3 unchanged sentences
Fluctuations in the currency exchange rates of currency exposures that are unhedged, such as in certain emerging markets, may result in future earnings and cash flow volatility.
−Removed: The gross notional amount of all currency exchange rate derivative instruments outstanding at October 28, 2022 and April 29, 2022 was $17.9 billion and $13.8 billion, respectively.
−Removed: At October 28, 2022, these contracts were in a net unrealized gain position of $1.0 billion.
+Added: The gross notional amount of all currency exchange rate derivative instruments outstanding at January 27, 2023 and April 29, 2022 was $19.6 billion and $13.8 billion, respectively.
+Added: At January 27, 2023, these contracts were in a net unrealized gain position of $58 million.
Additional information regarding our currency exchange rate derivative instruments is included in Note 8 to the current period's consolidated financial statements.
−Removed: A sensitivity analysis of changes in the fair value of all currency exchange rate derivative contracts at October 28, 2022 indicates that, if the U.S.
+Added: A sensitivity analysis of changes in the fair value of all currency exchange rate derivative contracts at January 27, 2023 indicates that, if the U.S.
dollar uniformly strengthened/weakened by 10 percent against all currencies, it would have the following impact on the fair value of these contracts:
Increase (decrease)
−Removed: (in millions) October 28, 2022
+Added: (in millions) January 27, 2023
10% appreciation in the U.S.
+Added: dollar $ 1,384
10% depreciation in the U.S.
+Added: dollar (1,384)
Any gains and losses on the fair value of derivative contracts would generally be offset by gains and losses on the underlying transactions.
3 unchanged sentences
We manage interest rate risk in the aggregate, while focusing on our immediate and intermediate liquidity needs.
−Removed: Our debt portfolio at October 28, 2022 was comprised of debt predominantly denominated in U.S.
+Added: Our debt portfolio at January 27, 2023 was comprised of debt predominantly denominated in U.S.
dollars, Euros, and Yen, of which substantially all is fixed rate debt.
We are also exposed to interest rate changes affecting our investments in interest rate sensitive instruments, which include our marketable debt securities.
−Removed: A sensitivity analysis of the impact on our interest rate-sensitive financial instruments of a hypothetical 10 basis point change in interest rates, as compared to interest rates at October 28, 2022, would have the following impact on the fair value of these instruments:
+Added: A sensitivity analysis of the impact on our interest rate-sensitive financial instruments of a hypothetical 10 basis point change in interest rates, as compared to interest rates at January 27, 2023, would have the following impact on the fair value of these instruments:
Increase (decrease)
−Removed: (in millions) October 28, 2022
+Added: (in millions) January 27, 2023
10 basis point increase in interest rates $ 66
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.