GottaGetBACKonTrack,
In terms of the report; with normal disc height, the degenerative changes are minimal. You do not have any tears of the annulus of the disc nor any disc herniations. You do have some slight bulging of the disc toward the spinal canal. These protrusions do touch the thecal sac (the sheath with contains the spinal cord, nerve roots, and the cerebrospinal fluid). However, at the lower lumbar level, there is no spinal cord in the thecal sac, it ends at the level of L1. Lower down the sac contains the nerve roots, floating in the CSF, called the cauda equina (horse's tail). That is why a lumbar puncture can be down at that level without worrying about hitting the spinal cord.
At the L5S1 level the disc protrusion also touches the nerve roots as they exit the spinal canal. But, the hole which the nerve roots go through (neural foramin or canal) are wide open (patent). There is no compression of the nerve roots.
The facet joints in the posterior aspect of the vertebra don't show any degenerative changes or arthritis.
You do not have any spinal stenosis. The canal dimensions are normal.
The results of any study have to be correlated with the patient's history and physical examination. That is why it is so important to discuss these results with your surgeon.
Good luck.