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 January 23, 2026 and April 25, 2025 was $19.9 billion and $23.6 billion, respectively.
−Removed: At January 23, 2026, these contracts were in a net unrealized gain position of $142 million.
−Removed: Additional information regarding our currency exchange rate derivative instruments is included in Note 8 in 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 January 23, 2026 and April 25, 2025 indicates that, if the U.S.
+Added: The gross notional amount of all currency exchange rate derivative instruments outstanding at July 31, 2026 and April 24, 2026 was $18.8 billion and $20.3 billion, respectively.
+Added: At July 31, 2026, these contracts were in a net unrealized gain position of $443 million.
+Added: Additional information regarding our currency exchange rate derivative instruments is included in Note 8 to the condensed consolidated financial statements.
+Added: A sensitivity analysis of changes in the fair value of all currency exchange rate derivative contracts at July 31, 2026 and April 24, 2026 indicates that, if the U.S.
dollar uniformly strengthened/weakened by 10 percent against all currencies, the fair value of these contracts would increase/decrease by approximately $1.5 billion and $1.7 billion, respectively.
4 unchanged sentences
We manage interest rate risk in the aggregate, while focusing on our immediate and intermediate liquidity needs.
−Removed: Our debt portfolio at January 23, 2026 was comprised of debt predominantly denominated in U.S.
+Added: Our debt portfolio at July 31, 2026 was comprised of debt predominantly denominated in U.S.
dollars and Euros, which is primarily 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 50 basis point change in interest rates, as compared to interest rates at January 23, 2026 and April 25, 2025, indicates that the fair value of these instruments would correspondingly change by $89 million and $74 million, respectively.
−Removed: For a discussion of current market conditions and the impact on our financial condition and results of operations, please see the “Liquidity” section of the current period's Management's Discussion and Analysis.
−Removed: For additional discussion of market risk, refer to Notes 6 and 8 in the consolidated financial statements.
+Added: A sensitivity analysis of the impact on our interest rate-sensitive financial instruments of a hypothetical 50 basis point change in interest rates, as compared to interest rates at July 31, 2026 and April 24, 2026, indicates that the fair value of these instruments would correspondingly change by $92 million and $91 million, respectively.
+Added: For a discussion of current market conditions and the impact on our financial condition and results of operations, please see the “Liquidity” section of the Management's Discussion and Analysis.
+Added: For additional discussion of market risk, refer to Notes 6 and 8 to the condensed consolidated financial statements.
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.