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 December 27, 2025, and September 27, 2025, 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 March 28, 2026, and September 27, 2025, 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: December 27, 2025 September 27, 2025
+Added: March 28, 2026 September 27, 2025
Live Cattle $ 25 $ 18
2 unchanged sentences
Interest Rate Risk
−Removed: At December 27, 2025, we had variable rate debt of $44 million with a weighted average interest rate of 4.8%.
−Removed: A hypothetical 10% increase in interest rates effective at December 27, 2025 would increase annualized interest expense by less than $1 million.
+Added: At March 28, 2026, we had variable rate debt of $67 million with a weighted average interest rate of 4.4%.
+Added: A hypothetical 10% increase in interest rates effective at March 28, 2026 would increase annualized interest expense by less than $1 million.
Additionally, changes in interest rates impact the fair value of our fixed-rate debt.
−Removed: At December 27, 2025, we had fixed-rate debt of $8,318 million with a weighted average interest rate of 4.8%.
+Added: At March 28, 2026, we had fixed-rate debt of $8,016 million with a weighted average interest rate of 4.9%.
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 $227 million at December 27, 2025 and $231 million at September 27, 2025.
+Added: A hypothetical 10% change in interest rates would have changed the fair value of our fixed-rate debt by approximately $240 million at March 28, 2026 and $231 million at September 27, 2025.
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 $14 million and $21 million impact on pretax income at December 27, 2025, and September 27, 2025, respectively.
+Added: A hypothetical 10% change in foreign exchange rates related to the foreign exchange forward and option contracts would have had a $18 million and $21 million impact on pretax income at March 28, 2026, and September 27, 2025, 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.