2 unchanged sentences
We manage the impact of foreign currency exchange rates and interest rates through various financial instruments, including derivative instruments such as foreign currency forward contracts, foreign currency options, interest rate lock contracts and interest rate swap contracts.
−Removed: Table o f Contents
We do not enter into financial instruments for trading or speculative purposes.
2 unchanged sentences
Our results of operations are subject to foreign currency exchange rate fluctuations due to the global nature of our operations.
−Removed: As a result, our consolidated financial position, results of operations and cash flow can be affected by market fluctuations in foreign currency exchange rates, primarily with respect to the Euro, British pound sterling, Canadian dollar and Swiss franc.
+Added: As a result, our consolidated financial position, results of operations and cash flow can be affected by market fluctuations in foreign currency exchange rates, primarily with respect to the Euro, British pound sterling, Canadian dollar, Swiss franc and the Polish złoty.
While the financial results of our global activities are reported in U.S.
12 unchanged sentences
This categorization did not have a material impact on our results of operations or financial position as of December 31, 2025, and is not expected to have a material impact on our results of operations or financial position in the future.
−Removed: In December 2023 the Argentinian Peso experienced a substantial devaluation following a presidential election.
−Removed: The devaluation resulted in a $16.0 million charge recorded during the fourth quarter of 2023 in other (income) expense, net within our consolidated statements of income for the year ended December 31, 2023.
REVENUE AND OPERATING EXPENSE HEDGING PROGRAM
9 unchanged sentences
The primary objective of our balance sheet risk management program is to mitigate the exposure of foreign currency denominated net monetary assets and liabilities of foreign affiliates.
−Removed: In these instances, we principally utilize currency forward contracts.
+Added: In these instances, we principally utilize
+Added: currency forward contracts.
We have not elected hedge accounting for the balance sheet related items.
4 unchanged sentences
The estimated fair value change was determined by measuring the impact of the hypothetical exchange rate movement on outstanding forward contracts.
−Removed: Our use of this methodology to quantify the market risk of such instruments is subject to assumptions and actual impact could be significantly
−Removed: Table o f Contents
+Added: Our use of this methodology to quantify the market risk of such instruments is subject to assumptions and the actual impact could be significantly different.
The quantitative information about market risk is limited because it does not take into account all foreign currency operating transactions.
8 unchanged sentences
We believe that our allowance for doubtful accounts was adequate as of December 31, 2025 and 2024.
−Removed: EQUITY PRICE RISK
−Removed: Our strategic investment portfolio includes investments in equity securities of certain biotechnology companies.
−Removed: While we are holding such securities, we are subject to equity price risk, and this may increase the volatility of our income in future periods due to changes in the fair value of equity investments.
−Removed: We may sell such equity securities based on our business considerations, which may include limiting our price risk.
−Removed: Changes in the fair value of these equity securities are impacted by the volatility of the stock market and changes in general economic conditions, among other factors.
−Removed: The potential change in fair value for equity price sensitive instruments has been assessed on a hypothetical 10.0% adverse movement.
−Removed: As of December 31, 2024 and 2023, a hypothetical adverse 10.0% movement would result in a hypothetical decrease in fair value of approximately $18.0 million and $41.7 million, respectively.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
2 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.