3 unchanged sentences
When available, we use quoted market prices or rates to determine the fair value of our derivative instruments.
−Removed: This may include prices or rates quoted on an exchange, such as the Chicago Mercantile Exchange, quotes obtained from brokers, or independent valuations from external sources, such as banks.
+Added: This may include prices or rates quoted on an exchange, such as the CME, quotes obtained from brokers, or independent valuations from external sources, such as banks.
In some cases where market prices are not available, we make use of observable market-based inputs to calculate fair value.
1 unchanged sentence
The following table presents the fair values of our open derivative financial instruments in the condensed consolidated balance sheets.
−Removed: June 29, 2025 December 29, 2024
+Added: September 28, 2025 December 29, 2024
(in millions)
1 unchanged sentence
$ (64) $ (30)
+Added: Foreign Currency 1 —
________________
12 unchanged sentences
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: June 29, 2025 December 29, 2024
+Added: September 28, 2025 December 29, 2024
(in millions)
Livestock $ 56 $ 64
+Added: Foreign Currency 3 —
Interest Rate Risk
The following table presents the fair values and carrying values of our fixed-rate debt.
−Removed: June 29, 2025 December 29, 2024
+Added: September 28, 2025 December 29, 2024
Fair Value Carrying Value Fair Value Carrying Value
(in millions)
−Removed: Debt $ 1,882 $ 1,984 $ 1,821 $ 1,983
+Added: Total debt $ 1,898 $ 1,985 $ 1,821 $ 1,983
We determine the fair value of fixed-rate debt using Level 2 inputs based on quoted market prices.
1 unchanged sentence
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 $33 million and $43 million as of June 29, 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 $32 million and $43 million as of September 28, 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 June 29, 2025 and December 29, 2024 were not material.
+Added: The fair values of interest rate swaps as of September 28, 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 June 29, 2025 and December 29, 2024 were not material.
+Added: The fair values of foreign currency exchange forward contracts as of September 28, 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.