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However, the fair value of our long-term debt, which pays interest at a fixed rate, will generally fluctuate with movements of interest rates, increasing in periods of declining rates of interest and declining in periods of increasing rates of interest.
−Removed: We generally invest our excess cash in AAA-rated money market funds and investment grade short- to intermediate-term marketable debt securities.
+Added: We generally invest our excess cash in investment grade short- to intermediate-term marketable debt securities and AAA-rated money market funds.
Marketable debt securities with fixed interest rates may have their fair market value adversely affected due to a rise in interest rates, and we may suffer losses in principal if forced to sell securities that have declined in market value due to changes in interest rates.
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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 Q3 2024 decreased by $46 million in comparison with Q3 2023.
+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 Q1 2025 decreased by $1.0 billion in comparison with Q1 2024.
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 September 30, 2024, of $19.5 billion, an assumed 5%, 10%, and 20% adverse change to foreign exchange would result in declines of $975 million, $1.9 billion, and $3.9 billion.
+Added: Based on the balance of foreign funds as of March 31, 2025, of $18.6 billion, an assumed 5%, 10%, and 20% adverse change to foreign exchange would result in declines of $930 million, $1.9 billion, and $3.7 billion.
We also have foreign exchange risk related to our intercompany balances denominated in various currencies.
−Removed: Based on the intercompany balances as of September 30, 2024, an assumed 5%, 10%, and 20% adverse change to foreign exchange rates would result in losses of $285 million, $570 million, and $1.1 billion, recorded to “Other income (expense), net.”
+Added: Based on the intercompany balances as of March 31, 2025, an assumed 5%, 10%, and 20% adverse change to foreign exchange rates would result in losses of $315 million, $630 million, and $1.3 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 September 30, 2024, our recorded value in equity, equity warrant, and convertible debt investments in public and private companies was $12.0 billion.
−Removed: Our equity and equity warrant investments in publicly traded companies, which include our equity investment in Rivian, represent $3.9 billion of our investments as of September 30, 2024, and are recorded at fair value, which is subject to market price volatility.
−Removed: We record our equity warrant investments in private companies at fair value and adjust our equity investments in private companies for observable price changes or impairments.
+Added: As of March 31, 2025, our recorded value in equity, equity warrant, and convertible debt investments in public and private companies was $21.0 billion.
+Added: Our equity and equity warrant investments in publicly traded companies, which include our equity investment in Rivian, represent $3.8 billion of our investments as of March 31, 2025, and are recorded at fair value, which is subject to market price volatility.
+Added: We record our equity warrant investments in private companies at fair value and adjust our equity investments in private companies, which primarily include our equity investment in Anthropic, PBC, for observable price changes or impairments.
+Added: We record our available-for-sale convertible debt investments in private companies at fair value, which primarily relate to Anthropic, PBC.
Valuations of private companies are inherently more complex due to the lack of readily available market data.
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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.