10 unchanged sentences
The majority of derivatives outstanding as of May 31, 2025, are designated as foreign currency cash flow hedges, primarily for Euro/U.S.
−Removed: Dollar, British Pound/Euro, Chinese Yuan/U.S.
−Removed: Dollar, and Japanese Yen/U.S.
+Added: Dollar, Chinese Yuan/U.S.
+Added: Dollar, British Pound/Euro, and Japanese Yen/U.S.
Dollar currency pairs.
20 unchanged sentences
The estimated maximum one-day loss in fair value on our foreign currency sensitive derivative financial instruments, derived using the VaR model, was $107 million and $57 million as of May 31, 2025 and 2024, respectively.
−Removed: The VaR decreased year-over-year as a result of a decrease in foreign currency volatilities as of May 31, 2024.
+Added: The VaR increased year-over-year as a result of an increase in foreign currency volatilities as well as increased trade volumes as of May 31, 2025.
Such a hypothetical loss in the fair value of our derivatives would be offset by increases in the value of the underlying transactions being hedged.
The average monthly change in the fair values of foreign currency forward and foreign currency option derivative instruments was $200 million and $180 million during fiscal 2025 and fiscal 2024, respectively.
+Added: 2025 FORM 10-K 50
The instruments not included in the VaR are intercompany loans denominated in non-functional currencies, fixed interest rate U.S.
Dollar denominated debt, and interest rate swaps.
−Removed: Intercompany loans and related interest amounts are eliminated in
−Removed: 2024 FORM 10-K 51
−Removed: consolidation.
+Added: Intercompany loans and related interest amounts are eliminated in consolidation.
Furthermore, our non-functional currency intercompany loans are substantially hedged against foreign exchange risk through the use of forward contracts, which are included in the VaR calculation above.
13 unchanged sentences
Notional amount $ — $ — $ — $ — $ — $ 2,400 $ 2,400 $ 21
−Removed: $ — $ — $ — $ — $ — $ 1,800 $ 1,800 $ (31)
Average fixed interest rate 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 3.6 % 3.6 %
−Removed: 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 3.5 % 3.5 %
Average variable interest rate 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 3.8 % 3.8 %
−Removed: 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 3.7 % 3.7 %
2025 FORM 10-K 51
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.