15 unchanged sentences
We generally do not hedge anticipated transactions beyond 18 months.
−Removed: The following table presents a sensitivity analysis resulting from a hypothetical change of 10% in market prices as of March 29, 2025, and September 28, 2024, on the fair value of open positions.
+Added: The following table presents a sensitivity analysis resulting from a hypothetical change of 10% in market prices as of June 28, 2025, and September 28, 2024, on the fair value of open positions.
The fair value of such positions is a summation of the fair values calculated for each commodity by valuing each net position at quoted forward and option prices.
1 unchanged sentence
Effect of 10% change in fair value in millions
−Removed: March 29, 2025 September 28, 2024
+Added: June 28, 2025 September 28, 2024
Live Cattle $ 92 $ 11
2 unchanged sentences
Interest Rate Risk
−Removed: At March 29, 2025, we had variable rate debt of $781 million with a weighted average interest rate of 6.2%.
−Removed: A hypothetical 10% increase in interest rates effective at March 29, 2025 would increase annualized interest expense by approximately $5 million.
+Added: At June 28, 2025, we had variable rate debt of $787 million with a weighted average interest rate of 6.2%.
+Added: A hypothetical 10% increase in interest rates effective at June 28, 2025 would increase annualized interest expense by approximately $5 million.
Additionally, changes in interest rates impact the fair value of our fixed-rate debt.
−Removed: At March 29, 2025, we had fixed-rate debt of $8,287 million with a weighted average interest rate of 4.8%.
+Added: At June 28, 2025, we had fixed-rate debt of $8,278 million with a weighted average interest rate of 4.8%.
Market risk for fixed-rate debt is estimated as the potential increase in fair value, resulting from a hypothetical 10% decrease in interest rates.
−Removed: A hypothetical 10% change in interest rates would have changed the fair value of our fixed-rate debt by approximately $240 million at March 29, 2025 and $230 million at September 28, 2024.
+Added: A hypothetical 10% change in interest rates would have changed the fair value of our fixed-rate debt by approximately $234 million at June 28, 2025 and $230 million at September 28, 2024.
The fair values of our debt were estimated based on quoted market prices and/or published interest rates.
8 unchanged sentences
We periodically enter into foreign exchange forward and option contracts to hedge some portion of our foreign currency exposure.
−Removed: A hypothetical 10% change in foreign exchange rates related to the foreign exchange forward and option contracts would have had a $24 million and $25 million impact on pretax income at March 29, 2025, and September 28, 2024 respectively.
+Added: A hypothetical 10% change in foreign exchange rates related to the foreign exchange forward and option contracts would have had a $23 million and $25 million impact on pretax income at June 28, 2025, and September 28, 2024, respectively.
Concentration of Credit Risk
1 unchanged sentence
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.