Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes to the disclosures on market risk made in our Annual Report, except as discussed below.

During the third quarter of 2025, we entered into FX forward contracts to reduce our exposure to exchange rate fluctuations associated with the JDE Peet's Acquisition. Refer to Note 2 and Note 5 of the Notes to our Unaudited Consolidated Financial Statements for additional information.

In October 2025, in order to hedge the variability in cash flows from interest rate changes associated with our planned future issuances of long-term debt, we entered into forward starting swaps and designated them as cash flow hedges. Refer to Note 18 of the Notes to our Unaudited Consolidated Financial Statements.