7 unchanged sentences
The following table presents the fair values of our open derivative financial instruments in the condensed consolidated balance sheets.
−Removed: March 30, 2025 December 29, 2024
+Added: June 29, 2025 December 29, 2024
(in millions)
1 unchanged sentence
$ (69) $ (30)
+Added: ________________
(1) Negative amount represents net liabilities.
+Added: See “Note 10:
Derivative Financial Instruments” to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for the effects of derivative instruments on our condensed consolidated statements of income.
6 unchanged sentences
Gains and losses resulting from our commodity derivative contracts are recorded in cost of sales except for lean hog contracts that are designated in cash flow hedging relationships, which are recorded in sales, and are generally offset by increases and decreases in cash prices for the underlying commodity (with such increases and decreases reflected in the same income statement line items).
−Removed: For example, in a period of rising grain prices, gains resulting from long grain derivative positions would generally be offset by higher cash prices paid to farmers and other suppliers in spot
+Added: For example, in a period of rising grain prices, gains resulting from long grain derivative positions would generally be offset by higher cash prices paid to farmers and other suppliers in spot markets.
However, under the “mark-to-market” method described above, these offsetting changes do not always occur in the same period, which could result in volatility in our results of operations.
The following table presents the sensitivity of the fair value of our open commodity derivative contracts to a hypothetical 10% change in market prices.
−Removed: March 30, 2025 December 29, 2024
+Added: June 29, 2025 December 29, 2024
(in millions)
2 unchanged sentences
The following table presents the fair values and carrying values of our fixed-rate debt.
−Removed: March 30, 2025 December 29, 2024
+Added: June 29, 2025 December 29, 2024
Fair Value Carrying Value Fair Value Carrying Value
4 unchanged sentences
Changes in interest rates impact the fair value of our fixed-rate debt.
−Removed: A hypothetical 10% change in interest rates would impact the fair value of our fixed-rate debt by $38 million and $43 million as of March 30, 2025 and December 29, 2024, respectively.
+Added: A hypothetical 10% change in interest rates would impact the fair value of our fixed-rate debt by $33 million and $43 million as of June 29, 2025 and December 29, 2024, respectively.
We periodically enter into interest rate swaps to hedge our exposure to changes in interest rates on certain financial instruments and to manage the overall mix of fixed rate and floating rate debt instruments.
−Removed: The fair values of interest rate swaps as of March 30, 2025 and December 29, 2024 were not material.
+Added: The fair values of interest rate swaps as of June 29, 2025 and December 29, 2024 were not material.
Foreign Currency Exchange Risk
2 unchanged sentences
We employ foreign currency exchange forward contracts to manage the exposure to foreign currency exchange risk.
−Removed: The fair values of foreign currency exchange forward contracts as of March 30, 2025 and December 29, 2024 were not material.
+Added: The fair values of foreign currency exchange forward contracts as of June 29, 2025 and December 29, 2024 were not material.
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.