13 unchanged sentences
Australian Dollars $ 1,136 $ 1,064 $ 973
−Removed: As of November 29, 2024, the total notional amounts of all outstanding foreign exchange contracts were $5.89 billion, which included the notional equivalent of $2.73 billion in Euros, $791 million in Japanese Yen, $714 million in British Pounds, $609 million in Indian Rupees, $585 million in Australian Dollars, $386 million in Canadian dollars and $76 million in other foreign currencies.
+Added: Canadian Dollars
+Added: $ 743 $ 669 $ 599
+Added: As of November 28, 2025, the gross notional amounts of all outstanding foreign exchange contracts totaled $6.54 billion, which included the notional equivalent of $3.27 billion in Euros, $884 million in Japanese Yen, $741 million in British Pounds, $668 million in Indian Rupees, $543 million in Australian Dollars, $391 million in Canadian dollars and $39 million in other foreign currencies.
As of November 28, 2025, all contracts were set to expire at various dates through September 2027.
11 unchanged sentences
Dollar functional currency foreign subsidiaries.
−Removed: As of November 29, 2024 and December 1, 2023, this long-term investment exposure totaled an absolute notional equivalent of $1.19 billion and $1.03 billion, respectively.
+Added: As of November 28, 2025 and November 29, 2024, this long-term investment exposure totaled an absolute notional equivalent of $1.32 billion and $1.19 billion, respectively.
At this time, we do not hedge these long-term investment exposures.
8 unchanged sentences
When the forecasted transaction affects earnings, we reclassify the related gain or loss on the cash flow hedge to revenue or operating expenses, as applicable.
−Removed: In the event the underlying forecasted transaction does not occur, or it becomes probable that
−Removed: it will not occur, we reclassify the gain or loss on the related cash flow hedge from accumulated other comprehensive income (loss) to revenue or operating expenses, as applicable.
+Added: 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 or operating expenses, as applicable.
For the fiscal year ended November 28, 2025, there were no net gains or losses recognized in revenue or operating expenses relating to hedges of forecasted transactions that did not occur.
4 unchanged sentences
At November 28, 2025, the outstanding balance sheet hedging derivatives had maturities of 180 days or less.
−Removed: See Note 6 of our Notes to Consolidated Financial Statements for information regarding our derivative financial instruments.
+Added: See Not e 5 o f our Notes to Consolidated Financial Statements for information regarding our derivative financial instruments.
Interest Rate Risk
Short-Term Investments and Fixed Income Securities
−Removed: At November 29, 2024, we had debt securities classified as short-term investments of $273 million.
+Added: At November 28, 2025, we had debt securities classified as short-term investments of $1.16 billion.
Changes in interest rates could adversely affect the market value of these investments.
2 unchanged sentences
Conversely, a 150 basis point decrease in interest rates would lead to a $4 million increase in the market value of our short-term investments.
−Removed: As of November 29, 2024, we had $5.65 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 November 28, 2025, we had $6.15 billion of senior notes outstanding.
+Added: We have entered into interest rate swaps related to certain of our senior notes that effectively convert the fixed interest rates to floating interest rates based on the Secured Overnight Financing Rate Overnight Index Swap Rate plus a fixed number of basis points through their respective par call dates.
+Added: Accordingly, our exposure to fluctuations in market interest rates is on the hedged fixed-rate debt of $2.70 billion.
+Added: An immediate hypothetical 50 basis point increase or decrease in market interest rates would lead to a $71 million change in the fair value of our hedged fixed-rate debt.
+Added: The remainder of our outstanding senior notes bear interest at fixed rates, and therefore do not subject us to financial statement risk associated with changes in interest rates.
As of November 28, 2025, the total carrying amount of our senior notes was $6.21 billion and the related fair value based on observable market prices in less active markets was $6.18 billion.
1 unchanged sentence
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.