1 unchanged sentence
Interest Rate Risk.
−Removed: We are primarily exposed to market risks from fluctuations in interest rates and the effects of those fluctuations on the market values of our cash and cash equivalents and our borrowings under the 2021 Credit Facility that bore interest at a variable market rate.
−Removed: As of May 31, 2025 , we had approximately $86.1 million of cash and cash equivalents and no borrowings under our 2021 Credit Facility.
+Added: We are primarily exposed to market risks from fluctuations in interest rates and the effects of those fluctuations on the market values of our cash and cash equivalents and our borrowings under the 2026 Credit Facility (which became effective July 15, 2026 following the termination of the 2025 Credit Facility) that bear interest at a variable market rate.
+Added: As of May 30, 2026 , we had approximately $82.4 million of cash and cash equivalents and no borrowings under the 2025 Credit Facility.
The earnings on cash and cash equivalents are subject to changes in interest rates;
−Removed: however, assuming a constant balance available for investment, a 10% decline in interest rates would reduce our interest income but would not have a material impact on our consolidated financial position or results of operations.
−Removed: We may become exposed to interest rate risk related to fluctuations in the term SOFR rate used under our New Credit Facility.
−Removed: See “ Liquidity and Capital Resources” above and Note 8 – Long-Term Debt in the Notes to Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K for further discussion about the interest rate on our 2021 Credit Facility and New Credit Facility.
−Removed: As of May 31, 2025 , we had no borrowings outstanding and $1.0 million of outstanding letters of credit issued under our 2021 Credit Facility.
+Added: however, assuming a constant balance available for investment, a 10% decline in interest rates would have reduced our interest income but would not have had a material impact on our consolidated financial position or results of operations.
+Added: We may become exposed to interest rate risk related to fluctuations in the Term SOFR rate used under our 2026 Credit Facility.
+Added: See “ Liquidity and Capital Resources” above and Note 8 – Long-Term Debt in the Notes to Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" of this Annual Report on Form 10-K for further discussion about the interest rate on our 2026 Credit Facility.
+Added: We currently have no borrowings outstanding under our 2026 Credit Facility.
Foreign Currency Exchange Rate Risk.
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This compares to approximately 54.2% of our cash and cash equivalents balances as of May 31, 2025 that were denominated in U.S.
−Removed: dollars and approximately 40.8% that were comprised primarily of cash balances translated from Euros, Japanese Yen, Chinese Yuan and Canadian Dollars.
+Added: dollars and approximately 45.8% that were comprised primarily of cash balances translated from Euros, Mexican Pesos, Canadian Dollar, Chinese Yuan, Indian Rupee, Japanese Yen and British Pound Sterling.
The difference resulting from the translation in each period of assets and liabilities of our non-U.S.-based operations is recorded as a component of stockholders’ equity in accumulated other comprehensive income or loss.
3 unchanged sentences
However, we cannot provide assurance that exchange rate fluctuations will not adversely affect our financial results in the future.
−Removed: Table o f Contents
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.