18 unchanged sentences
Weighted average interest rate 4.52 % 4.62 % 4.24 % 4.38 % 3.81 % 4.40 % 4.33 %
−Removed: Foreign government and agency securities 151 2 27 — — — 180 177
−Removed: Weighted average interest rate 4.50 % 4.60 % 4.31 % — % — % — % 4.48 %
−Removed: Other debt securities 44 8 8 8 — — 68 67
+Added: Other financial instruments 109 7 9 — — 4 129 129
Weighted average interest rate 3.90 % 4.42 % 4.32 % — % — % 4.19 % 3.96 %
8 unchanged sentences
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 year compared to rates in effect the prior year, International segment net sales decreased by $1.8 billion in comparison with the prior year.
+Added: For example, as a result of fluctuations in foreign exchange rates throughout the year compared to rates in effect the prior year, International segment net sales increased by $4.9 billion in comparison with the prior year.
We have foreign exchange risk related to foreign-denominated cash, cash equivalents, and marketable securities (“foreign funds”).
1 unchanged sentence
We also have foreign exchange risk related to our intercompany balances denominated in various currencies.
−Removed: Based on the intercompany balances as of December 31, 2024, an assumed 5%, 10%, and 20% adverse change to foreign exchange rates would result in losses of $305 million, $605 million, and $1.2 billion, recorded to “Other income (expense), net.”
+Added: Based on the intercompany balances as of December 31, 2025, an assumed 5%, 10%, and 20% adverse change to foreign exchange rates would result in losses of $600 million, $1.2 billion, and $2.4 billion, recorded to “Other income (expense), net.”
See Item 7 of Part II, “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.
2 unchanged sentences
Our equity and equity warrant investments in publicly traded companies, which include our equity investment in Rivian, represent $5.0 billion of our investments as of December 31, 2025, 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.
−Removed: We record our available-for-sale convertible debt investments in private companies at fair value, which primarily relate to Anthropic, PBC.
+Added: We record our equity warrant investments in private companies at fair value and adjust our equity investments in private companies, which primarily relate to our equity investment in Anthropic, 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.
Valuations of private companies are inherently more complex due to the lack of readily available market data.
3 unchanged sentences
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.