2 unchanged sentences
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.
−Removed: On July 26, 2018, we announced that we had been authorized to repurchase up to $30 billion of our common stock.
+Added: In fiscal 2018, we announced that we had been authorized to repurchase up to $30 billion of our common stock.
The actions taken pursuant to our stock repurchase program have significantly reduced the amount of cash available to fund our investments in marketable securities.
4 unchanged sentences
Interest Rate Risk.
−Removed: We invest a portion of our cash in a number of diversified fixed- and floating-rate securities consisting of cash equivalents, marketable debt securities and demand deposits that are subject to interest rate risk.
−Removed: Changes in the general level of interest rates can affect the fair value of our investment portfolio.
−Removed: If interest rates in the general economy were to rise, our holdings could lose value.
−Removed: As a result of divesting a substantial portion of our marketable securities portfolio and changes in portfolio allocation, the fair value of our investment portfolio is subject to lower interest rate risk.
−Removed: At September 29, 2019 and September 30, 2018 , a hypothetical increase in interest rates of 100 basis points across the entire yield curve on our holdings would have resulted in a negligible decrease in the fair value of our holdings.
+Added: We invest a portion of our cash in a number of diversified fixed- and floating-rate securities consisting of cash equivalents, marketable debt securities and time and demand deposits that are subject to interest rate risk.
+Added: At September 27, 2020, a hypothetical increase in interest rates of 100 basis points across the entire yield curve on our holdings would have resulted in a decrease of $32 million in the fair value of our holdings.
+Added: At September 29, 2019, a hypothetical increase in interest rates of 100 basis points across the entire yield curve on our holdings would have resulted in a negligible decrease in the fair value of our holdings.
Other Investments
1 unchanged sentence
We hold investments in non-marketable equity instruments in privately held companies that may be impacted by equity price risks.
+Added: Beginning in the second quarter of fiscal 2020, the rapid, global spread of COVID-19 and the uncertainty it has created has resulted in significant volatility in the condition of economies and financial markets globally and has led to a global recession.
+Added: This has adversely affected certain of our non-marketable equity investments.
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 and private sales.
−Removed: Consequently, we could incur impairment losses or realized losses on all or a part of the values of our non-marketable equity investments.
−Removed: At September 29, 2019 , the aggregate carrying value of our non-marketable equity investments was included in other noncurrent assets and was $1.1 billion .
−Removed: Debt and Interest Rate Swap Agreements
+Added: Consequently, we could incur significant losses on our non-marketable equity investments.
+Added: At September 27, 2020, the aggregate carrying value of our non-marketable equity investments was included in other noncurrent assets and was $982 million.
Interest Rate Risk.
−Removed: At September 29, 2019 , we have an aggregate principal amount of $15.5 billion of unsecured floating- and fixed-rate notes with varying maturity dates.
−Removed: We have also entered into interest rate swaps with an aggregate notional amount of $1.8 billion to effectively convert certain fixed-rate interest payments into floating-rate payments.
−Removed: The interest rates on our floating-rate notes and interest rate swaps are based on LIBOR.
−Removed: At September 29, 2019 , a hypothetical increase in LIBOR-based interest rates of 100 basis points would cause our interest expense to increase by $18 million on an annualized basis as it relates to our floating-rate notes and interest rate swap agreements.
−Removed: At September 30, 2018 , a hypothetical increase in LIBOR-based interest rates of 100 basis points would have caused our interest expense to increase by $22 million on an annualized basis as it relates to our floating-rate notes and interest rate swap agreements.
−Removed: Additionally, we have a commercial paper program that provides for the issuance of up to $5.0 billion of commercial paper.
−Removed: At September 29, 2019 , we had $499 million of commercial paper outstanding, with original maturities of less than three months.
−Removed: Changes in interest rates could affect the amounts of interest that we pay if we refinance the current outstanding commercial paper with new debt.
−Removed: Additional information regarding our notes and related interest rate swap agreements and commercial paper program is provided in this Annual Report in “Notes to Consolidated Financial Statements, Note 1.
+Added: As substantially all of our debt is comprised of unsecured fixed-rate notes, we are not subject to significant interest rate risk.
+Added: At September 27, 2020, we had an aggregate principal amount of $500 million in unsecured floating-rate notes due January 30, 2023.
+Added: The interest rates on our floating-rate notes are based on LIBOR.
+Added: At September 27, 2020, a hypothetical increase in LIBOR-based interest rates of 100 basis points would cause a negligible increase to interest expense on an annualized basis as it relates to our floating-rate notes.
+Added: At September 27, 2020, we also had $500 million in commercial paper outstanding, for which our exposure to interest rate risk is negligible based on the original maturities of approximately three months or less.
+Added: Additional information regarding our notes and commercial paper program is provided in this Annual Report in “Notes to Consolidated Financial Statements, Note 1.
Significant Accounting Policies” and “Notes to Consolidated Financial Statements, Note 6.
7 unchanged sentences
Foreign Currency Options.
−Removed: At September 29, 2019 , our net asset related to foreign currency options designated as hedges of foreign currency risk on royalties earned from certain licensees was negligible.
+Added: At September 27, 2020, our net liability related to foreign currency options designated as hedges of foreign currency risk on royalties earned from certain licensees was negligible.
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.
1 unchanged sentence
Foreign Currency Forwards.
−Removed: At September 29, 2019 , our net asset related to foreign currency forward contracts designated as hedges of foreign currency risk on certain operating expenditure transactions was negligible.
−Removed: If our forecasted operating expenditures for currencies in which we hedge were to decline by 20% and foreign exchange rates were to change unfavorably by 20% in our hedged foreign currency, we would incur a negligible loss.
−Removed: Based on forecasts at September 30, 2018 , assuming the same hypothetical market conditions, a negligible loss would also have been incurred.
−Removed: At September 29, 2019 , 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.
+Added: At September 27, 2020, our net asset related to foreign currency forward contracts designated as hedges of foreign currency risk on certain operating expenditure transactions was $49 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 not incur a loss as our hedge positions would continue to be fully effective.
+Added: Based on forecasts at September 29, 2019, assuming the same hypothetical market conditions, we would also not have incurred a loss.
+Added: At September 27, 2020, 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.
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.
1 unchanged sentence
Net Investment Hedges.
−Removed: At September 29, 2019 , we have designated $1.4 billion of foreign currency-denominated liabilities 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 $136 million in the accumulated other comprehensive loss attributable to the cumulative translation adjustment at September 29, 2019 related to our net investment hedges.
−Removed: The change in value recorded in cumulative translation adjustment would be expected to offset a corresponding foreign currency translation gain or loss from our investment in foreign subsidiaries.
+Added: At September 27, 2020, we have designated $1.4 billion of foreign currency-denominated liabilities, excluding accrued interest, as hedges of our net investment in certain foreign subsidiaries.
+Added: If foreign exchange rates were to change unfavorably by 10% in our hedged foreign currency, there would be an increase of $144 million in the accumulated other comprehensive loss attributable to the cumulative foreign currency translation adjustment at September 27, 2020 related to our net investment hedges.
+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 foreign subsidiaries.
Functional Currency.
7 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.