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Interest Rate Risk
−Removed: Our primary exposure to market risk for changes in interest rates relates to our Term Loan Due 2027, under which $319 million is currently outstanding, and borrowings under our revolving credit facility, for which the interest rate we pay is based on a floating index.
+Added: Our primary exposure to market risk for changes in interest rates as of September 27, 2025 relates to our Term Loan Due 2027, under which $302 million is currently outstanding, and borrowings under our revolving credit facility, for which the interest rate we pay is based on a floating index.
As of September 27, 2025, we had interest rate swaps with an aggregate notional amount of $300 million that effectively convert our floating rate Term Loan Due 2027 to a fixed rate term loan.
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For more information about our debt and derivative instruments, see Note 5 “Financial Instruments and Concentration of Credit Risk” and Note 6 “Debt” of the notes to the Consolidated Financial Statements included in this report.
+Added: We entered into a TRS during the second quarter of 2025 to substantially offset changes in the deferred compensation plan liabilities resulting from changes in the value of investment elections made by participants.
+Added: Under the terms of the agreement, we make periodic payments at a floating rate, SOFR plus a spread, on the notional value of the swap.
+Added: See Note 5 “Financial Instruments and Concentration of Credit Risk” to the Consolidated Financial Statements included in this report for further details.
Foreign Currency Exchange Risk
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These contracts generally have maturities of up to two months and these forward contracts are not designated as part of a hedging relationship for accounting purposes.
−Removed: Accordingly, all outstanding foreign currency forward contracts are marked-to-market at the end of the period with unrealized gains and losses included in other expense, in the consolidated statements of income.
+Added: Accordingly, all outstanding foreign currency forward contracts are marked-to-market at the end of the period with unrealized gains and losses included in other income (expense), net, in the consolidated statements of income.
From an economic perspective, the objective of our hedging program is for gains or losses on forward contracts to substantially offset gains and losses on the underlying hedged items.
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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.