14 unchanged sentences
(In thousands)
−Removed: Feed purchases (a)
+Added: Feed ingredient purchases (a)
$ 4,536,861 $ 453,686
−Removed: Feed inventory (b)
+Added: Feed ingredient inventory (b)
240,151 24,015
−Removed: (a) Based on our feed consumption, a 10% increase in the price of our feed purchases will increase cost of sales for the year ended December 26, 2021.
−Removed: (b) A 10% increase in ending feed ingredient prices will increase inventories as of December 26, 2021.
+Added: (a) Based on our feed consumption, a 10% increase in the price of our feed ingredient purchases will have increased cost of sales for the year ended December 25, 2022.
+Added: (b) A 10% increase in ending feed ingredient prices would have increased inventories as of December 25, 2022.
December 25, 2022
11 unchanged sentences
Our variable-rate debt instruments represent approximately 15.2% of our total debt as of December 25, 2022.
−Removed: Holding other variables constant, including levels of indebtedness, an increase in interest rates of 25 basis points would have increased our interest expense by an immaterial amount for the year ended December 26, 2021.
+Added: Holding other variables constant, including levels of indebtedness, an increase in interest rates of 100 basis points would have increased our interest expense by an $7.2 million for the year ended December 25, 2022.
Foreign Currency
19 unchanged sentences
Hypothetical 10% change 21.30 17.43
−Removed: (a) Based on the net monetary asset position of our Mexican subsidiaries, a 10% weakening in the exchange rate of Mexican pesos to U.S.
−Removed: dollar will result in recognition of foreign currency remeasurement loss for the year ended December 26, 2021.
−Removed: (b) Based on the net monetary asset position of our Mexican subsidiaries, a 10% strengthening in the exchange rate of Mexican pesos to U.S.
−Removed: dollar will result in recognition of foreign currency remeasurement gain for the year ended December 26, 2021.
and Europe Subsidiaries
6 unchanged sentences
As of December 25, 2022, our U.K.
−Removed: and Europe subsidiaries that are denominated in British pound had net assets of $2.9 billion.
−Removed: A 10% weakening in U.S.
−Removed: dollar against the British pound exchange rate would cause a decrease in the net assets of our U.K.
+Added: and Europe subsidiaries that are denominated in the British pound had net assets of $2.6 billion.
+Added: A 10% weakening in the British pound against the U.S.
+Added: dollar exchange rate would cause a decrease in the net assets of our U.K.
and Europe subsidiaries by $240.9 million.
−Removed: A 10% strengthening in U.S.
−Removed: dollar against the British pound exchange rate would cause an increase in the net assets of our U.K.
+Added: A 10% strengthening in the British pound against the U.S.
+Added: dollar exchange rate would cause an increase in the net assets of our U.K.
and Europe subsidiaries by $294.4 million.
12 unchanged sentences
Impact of Inflation
−Removed: Due to low to moderate inflation in the U.S., the U.K., continental Europe and Mexico and our rapid inventory turnover rate, the results of operations have not been significantly affected by inflation during the past three-year period.
+Added: Our global operations were significantly impacted by inflation during 2022.
+Added: Our global businesses negotiated with our customers to increase prices to mitigate the impacts of the increase in input costs such as feed ingredients, labor, utilities, freight and other input costs.
+Added: Prior to 2022, inflation was significantly less impactful to our operations.
+Added: We anticipate inflation in 2023 will be moderate compared to 2022 based on the monetary policy measures implemented in the jurisdictions in which we operate.
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.