1 unchanged sentence
Marketable Securities
−Removed: We have made investments in marketable equity securities of companies of varying size, style, industry and geography and changes in investment allocations may affect the price volatility of our investments.
+Added: We have made investments in marketable securities of companies of varying size, style, industry and geography and changes in investment allocations may affect the price volatility of our investments.
Equity Price Risk.
2 unchanged sentences
A 10% decrease in the market price of our marketable equity securities at September 26, 2021 would have caused a decrease in the carrying amounts of these securities of $68 million.
+Added: Certain of our marketable equity investments are in early or growth stage companies, and the fair values of these investments have been and may continue to be subject to increased volatility.
Interest Rate Risk.
4 unchanged sentences
We hold investments in non-marketable equity instruments in privately held companies that may be impacted by equity price risks.
−Removed: Volatility in the equity markets could negatively affect our investees’ ability to raise additional capital as well as our ability to realize value from our investments through initial public offerings, mergers or private sales.
+Added: Volatility in the equity markets and the current macroeconomic environment could negatively affect our investees’ ability to raise additional capital as well as our ability to realize value from our investments through initial public offerings, mergers or private sales.
Consequently, we could incur impairment losses or realized losses on all or part of the values of our non-marketable equity investments.
−Removed: At September 26, 2021, the aggregate carrying value of our non-marketable equity investments was included in other assets and was $1.3 billion.
+Added: At September 25, 2022, the aggregate carrying value of our non-marketable equity investments (including those accounted for under the equity method) was included in other assets and was $1.3 billion.
Debt and Interest Rate Swap Agreements
6 unchanged sentences
From time to time, we manage our exposure to certain interest rate risks related to our long-term debt through the use of interest rate swaps.
−Removed: During fiscal 2021, we entered into forward-starting interest rate swaps with an aggregate notional amount of $2.6 billion to hedge the variability of forecasted interest payments on anticipated debt issuances through 2025.
+Added: During fiscal 2022, we entered into interest rate swaps that are designated as fair value hedges with an aggregate notional amount of $2.1 billion to effectively convert certain fixed-rate interest payments into floating-rate payments on our outstanding debt.
+Added: We entered into these agreements, in part, to manage interest rate risk associated with our cash equivalents and marketable securities, in addition to changes in the fair value of our outstanding debt.
+Added: At September 25, 2022, a hypothetical incr ease in interest rates of 100 basis points would not cause a loss as an increase in interest expense related to these interest rate swaps agreements would be offset by an increase in interest income from our cash equivalents and marketable securities portfolio.
+Added: At September 25, 2022 and September 26, 2021 , we had outstanding forward-starting interest rate swaps with an aggregate notional amount of $1.6 billion and $2.6 billion , respectively, to hedge the variability of forecasted interest payments on anticipated debt issuances.
The interest rates on our interest rate swaps are based on LIBOR.
−Removed: At September 26, 2021, a hypothetical decrease in interest rates of 100 basis points would cause an increase of $23 million to interest expense on an annualized basis resulting from the changes in fair values of the interest rate swaps related to our anticipated debt issuances through 2025.
+Added: At September 25, 2022 and September 26, 2021 , a hypothetical decrease in interest rates of 100 basis points would cause a negligible and $23 million increase, respectively, to interest expense on an annualized basis resulting from the changes in fair values of the interest rate swaps related to our anticipated debt issuances.
Foreign Exchange Risk
4 unchanged sentences
Foreign Currency Options.
−Removed: At September 26, 2021, our net liability related to foreign currency options designated as hedges of foreign currency risk on royalties earned from certain licensees was negligible.
+Added: At September 25, 2022, our net asset related to foreign currency options designated as hedges of foreign currency risk on royalties earned from certain licensees was $19 million.
At September 25, 2022 and September 26, 2021, if our forecasted royalty revenues for currencies in which we hedge were to decline by 10% and foreign exchange rates were to change unfavorably by 10% in our hedged foreign currency, we would not incur a loss as our hedge positions would continue to be fully effective.
Foreign Currency Forwards.
−Removed: At September 26, 2021, our net asset related to foreign currency forward contracts designated as hedges of foreign currency risk on certain operating expenditure transactions was $39 million.
−Removed: If our forecasted operating expenditures for currencies in which we hedge were to decline by 10% and foreign exchange rates were to change
−Removed: unfavorably by 10% in our hedged foreign currency, we would incur a negligible loss.
−Removed: Based on forecasts at September 27, 2020, assuming the same hypothetical market conditions, we would not have incurred a loss.
−Removed: At September 26, 2021, our net asset related to foreign currency forward contracts not designated as hedging instruments used to manage foreign currency risk on certain receivables and payables was negligible.
−Removed: At September 26, 2021 and September 27, 2020, if the foreign exchange rates were to change unfavorably by 10% in our hedged foreign currency, we would not incur a loss as the change in the fair value of the foreign currency option and forward contracts would be offset by the change in fair value of the related receivables and/or payables being economically hedged.
+Added: At September 25, 2022, our net liability related to foreign currency forward contracts designated as hedges of foreign currency risk on certain operating expenditure transactions was $133 million.
+Added: If our forecasted operating expenditures for currencies in which we hedge were to decline by 10% and foreign exchange rates were to change unfavorably by 10% in our hedged foreign currency, we would incur a negligible loss.
+Added: Based on forecasts at September 26, 2021, assuming the same hypothetical market conditions, we would have incurred a negligible loss.
+Added: At September 25, 2022, our net liability related to foreign currency forward contracts not designated as hedging instruments used to manage foreign currency risk on certain receivables and payables was negligible.
+Added: At September 25, 2022 and September 26, 2021, if the foreign exchange rates were to change unfavorably by 10% in our hedged foreign currency, we would not incur a loss as the change in the fair value of the foreign currency forward contracts would be offset by the change in fair value of the related receivables and/or payables being economically hedged.
Net Investment Hedges .
−Removed: At September 26, 2021, we have designated $1.5 billion of foreign currency-denominated liabilities, excluding accrued interest, as hedges of our net investment in certain foreign subsidiaries.
−Removed: If foreign exchange rates were to change unfavorably by 10% in our hedged foreign currency, there would be an increase of $145 million in the accumulated other comprehensive loss attributable to the cumulative foreign currency translation adjustment at September 26, 2021 related to our net investment hedges.
−Removed: The change in value recorded in cumulative foreign currency translation adjustment would be expected to offset a corresponding foreign currency translation gain or loss from our investment in foreign subsidiaries.
+Added: In the third quarter of fiscal 2022, as a result of the reversal of the 2018 EC fine, we discontinued the associated net investment hedge .
+Added: At September 25, 2022, we have designated $235 million of a certain foreign currency-denominated liability, excluding accrued interest, as a hedge of our net investment in a foreign subsidiary.
+Added: At September 25, 2022 and September 26, 2021, if foreign exchange rates were to change unfavorably by 10% in our hedged foreign currency, there would be an increase of $23 million and $145 million, respectively, in the accumulated other comprehensive loss attributable to the cumulative foreign currency translation adjustment related to our net investment hedge.
+Added: The change in value recorded in cumulative foreign currency translation adjustment would be expected to offset a corresponding foreign currency translation gain or loss from our investment in the foreign subsidiary.
Functional Currency.
3 unchanged sentences
As a result, we could experience unanticipated gains or losses on anticipated foreign currency cash flows, as well as economic loss with respect to the recoverability of investments.
−Removed: While we may hedge certain transactions with non-U.S.
+Added: While we may hedge certain
+Added: transactions with non-U.S.
customers, declines in currency values in certain regions may, if not reversed, adversely affect future product sales because our products may become more expensive to purchase in the countries of the affected currencies.
6 unchanged sentences
Marketable Securities.”
+Added: Financial Statements and Supplementary Data
+Added: The information required by this item is included in this Annual Report on pages F-1 through F-31.
+Added: Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
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.