14 unchanged sentences
We have exposure to currency exchange rate fluctuations worldwide and particularly with respect to the Australian, Canadian and New Zealand dollars, the euro and British pound sterling.
−Removed: We use currency forward contracts and currency swap contracts to manage exchange rate risk that arises from certain intercompany transactions and from non-functional currency denominated assets and liabilities and earnings denominated in non-U.S.
+Added: We primarily use currency forward contracts and currency swap contracts to manage exchange rate risk that arises from certain intercompany transactions and from non-functional currency denominated assets and liabilities and earnings denominated in non-U.S.
dollar currencies.
−Removed: Our currency forward contracts are often not designated as hedges and therefore changes in the fair value of these derivatives are recognized in earnings as they occur.
+Added: Our currency contracts are often not designated as hedges and therefore changes in the fair value of these derivatives are recognized in earnings as they occur.
We anticipate that such currency exchange rate risk will remain a market risk exposure for the foreseeable future.
1 unchanged sentence
The sensitivity analysis measures the potential impact on earnings, cash flows and fair values based on a hypothetical 10% appreciation or depreciation in the value of the underlying currencies being hedged, against the U.S.
−Removed: dollar at December 31, 2024.
+Added: dollar as of December 31, 2025.
With all other variables held constant, a hypothetical 10% change (increase or decrease) in currency exchange rates would not have a material impact on our 2025 earnings.
1 unchanged sentence
Interest Rate Risk Management
−Removed: Our primary interest rate exposure at December 31, 2024 was interest rate fluctuation in the United States due to its impact on variable rate borrowings and other interest rate sensitive liabilities.
+Added: Our primary interest rate exposure as of December 31, 2025 was interest rate fluctuation in the United States due to its impact on variable rate borrowings and other interest rate sensitive liabilities.
We use interest rate swaps and caps to manage our exposure to interest rate movements.
11 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.