2 unchanged sentences
To address certain of these risks, we enter into various derivative transactions as described below.
−Removed: If a derivative instrument is accounted for as a hedge, depending on the nature of the hedge, changes in the fair value of the instrument either will be offset against the change in fair value of the hedged assets, liabilities or firm commitments through earnings, or be recognized in other comprehensive income (loss) until the hedged item is recognized in earnings.
+Added: If a derivative instrument is accounted for as a hedge, depending on the nature of the hedge, changes in the fair value of the instrument either will be offset by changes in the fair value of the hedged assets, liabilities or firm commitments through earnings, or be recognized in other comprehensive income (loss) until the hedged item is recognized in earnings.
Further, we hold certain positions, primarily in grain and livestock futures, that either do not meet the criteria for hedge accounting or are not designated as hedges.
5 unchanged sentences
We purchase certain commodities, such as grains and livestock, during normal operations.
−Removed: As part of our commodity risk management activities, we use derivative financial instruments, primarily forwards and options, to reduce the effect of changing prices and as a mechanism to procure the underlying commodity.
+Added: As part of our commodity risk management activities, we use derivative financial instruments, primarily forward contracts and options, to reduce the effect of changing prices and as a mechanism to procure the underlying commodity.
However, as the commodities underlying our derivative financial instruments can experience significant price fluctuations, any requirement to mark-to-market the positions that have not been designated or do not qualify as hedges could result in volatility in our results of operations.
−Removed: Contract terms of a hedge instrument closely mirror those of the hedged item providing a high degree of risk reduction and correlation.
+Added: The contract terms of a hedge instrument closely mirror those of the hedged item providing a high degree of risk reduction and correlation.
Contracts designated and highly effective at meeting this risk reduction and correlation criteria are recorded using hedge accounting.
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 28, 2026, 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 June 27, 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.
−Removed: The market risk exposure analysis included both derivatives designated as hedge instruments and derivatives not designated as hedge instruments.
+Added: The market risk exposure analysis includes both derivatives designated as hedge instruments and derivatives not designated as hedge instruments.
Effect of 10% change in fair value in millions
−Removed: March 28, 2026 September 27, 2025
+Added: June 27, 2026 September 27, 2025
Live Cattle $ 12 $ 18
2 unchanged sentences
Interest Rate Risk
−Removed: At March 28, 2026, we had variable rate debt of $67 million with a weighted average interest rate of 4.4%.
−Removed: A hypothetical 10% increase in interest rates effective at March 28, 2026 would increase annualized interest expense by less than $1 million.
+Added: At June 27, 2026, we had variable rate debt of $56 million with a weighted average interest rate of 3.9%.
+Added: A hypothetical 10% increase in interest rates effective at June 27, 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 March 28, 2026, we had fixed-rate debt of $8,016 million with a weighted average interest rate of 4.9%.
+Added: At June 27, 2026, we had fixed-rate debt of $7,950 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 $240 million at March 28, 2026 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 $233 million at June 27, 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 $18 million and $21 million impact on pretax income at March 28, 2026, 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 $29 million and $21 million impact on pretax income at June 27, 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.