5 unchanged sentences
Dollars and various other currencies, which subject us to exposure from movements in exchange rates.
−Removed: We may use foreign exchange purchased options or forward contracts to hedge our foreign currency revenue.
−Removed: Additionally, we hedge our net recognized foreign currency monetary assets and liabilities with foreign exchange forward contracts.
−Removed: We hedge these exposures to reduce the risk that our earnings and cash flows will be adversely affected by changes in exchange rates.
+Added: We may use foreign exchange option contracts or forward contracts to hedge a portion of our forecasted foreign currency denominated revenue.
+Added: Additionally, we hedge our net recognized foreign currency monetary assets and liabilities with foreign exchange forward contracts to reduce the risk that our earnings and cash flows will be adversely affected by changes in exchange rates.
Our significant foreign currency revenue exposures for fiscal 2020, 2019 and 2018 were as follows :
−Removed: (in millions, except Japanese Yen)
−Removed: Japanese Yen (in billions)
+Added: (in millions) 2020 2019 2018
+Added: Euro € 1,887 € 1,603 € 1,310
+Added: Japanese Yen ¥ 88,640 ¥ 73,158 ¥ 60,791
British Pounds £ 562 £ 503 £ 423
−Removed: As of November 29, 2019 , the total absolute value of all outstanding foreign exchange contracts, including options and forwards, was $1.90 billion , which included the notional equivalent of $927.0 million in Euros, $431.0 million in British Pounds, $341.3 million in Japanese Yen and $201.8 million in other foreign currencies.
+Added: Australian Dollars $ 645 $ 538 $ 441
+Added: As of November 27, 2020, the total notional amounts of all outstanding foreign exchange contracts, including options and forwards, was $2.03 billion, which included the notional equivalent of $923 million in Euros, $385 million in Japanese Yen, $321 million in British Pounds, $212 million in Australian Dollars and $186 million in other foreign currencies.
As of November 27, 2020, all contracts were set to expire at various dates through June 2021.
−Removed: The bank counterparties in these contracts could expose us to credit-related losses that would be largely mitigated with master netting arrangements with the same counterparty by permitting net settlement
−Removed: transactions.
−Removed: In addition, we enter into collateral security agreements that provide for collateral to be received or posted when the net fair value of these contracts fluctuates from contractually established thresholds.
+Added: The bank counterparties in these contracts could expose us to credit-related losses that would be largely mitigated with master netting arrangements with the same counterparty by permitting net settlement transactions.
+Added: In addition, we enter into collateral security agreements that
+Added: provide for collateral to be received or posted when the net fair value of these contracts fluctuates from contractually established thresholds.
A sensitivity analysis was performed on all of our foreign exchange derivatives as of November 27, 2020.
14 unchanged sentences
Cash Flow Hedges of Forecasted Foreign Currency Revenue
−Removed: We may use foreign exchange purchased options or forward contracts to hedge foreign currency revenue denominated in Euros, British Pounds and Japanese Yen.
+Added: We may use foreign exchange purchased options or forward contracts to hedge foreign currency revenue denominated in Euros, British Pounds, Japanese Yen and Australian Dollars.
We hedge these cash flow exposures to reduce the risk that our earnings and cash flows will be adversely affected by changes in exchange rates.
−Removed: These foreign exchange contracts, carried at fair value, may have maturities between one and twelve months.
+Added: These foreign exchange contracts, carried at fair value, have maturities of up to twelve months.
We enter into these foreign exchange contracts to hedge forecasted revenue in the normal course of business and accordingly, they are not speculative in nature.
−Removed: We record changes in fair value of these cash flow hedges of foreign currency denominated revenue in accumulated other comprehensive income (loss) until the forecasted transaction occurs.
+Added: We record changes in fair value of these cash flow hedges of foreign currency denominated revenue in accumulated other comprehensive income (loss) in our Consolidated Balance Sheets, until the forecasted transaction occurs.
When the forecasted transaction affects earnings, we reclassify the related gain or loss on the cash flow hedge to revenue.
3 unchanged sentences
Our derivatives not designated as hedging instruments consist of foreign currency forward contracts that we primarily use to hedge monetary assets and liabilities denominated in non-functional currencies to reduce the risk that our earnings and cash flows will be adversely affected by changes in foreign currency exchange rates.
−Removed: These foreign exchange contracts are carried at fair value with changes in fair value of these contracts recorded to interest and other income (expense), net in our Consolidated Statements of Income.
+Added: These foreign exchange contracts are carried at fair value with changes in fair value of these contracts recorded to other income (expense), net in our Consolidated Statements of Income.
These contracts reduce the impact of currency exchange rate movements on our assets and liabilities.
10 unchanged sentences
(dollars in millions)
−Removed: Fair Value 11/29/19
−Removed: Fair Value 11/30/18
−Removed: As of November 29, 2019 , our Term Loan’s carrying value was $2.25 billion .
−Removed: At our election, the Term Loan will bear interest at either (i) LIBOR plus a margin, based on our debt ratings, ranging from 0.500% to 1.000% or (ii) a base rate plus a margin, based on our debt ratings, ranging from 0.040% to 0.110% .
−Removed: Interest is payable periodically, in arrears, at the end of each interest period we elect.
−Removed: An immediate hypothetical 50 basis points increase or decrease in market interest rates would not have a significant impact on our results of operations.
−Removed: As of November 29, 2019 , the amount outstanding under our Notes was $1.9 billion .
−Removed: In June 2014, we entered into interest rate swaps that effectively converted the fixed interest rate on our 2020 Notes to a floating interest rate based on LIBOR plus a fixed number of basis points through February 1, 2020.
−Removed: Accordingly, our exposure to fluctuations in market interest rates is on the hedged fixed-rate debt of $900 million .
−Removed: An immediate hypothetical 50 basis points increase or decrease in market interest rates would not have a significant impact on our results of operations.
−Removed: As of November 29, 2019 , the total carrying amount of the Notes was $1.89 billion and the related fair value based on observable market prices in less active markets was $1.96 billion .
−Removed: Cash Flow Hedges of Interest Rate Risk
−Removed: In June 2019, in anticipation of refinancing our $2.25 billion Term Loan due April 30, 2020 and $900 million notes payable due February 1, 2020, we entered into Treasury lock agreements with large financial institutions which fixed benchmark U.S.
−Removed: Treasury rates for an aggregate notional amount of $1 billion of our future debt issuance.
−Removed: These derivative instruments hedge the impact of changes in the benchmark interest rate to future interest payments and will be terminated upon closing of our anticipated refinancing.
−Removed: We record changes in the fair value of these cash flow hedges of interest rate risk in accumulated other comprehensive income (loss) until the anticipated refinancing.
−Removed: Upon refinancing and termination of the derivative instruments, their fair value will be amortized over the term of our new debt to interest expense.
+Added: -150 BPS -100 BPS -50 BPS Fair Value 11/27/20
+Added: +50 BPS +100 BPS +150 BPS
+Added: $ 1,521 $ 1,520 $ 1,519 $ 1,514 $ 1,507 $ 1,500 $ 1,493
+Added: -150 BPS -100 BPS -50 BPS Fair Value 11/29/19
+Added: +50 BPS +100 BPS +150 BPS
+Added: $ 1,545 $ 1,539 $ 1,533 $ 1,527 $ 1,521 $ 1,515 $ 1,509
+Added: Following our debt refinancing in February 2020, our outstanding Notes have fixed interest rates.
+Added: As of November 27, 2020, the total carrying amount of our Notes was $4.12 billion and the related fair value based on observable market prices in less active markets was $4.48 billion.
+Added: See Note 17 of our Notes to Consolidated Financial Statements for information regarding our senior notes.
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.