10 unchanged sentences
The Company is exposed to risk from foreign currency exchange rate fluctuations resulting from its operating subsidiaries’ transactions denominated in foreign currencies.
−Removed: To mitigate such risk, certain subsidiaries enter into forward currency contracts.
−Removed: As of June 28, 2025 and June 29, 2024, the total notional values of outstanding forward currency contracts designated as cash flow hedges were $735.0 million and $764.6 million, respectively.
+Added: To mitigate such risk, certain subsidiaries enter into forward foreign currency exchange contracts.
+Added: As of June 27, 2026 and June 28, 2025, the total notional values of outstanding forward foreign currency exchange contracts designated as cash flow hedges were $868.8 million and $735.0 million, respectively.
As a result of the use of derivative instruments, we are exposed to the risk that counterparties to the derivative instruments will fail to meet their contractual obligations.
3 unchanged sentences
The Company is also exposed to transaction risk from foreign currency exchange rate fluctuations with respect to various cross-currency intercompany loans, payables and receivables.
−Removed: This primarily includes exposure to exchange rate fluctuations in the Chinese Renminbi, the Singapore Dollar and the New Taiwan Dollar.
−Removed: To manage the exchange rate risk related to these balances, the Company enters into forward currency contracts.
−Removed: As of June 28, 2025 and June 29, 2024, the total notional values of outstanding forward foreign currency contracts related to these loans, payables and receivables were $157.0 million and $348.2 million, respectively.
−Removed: The fair value of outstanding forward currency contracts included in current assets at June 28, 2025 and June 29, 2024 was $6.8 million and $58.3 million, respectively.
−Removed: The fair value of outstanding foreign currency contracts included in current liabilities at June 28, 2025 and June 29, 2024 was $8.0 million and $4.8 million, respectively.
+Added: This primarily includes exposure to exchange rate fluctuations in the British Pound, the Singapore Dollar and the Chinese Renminbi.
+Added: To manage the exchange rate risk related to these balances, the Company enters into cross-currency swaps and forward foreign currency exchange contracts.
+Added: As of June 27, 2026 and June 28, 2025, the total notional values of outstanding cross-currency swaps and forward foreign currency exchange contracts related to these loans, payables and receivables were $222.1 million and $157.0 million, respectively.
+Added: The fair value of outstanding cross-currency swaps and forward foreign currency exchange contracts included in current assets and long-term assets at June 27, 2026 and June 28, 2025 was $31.2 million and $6.8 million, respectively.
+Added: The fair value of outstanding cross-currency swaps and forward foreign currency exchange contracts included in current liabilities and long-term liabilities at June 27, 2026 and June 28, 2025 was $11.3 million and $8.0 million, respectively.
The fair value of these contracts is sensitive to changes in foreign currency exchange rates.
The Company is also exposed to foreign currency exchange rate fluctuations with respect to net investment hedges.
−Removed: As of June 28, 2025 and June 29, 2024, we have multiple fixed to fixed cross currency swap foreign exchange and forward foreign exchange agreements with aggregate notional amounts of $1.69 billion and $1.45 billion, respectively, predominately to hedge our net investment in Euro-denominated subsidiaries, Japanese Yen-denominated subsidiaries and Chinese Renminbi-denominated subsidiaries against future volatility in the exchange rates between the United States dollar and their local currencies.
−Removed: The fair values of outstanding derivative contracts related to net investment hedges included in current assets and long-term assets at June 28, 2025 and June 29, 2024 was $15.6 million and $32.2 million, respectively.
−Removed: The fair values of outstanding derivative contracts related to net investment hedges included in current and long-term liabilities at June 28, 2025 and June 29, 2024 was $263.0 million and $139.4 million, respectively.
−Removed: Under the term of the cross currency swap contracts, we will exchange the semi-annual fixed rate payments on United States denominated debt for fixed rate payments of 5.5% to 6.4% in Euros, Japanese Yen and Chinese Renminbi for fixed rate payments of 5.5% to 7.9% in USD.
+Added: As of June 27, 2026 and June 28, 2025, we have multiple fixed-to-fixed cross-currency swap foreign exchange and forward foreign exchange agreements with aggregate notional amounts of $1.82 billion and $1.69 billion, respectively, predominantly to hedge our net investment in Euro-denominated subsidiaries, Japanese Yen-denominated subsidiaries and Chinese Renminbi-denominated subsidiaries against future volatility in the exchange rates between the United States dollar and their local currencies.
+Added: The fair values of outstanding derivative contracts related to net investment hedges included in current assets and long-term assets at June 27, 2026 and June 28, 2025 were $71.1 million and $15.6 million, respectively.
+Added: The fair values of outstanding derivative contracts related to net investment hedges included in current liabilities and long-term liabilities at June 27, 2026 and June 28, 2025 were $221.1 million and $263.0 million, respectively.
+Added: Under the term of the cross currency swap contracts, we will exchange the semi-annual fixed rate payments on United States denominated debt for fixed rate payments of 5.5% to 7.9% in Euros, Japanese Yen and Chinese Renminbi for fixed rate payments of 5.5% to 7.9% in US Dollars and British Pounds.
We perform a sensitivity analysis to determine the effects that market risk exposures may have on the fair values of our forward foreign currency exchange contracts and net investment hedges.
3 unchanged sentences
Dollar against the foreign currencies under contract would result in a net increase or decrease, respectively, in the fair value of our derivative portfolio of approximately $162 million.
−Removed: This hypothetical net change in fair value should ultimately be largely offset by the net change in the related underlying hedged items.
+Added: This hypothetical net change in fair
+Added: value should ultimately be largely offset by the net change in the related underlying hedged items.
Refer to Note 10, "Derivative Investments and Hedging Activities," for additional information.
9 unchanged sentences
A hypothetical 10% change in the Amended Revolving Credit Facility interest rates would have resulted in an immaterial change in interest expense in fiscal 2026.
−Removed: The Company is exposed to changes in interest rates related to the fair value of the senior unsecured notes.
+Added: The Company is exposed to changes in interest rates related to the fair value of the senior unsecured notes and enters into interest rate contracts to reduce exposure to changes in the fair value of certain fixed‑rate debt resulting from fluctuations in benchmark interest rates.
+Added: As of June 27, 2026, we have interest rate contracts with an aggregate notional amount of $375.0 million, to hedge the changes to the fair value of our fixed-rate debt.
+Added: Refer to Note 10, "Derivative Investments and Hedging Activities," for additional information.
The following table shows the estimated fair values of the senior unsecured notes at June 27, 2026 and June 28, 2025 based on external pricing data, including available quoted market prices of the instruments, and consideration of comparable debt instruments with similar interest rates and trading frequency, among other factors, and are classified as Level 2 measurements within the fair value hierarchy:
2026 June 28,
−Removed: USD Senior Notes:
4.125% Senior Notes due 2027
−Removed: 7.050% Senior Notes due 2025
−Removed: 7.000% Senior Notes due 2026
−Removed: 4.125% Senior Notes due 2027
−Removed: 7.350% Senior Notes due 2028
−Removed: 5.100% Senior Notes due 2030
−Removed: 7.700% Senior Notes due 2030
+Added: $ 394.9 $ 393.0
5.100% Senior Notes due 2030
1 unchanged sentence
5.500% Senior Notes due 2035
−Removed: EUR Senior Notes:
−Removed: 5.350% EUR Senior Notes due 2025 (1)
−Removed: 5.375% EUR Senior Notes due 2027 (1)
−Removed: 5.875% EUR Senior Notes due 2031 (1)
−Removed: (1) The fair values of the Capri Acquisition EUR Senior Notes include the impact of changes in the exchange rate of the United States Dollar against the Euro.
The interest rate payable on the 4.125% Senior Notes due 2027 will be subject to adjustments from time to time if either Moody’s or S&P or a substitute rating agency downgrades (or downgrades and subsequently upgrades) the credit rating assigned to the respective senior notes of such series.
7 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.