18 unchanged sentences
166,993 16,699
−Removed: (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 31, 2023.
+Added: (a) Based on our feed consumption, a 10% increase in the price of our feed ingredient purchases would have increased cost of sales for the year ended December 29, 2024.
(b) A 10% increase in ending feed ingredient prices would have increased inventories as of December 29, 2024.
11 unchanged sentences
Foreign Currency
−Removed: Mexico Subsidiaries
−Removed: Our earnings are also affected by foreign exchange rate fluctuations related to the Mexican peso net monetary position of our Mexico subsidiaries.
−Removed: We manage this exposure primarily by attempting to minimize our Mexican peso net monetary position.
+Added: Mexico Foreign Investments
+Added: We are exposed to foreign exchange-related variability of investments and earnings from our Mexican subsidiaries.
+Added: Foreign currency market risk is the possibility that our financial results or financial position could be better or worse than planned because of changes in foreign currency exchange rates.
+Added: For this sensitivity analysis, market risk is estimated as a hypothetical 10% change in exchange rates used to convert Mexican peso to U.S.
+Added: dollars, and the effect of this change on our Mexican foreign investments.
+Added: As of December 29, 2024, our Mexican subsidiaries that are denominated in Mexican peso had net assets of $796.9 million.
+Added: A 10% weakening in Mexican peso against the U.S.
+Added: dollar exchange rate would cause a decrease in the net assets of our Mexican subsidiaries by $72.4 million.
+Added: A 10% strengthening in the Mexican peso against the U.S dollar exchange rate would cause an increase in the net assets of our Mexican subsidiaries of $88.5 million
We are also exposed to the effect of potential currency exchange rate fluctuations to the extent that amounts are repatriated from Mexico to the U.S.
−Removed: We currently anticipate that the future cash flows of our Mexico subsidiaries will be reinvested in our Mexico operations.
The Mexican peso exchange rate can directly and indirectly impact our financial condition and results of operations.
−Removed: For this sensitivity analysis, market risk is estimated as a hypothetical 10% change in the current exchange rate used to convert Mexican pesos to U.S.
−Removed: dollars as of December 31, 2023.
−Removed: However, fluctuations greater than 10% could occur.
−Removed: No assurance can be given as to how future movements in the Mexican peso could affect our future financial condition or results of operations.
−Removed: Year Ended December 31, 2023
−Removed: Impact of 10% Deterioration in
−Removed: Exchange Rate (a)
−Removed: Impact of 10% Appreciation in
−Removed: Exchange Rate (b)
−Removed: (In thousands, except for exchange rate data)
−Removed: Foreign currency remeasurement gain (loss) $ (18,310) $ 22,379
−Removed: Exchange rate of Mexican pesos to the U.S.
−Removed: As reported 16.97 16.97
−Removed: Hypothetical 10% change 18.67 15.28
−Removed: and Europe Subsidiaries
−Removed: We are exposed to foreign exchange-related variability of investments and earnings from our U.K.
−Removed: and Europe subsidiaries.
+Added: Europe Foreign Investments
+Added: We are exposed to foreign exchange-related variability of investments and earnings from our Europe subsidiaries.
Foreign currency market risk is the possibility that our financial results or financial position could be better or worse than planned because of changes in foreign currency exchange rates.
−Removed: For this sensitivity analysis, market risk is estimated as a hypothetical 10% change in exchange rates used to convert U.S.
−Removed: dollars to British pound and to euro, and the effect of this change on our U.K.
−Removed: and Europe subsidiaries.
−Removed: As of December 31, 2023, our U.K.
−Removed: and Europe subsidiaries that are denominated in the British pound had net assets of $4.1 billion.
+Added: For this sensitivity analysis, market risk is estimated as a hypothetical 10% change in exchange rates used to convert British pound and euro to U.S.
+Added: dollars, and the effect of this change on our Europe foreign investments.
+Added: As of December 29, 2024, our Europe subsidiaries that are denominated in the British pound had net assets of $0.8 billion.
A 10% weakening in the British pound against the U.S.
−Removed: dollar exchange rate would cause a decrease in the net assets of our U.K.
−Removed: and Europe subsidiaries by $374.4 million.
+Added: dollar exchange rate would cause a decrease in the net assets of our Europe subsidiaries by $70.7 million.
A 10% strengthening in the British pound against the U.S.
−Removed: dollar exchange rate would cause an increase in the net assets of our U.K.
−Removed: and Europe subsidiaries by $457.6 million.
+Added: dollar exchange rate would cause an increase in the net assets of our Europe subsidiaries by $86.4 million.
Cash flow hedging transactions.
−Removed: We periodically enter into foreign currency forward contracts, which are designated and qualify as cash flow hedges, to hedge foreign currency risk on a portion of sales generated and purchases made by our U.K.
−Removed: and Europe subsidiaries.
+Added: We periodically enter into foreign currency forward contracts, which are designated and qualify as cash flow hedges, to hedge foreign currency risk on a portion of sales generated and purchases made by our Europe reportable segment.
A 10% weakening or strengthening of the U.S.
4 unchanged sentences
Certain retirement plans that we sponsor invest in a variety of financial instruments.
−Removed: We have analyzed our portfolios of investments and, to the best of our knowledge, none of our investments, including money market funds units, commercial paper and municipal securities, have been downgraded, and neither we nor any fund in which we participate hold significant amounts of structured investment vehicles, auction rate securities, collateralized debt obligations, credit derivatives, hedge funds investments, fund of funds investments or perpetual preferred securities.
+Added: We have analyzed our portfolios of investments and, to the best of our knowledge, none of our investments, including money market funds units, commercial paper and municipal securities, have been downgraded, and neither we nor any fund in which we participate hold significant
+Added: amounts of structured investment vehicles, auction rate securities, collateralized debt obligations, credit derivatives, hedge funds investments, fund of funds investments or perpetual preferred securities.
Certain postretirement funds in which we participate hold significant amounts of mortgage-backed securities.
1 unchanged sentence
Impact of Inflation
−Removed: Our global operations were impacted by inflation during 2023, but less significantly than in 2022.
−Removed: 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.
−Removed: Prior to 2022, inflation was significantly less impactful to our operations.
−Removed: We anticipate inflation in 2024 will be moderate compared to 2023 based on the monetary policy measures implemented in the jurisdictions in which we operate.
+Added: The U.S., Mexico and most of Europe continue to experience inflation at above-historical levels, though to a lesser degree than in the prior year.
+Added: None of the locations in which we operate are experiencing hyperinflation.
+Added: We have responded to these inflationary challenges by continuing negotiations with customers to recoup the extraordinary costs we have experienced.
+Added: We also continue to focus on operational initiatives that aim to deliver labor efficiencies, better agricultural performance and improved yields.
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.