−Removed: Quantitative and Qualitative Disclosures of Market Risks
+Added: Quantitative and Qualitative Disclosures About Market Risk
Commodity Price Risk.
2 unchanged sentences
Although we enter into arrangements in an effort to mitigate the price volatility of food costs, there are no established fixed price markets for fresh bone-in chicken wings, so we may be subject to prevailing market conditions.
−Removed: Bone-in chicken wings accounted for approximately 19.8% and 16.8% of our company-owned restaurant costs of sales in fiscal years 2024 and 2023.
+Added: Bone-in chicken wings accounted for approximately 20.5% and 19.8% of our company-owned restaurant costs of sales in fiscal years 2025 and 2024, respectively.
A hypothetical 10.0% increase in the bone-in chicken wing costs in fiscal year 2025 would have increased company-owned restaurant costs of sales by approximately $2.0 million during the year.
1 unchanged sentence
Interest Rate Risk.
−Removed: Our long-term debt, including current portion, consisted entirely of the $1,220.9 million incurred under the 2024 Notes, 2022 Notes and 2020 Notes as of December 28, 2024 (excluding unamortized debt issuance costs).
+Added: Our long-term debt consisted entirely of the $1,209.1 million incurred under the 2024 Notes, 2022 Notes and 2020 Notes as of December 27, 2025 (excluding unamortized debt issuance costs).
The Company’s predominantly fixed-rate debt structure has reduced its exposure to interest rate increases that could adversely affect its earnings and cash flows, but the Company remains exposed to changes in market interest rates reflected in the fair value of the debt and to the risk that the Company may need to refinance maturing debt with new debt at a higher rate.
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.