3 unchanged sentences
We manage our exposure to market risk through our regular operating and financial activities and, to the extent we deem appropriate, through the use of derivative financial instruments.
−Removed: From time to time, we employ derivative financial instruments as risk management tools and not for speculative or trading purposes.
−Removed: We monitor the use of derivative financial instruments through objective measurable systems, well-defined market and credit risk limits, and timely reports to senior management according to prescribed guidelines.
−Removed: We have established strict counter-party credit guidelines and enter into transactions only with financial institutions with a rating of investment grade or better.
−Removed: As a result, we consider the risk of counter-party default to be minimal.
−Removed: There were no active derivative instruments as of December 29, 2024.
Interest Rate Market Risk Exposure
Changes in interest rates affect the interest paid on our variable rate debt.
−Removed: To mitigate the impact of fluctuations in interest rates, our management monitors interest rates and has developed and implemented a policy to maintain the percentage of fixed and variable rate debt within certain parameters, subject to approval by our Board of Directors.
−Removed: In addition, from time to time, we may enter into derivative transactions, such as interest rate swaps, in order to manage exposure to interest rate fluctuations.
+Added: To mitigate the impact of fluctuations in interest rates, our management monitors interest rates and subject to approval by our Board of Directors, may from time to time enter into derivative transactions, such as interest rate swaps, in order to manage exposure to interest rate fluctuations.
There were no active interest rate derivative instruments as of December 28, 2025.
13 unchanged sentences
There were no active foreign currency derivative instruments as of December 28, 2025.
−Removed: During 2024, we recognized a $23.7 million increase in our accumulated other comprehensive loss – foreign currency translation adjustment account compared with fiscal year 2023, primarily due to the weakening of the Euro, Chinese Renminbi, and Australian dollar against the U.S dollar, partially offset by the strengthening of the British Pound sterling against the U.S.
+Added: During 2025, we recognized $50.6 million in other comprehensive income related to foreign currency translation adjustments primarily due to the strengthening of the Euro against the U.S dollar.
Sensitivity Analysis
7 unchanged sentences
As discussed above, our Facility is comprised of a combination of term loan and revolving loan borrowings.
−Removed: The following table summarizes our market risks associated with our variable rate debt obligations under the Facility and fixed rate Senior Notes debt as of December 29, 2024.
+Added: The following table summarizes our market risks associated with our variable rate debt obligations under the Facility as of December 28, 2025.
For debt obligations, the table presents principal cash flows by year of maturity.
−Removed: Rate-Sensitive Liabilities 2025 2026 2027 2028 Total Fair Value
+Added: Rate-Sensitive Liabilities 2026 2027 2028 2029 Thereafter Total Fair Value
(in thousands)
1 unchanged sentence
Variable Rate $ 8,781 $ 8,781 $ 8,781 $ 8,781 $ 146,655 $ 181,779 $ 181,779
−Removed: Fixed Rate — — — 300,000 300,000 294,738
Our weighted average interest rate for our outstanding borrowings under the Facility as of December 28, 2025 and December 29, 2024 was 5.12% and 5.62%, respectively.
2 unchanged sentences
The carrying value of the Company’s borrowings under our Facility approximates fair value as the Facility bears variable interest rates that are similar to existing market rates.
−Removed: Based on a hypothetical immediate 100 basis point increase in interest rates, with all other variables held constant, the fair value of our fixed rate long-term debt would be impacted by a net decrease of $10.0 million.
−Removed: Conversely, a 100-basis point decrease in interest rates would result in a net increase in the fair value of our fixed rate long-term debt of $6.6 million.
Foreign Currency Exchange Rate Risk
3 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.