13 unchanged sentences
Australian Dollars $ 768 $ 645 $ 538
−Removed: 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.
−Removed: As of November 27, 2020, all contracts were set to expire at various dates through June 2021.
+Added: As of December 3, 2021, the total notional amounts of all outstanding foreign exchange contracts, including options and forwards, were $3.03 billion, which included the notional equivalent of $1.47 billion in Euros, $480 million in British Pounds, $448 million in Japanese Yen, $338 million in Australian Dollars and $299 million in other foreign currencies.
+Added: As of December 3, 2021, all contracts were set to expire at various dates through June 2022.
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.
−Removed: In addition, we enter into collateral security agreements that
−Removed: provide for collateral to be received or posted when the net fair value of these contracts fluctuates from contractually established thresholds.
−Removed: A sensitivity analysis was performed on all of our foreign exchange derivatives as of November 27, 2020.
+Added: 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: A sensitivity analysis was performed on all of our foreign exchange derivatives as of December 3, 2021.
This sensitivity analysis measures the hypothetical market value resulting from a 10% shift in the value of exchange rates relative to the U.S.
5 unchanged sentences
As a general rule, we do not use foreign exchange contracts to hedge local currency denominated operating expenses in countries where a natural hedge exists.
−Removed: For example, in many countries, revenue in the local currencies substantially offsets the local currency denominated operating expenses.
+Added: For example, in many countries, revenue in the local currencies substantially offsets the
+Added: Table of Content s
+Added: local currency denominated operating expenses.
We also have long-term investment exposures consisting of the capitalization and retained earnings in our non-U.S.
Dollar functional currency foreign subsidiaries.
−Removed: As of November 27, 2020 and November 29, 2019, this long-term investment exposure totaled an absolute notional equivalent of $598 million and $385 million, respectively, with the year-over-year increase primarily driven by earnings growth.
+Added: As of December 3, 2021 and November 27, 2020, this long-term investment exposure totaled an absolute notional equivalent of $749 million and $598 million, respectively, with the year-over-year increase primarily driven by earnings growth.
At this time, we do not hedge these long-term investment exposures.
9 unchanged sentences
In the event the underlying forecasted transaction does not occur, or it becomes probable that it will not occur, we reclassify the gain or loss on the related cash flow hedge from accumulated other comprehensive income (loss) to revenue.
−Removed: For the fiscal year ended November 27, 2020, there were no net gains or losses recognized in revenue relating to hedges of forecasted transactions that did not occur.
+Added: For the fiscal year ended December 3, 2021, there were no net gains or losses recognized in revenue relating to hedges of forecasted transactions that did not occur.
Non-Designated Hedges of Foreign Currency Assets and Liabilities
2 unchanged sentences
These contracts reduce the impact of currency exchange rate movements on our assets and liabilities.
−Removed: At November 27, 2020, the outstanding balance sheet hedging derivatives had maturities of 180 days or less.
+Added: At December 3, 2021, the outstanding balance sheet hedging derivatives had maturities of 180 days or less.
See Note 6 of our Notes to Consolidated Financial Statements for information regarding our derivative financial instruments.
1 unchanged sentence
Short-Term Investments and Fixed Income Securities
−Removed: At November 27, 2020, we had debt securities classified as short-term investments of $1.51 billion.
+Added: At December 3, 2021, we had debt securities classified as short-term investments of $1.95 billion.
Changes in interest rates could adversely affect the market value of these investments.
−Removed: A sensitivity analysis was performed on our investment portfolio as of November 27, 2020.
−Removed: The analysis is based on an estimate of the hypothetical changes in market value of the portfolio that would result from an immediate parallel shift in the yield curve of various magnitudes.
−Removed: The following tables present the hypothetical fair values of our debt securities classified as short-term investments assuming immediate parallel shifts in the yield curve of 50 basis points (“BPS”), 100 BPS and 150 BPS.
−Removed: The analysis is shown as of November 27, 2020 and November 29, 2019:
−Removed: (dollars in millions)
−Removed: -150 BPS -100 BPS -50 BPS Fair Value 11/27/20
−Removed: +50 BPS +100 BPS +150 BPS
−Removed: $ 1,521 $ 1,520 $ 1,519 $ 1,514 $ 1,507 $ 1,500 $ 1,493
−Removed: -150 BPS -100 BPS -50 BPS Fair Value 11/29/19
−Removed: +50 BPS +100 BPS +150 BPS
−Removed: $ 1,545 $ 1,539 $ 1,533 $ 1,527 $ 1,521 $ 1,515 $ 1,509
−Removed: Following our debt refinancing in February 2020, our outstanding Notes have fixed interest rates.
−Removed: 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: A sensitivity analysis was performed on our investment portfolio as of December 3, 2021, based on an estimate of the hypothetical changes in market value of the portfolio that would result from an immediate parallel shift in the yield curve.
+Added: A 150 basis point increase in interest rates would lead to a $27 million decrease in the market value of our short-term investments.
+Added: Conversely, a 150 basis point decrease in interest rates would lead to a $14 million increase in the market value of our short-term investments.
+Added: As of December 3, 2021, we had $4.15 billion of senior notes outstanding which bear interest at fixed rates, and therefore do not subject us to financial statement risk associated with changes in interest rates.
+Added: As of December 3, 2021, the total carrying amount of our senior notes was $4.12 billion and the related fair value based on observable market prices in less active markets was $4.29 billion.
See Note 17 of our Notes to Consolidated Financial Statements for information regarding our senior notes.
+Added: Table of Content s
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.