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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 Q1 2026 increased by $2.5 billion in comparison with Q1 2025.
+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 Q2 2026 decreased by $82 million in comparison with Q2 2025.
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 March 31, 2026, of $22.1 billion, an assumed 5%, 10%, and 20% adverse change to foreign exchange would result in declines of $1.1 billion, $2.2 billion, and $4.4 billion.
+Added: Based on the balance of foreign funds as of June 30, 2026, of $20.4 billion, an assumed 5%, 10%, and 20% adverse change to foreign exchange rates would result in declines of $1.0 billion, $2.0 billion, and $4.1 billion.
We also have foreign exchange risk related to our intercompany balances denominated in various currencies.
−Removed: Based on the intercompany balances as of March 31, 2026, an assumed 5%, 10%, and 20% adverse change to foreign exchange rates would result in losses of $525 million, $1.0 billion, and $2.1 billion, recorded to “Other income (expense), net.”
−Removed: Our March 2026 Euro-denominated Notes issuance of €14.5 billion creates an exposure to changes in foreign exchange rates.
−Removed: We designated these notes as net investment hedges to mitigate foreign currency exposures related to the translation of our investments in foreign operations to U.S.
+Added: Based on the intercompany balances as of June 30, 2026, an assumed 5%, 10%, and 20% adverse change to foreign exchange rates would result in losses of $400 million, $795 million, and $1.6 billion, recorded to “Other income (expense), net.”
+Added: Our foreign currency-denominated unsecured senior notes create exposure to changes in foreign exchange rates.
+Added: As of June 30, 2026, we have designated $20.7 billion of our Euro- and Canadian Dollar-denominated Notes as net investment hedges to mitigate foreign currency exposures related to the translation of our investments in foreign operations to U.S.
Foreign currency unrealized gains and losses on these notes are included in “Accumulated other comprehensive income (loss)” until the foreign operations are sold or substantially liquidated, at which point these amounts and any translation adjustment of the foreign operations are reclassified to our consolidated statements of operations.
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Equity Investment Risk
−Removed: As of March 31, 2026, our recorded value in equity, equity warrant, and convertible debt investments in public and private companies was $96.5 billion.
−Removed: Our equity and equity warrant investments in publicly traded companies represent $3.8 billion of our investments as of March 31, 2026, and are recorded at fair value, which is subject to market price volatility.
+Added: As of June 30, 2026, our recorded value in equity, equity warrant, and convertible debt investments in public and private companies was $229.7 billion.
+Added: Our equity and equity warrant investments in publicly traded companies represent $7.4 billion of our investments as of June 30, 2026, and are recorded at fair value, which is subject to market price volatility.
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 investments in Anthropic and OpenAI, for observable price changes or impairments.
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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.