What changed 10-K

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

2026-07-15 compared with 2025-07-17 · 1 added, 1 removed, 59 unchanged (3% of the section changed)

34 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 $66 million and $107 million as of May 31, 2026 and 2025, respectively.

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.

The VaR decreased year-over-year as a result of a decrease in foreign currency volatilities as of May 31, 2026.

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.

23 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.