7 unchanged sentences
The following table presents the fair values of our open derivative financial instruments in the consolidated balance sheets.
−Removed: 2024 December 31,
+Added: December 28, 2025 December 29, 2024
+Added: (in millions)
Livestock (1)
1 unchanged sentence
(1) Negative amount represents net liabilities.
−Removed: Derivative Financial Instruments” to the consolidated financial statements included in Part II, Item 8 of this Annual Report for the effects of derivative instruments on our consolidated statements of income.
+Added: Derivative Financial Instruments” to the consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K for the effects of derivative instruments on our consolidated statements of income.
Commodities Risk
8 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, as of December 28, 2025 and December 29, 2024.
−Removed: 2024 December 31,
+Added: December 28, 2025 December 29, 2024
+Added: (in millions)
Livestock $ 46 $ 64
+Added: Foreign Currency 3 —
Interest Rate Risk
2 unchanged sentences
Fair Value Carrying Value Fair Value Carrying Value
−Removed: Debt $ 1,821 $ 1,983 $ 1,758 $ 1,979
+Added: (in millions)
+Added: Total debt $ 1,909 $ 1,986 $ 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 $43 million and $53 million as of December 29, 2024 and December 31, 2023, respectively.
+Added: A hypothetical 10% change in interest rates would have impacted the fair value of our fixed-rate debt by $28 million and $43 million as of December 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 December 29, 2024, and December 31, 2023 were not material.
+Added: There were no interest rate swaps outstanding as of December 28, 2025 and December 29, 2024.
Foreign Currency Exchange Risk
Our revenues are primarily generated from transactions denominated in U.S.
−Removed: However, we also generate revenues from transactions denominated in Japanese yen, Canadian dollars and Australian dollars, among others.
−Removed: 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 December 29, 2024 and December 31, 2023 was not material.
+Added: However, we also generate revenues from transactions denominated in Mexican Pesos, Japanese yen, Canadian dollars and Australian dollars, among others.
+Added: We employ foreign currency exchange forward contracts to manage a portion of the exposure to foreign currency exchange risk.
+Added: The fair values of foreign currency exchange forward contracts as of December 28, 2025 and December 29, 2024 were not material.
Concentration of Credit Risk
1 unchanged sentence
From time to time, we may have bank deposits in excess of insurance limits of the Federal Deposit Insurance Corporation.
−Removed: We have not experienced any losses in such accounts and believes it is not exposed to any significant credit risk related to its cash and cash equivalents.
−Removed: Concentrations of credit risk with respect to accounts receivable are limited due to our large number of customers.
−Removed: As of December 29, 2024 and December 31, 2023, 12.8% and 12.5%, respectively, of our accounts receivable balance was due from Walmart.
+Added: We require banks with which we make deposits to maintain minimum credits ratings.
+Added: We have not experienced any losses in such accounts and believe we are not exposed to any significant credit risk related to our cash and cash equivalents.
+Added: Concentrations of credit risk with respect to accounts and notes receivable are limited due to our large number of customers.
+Added: We perform periodic credit evaluations of our customers’ financial condition and generally do not require collateral.
+Added: As of December 28, 2025, we had accounts and notes receivable from Murphy Family Farms and VisionAg totaling $218 million and $47 million, respectively.
+Added: A portion of these balances are secured by the breeding stock and inventories owned by Murphy Family Farms and VisionAg.
+Added: We have an agreement to purchase 3.2 million and 600,000 market hogs annually from Murphy Family Farms and VisionAg, respectively, which further mitigates our exposure to potential credit risk.
+Added: Additionally, as of December 28, 2025, 11% of our accounts receivable balance was due from Walmart.
No other single customer or customer group represented 10% or greater of our accounts receivable.
5 unchanged sentences
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.