16 unchanged sentences
Forward contracts
−Removed: At December 31, 2023, of the $1,757 total notional amount of foreign currency derivatives, approximately 56% represents the aggregate of fixed-to-fixed cross-currency interest rate swaps while the remaining 44% primarily represents forward contracts associated with our forecasted foreign currency-denominated sales and purchase transactions.
+Added: At December 31, 2024, of the $2,282 to tal notional amount of foreign currency derivatives, approximately 42 % re presents the aggregate of fixed-to-fixed cross-currency interest rate swaps while the remaining 58 % primarily represents forward contracts associated with our forecasted foreign currency-denominated sales, purchase transactions and hedges of inter-company loans that are not deemed to be permanent in nature.
To manage our global liquidity objectives, we periodically execute intercompany loans, some of which are foreign currency-denominated.
With respect to such intercompany loans, the total notional amount outstanding at December 31, 2024 is approximately $1,070.
−Removed: Depending on the specific objective of each intercompany loan arrangement, certain intercompany loans may be hedged while others remain unhedged for strategic reasons.
+Added: D epending on the specific objective of each intercompany loan arrangement, certain intercompany loans may be hedged while others remain unhedged for strategic reasons.
The decision to hedge the loan, to designate the loan itself as a hedge or not to hedge the loan is dependent on management's underlying strategy.
−Removed: Of the approximately $975 of foreign currency-denominated intercompany loans outstanding at December 31, 2023, $307, or 32%, has been hedged by one of our fixed-to-fixed cross-currency swaps whereby we have protected the income statement from exchange rate risk.
−Removed: Of the remaining 68% of such outstanding intercompany loans, $243 million has been hedged by foreign currency forwards and the remaining balances have not been hedged.
+Added: Of the approximately $1,070 of f oreign currency-denominated intercompany loans outstanding at December 31, 2024, $288, or 27%, ha s been hedged by one of our fixed-to-fixed cross-currency swaps whereby we have protected the income statement from exchange rate risk.
+Added: Of the remainin g 73% o f such outstanding intercompany loans , $386 has been hedged by foreign currency forwards and the remaining balances have not been hedged.
To align our cash requirements with availability by currency, we also periodically issue external debt that is denominated in a currency other than the functional currency of the issuing entity.
7 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.