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Upon consolidation, as foreign exchange rates vary, net sales and other operating results may differ materially from expectations, and we may record significant gains or losses on the remeasurement of intercompany balances.
−Removed: For example, as a result of fluctuations in foreign exchange rates throughout the period compared to rates in effect the prior year, International segment net sales in Q2 2020 decreased by $446 million in comparison with Q2 2019.
+Added: For example, as a result of fluctuations in foreign exchange rates throughout the period compared to rates in effect the prior year, International segment net sales in Q3 2020 increased by $747 million in comparison with Q3 2019.
We have foreign exchange risk related to foreign-denominated cash, cash equivalents, and marketable securities (“foreign funds”).
−Removed: Based on the balance of foreign funds as of June 30, 2020, of $16.0 billion, an assumed 5%, 10%, and 20% adverse change to foreign exchange would result in fair value declines of $800 million, $1.6 billion, and $3.2 billion.
+Added: Based on the balance of foreign funds as of September 30, 2020, of $15.6 billion, an assumed 5%, 10%, and 20% adverse change to foreign exchange would result in fair value declines of $780 million, $1.6 billion, and $3.1 billion.
Fluctuations in fair value are recorded in “Accumulated other comprehensive income (loss),” a separate component of stockholders’ equity.
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We have foreign exchange risk related to our intercompany balances denominated in various foreign currencies.
−Removed: Based on the intercompany balances as of June 30, 2020, an assumed 5%, 10%, and 20% adverse change to foreign exchange rates would result in losses of $215 million, $430 million, and $860 million, recorded to “Other income (expense), net.”
+Added: Based on the intercompany balances as of September 30, 2020, an assumed 5%, 10%, and 20% adverse change to foreign exchange rates would result in losses of $250 million, $500 million, and $1.0 billion, recorded to “Other income (expense), net.”
See Item 2 of Part I, “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations — Effect of Foreign Exchange Rates” for additional information on the effect on reported results of changes in foreign exchange rates.
Equity Investment Risk
−Removed: As of June 30, 2020, our recorded value in equity and equity warrant investments in public and private companies was $3.7 billion.
−Removed: Our equity and equity warrant investments in publicly traded companies represent $1.1 billion of our investments as of June 30, 2020, and are recorded at fair value, which is subject to market price volatility.
+Added: As of September 30, 2020, our recorded value in equity and equity warrant investments in public and private companies was $5.2 billion.
+Added: Our equity and equity warrant investments in publicly traded companies represent $1.6 billion of our investments as of September 30, 2020, and are recorded at fair value, which is subject to market price volatility.
We perform a qualitative assessment for our equity investments in private companies to identify impairment.
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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.