread based on our leverage

ratio at the end of each financial reporting quarter.

This term loan matures on July 11, 2026.

At December 28,

2024, the interest rate under the Term Credit Agreement was 4.45% plus 1.60% for a combined rate of 6.05%.

However, we have a hedge in place (see

Note 13 – Derivatives and Hedging Activities

for additional information)

that ultimately creates an effective fixed rate of 6.04%.

notional value of the interest rate swap agreements was $675 million.

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.

What changed 10-K

Item 7A. Quantitative and Qualitative Disclosures About Market Risk