10 unchanged sentences
We actively manage foreign currency exposures that are associated with commi tted foreign currency purchases and sales, and other assets and liabilities created in the normal course of business at the operating unit level.
−Removed: More than insignificant exposures that cannot be naturally offset within an operating unit are hedged with foreign currency derivatives.
+Added: More than insignificant exposures that cannot be naturally offset within or among operating units are hedged with foreign currency derivatives.
+Added: The Company also uses net investment hedging to hedge the foreign currency risk of our net investment in foreign operations against adverse movements in exchange rates against the U.S.
Foreign exchange exposures arising from intercompany loan and deposit transactions are also hedged regularly.
1 unchanged sentence
Foreign currency forward contracts are sensitive to changes in foreign currency exchange rates.
−Removed: A 10% unfavorable exchange rate movement in our portfolio of foreign currency contracts would have resulted in an increase in unrealized losses of $1.0 billion at both December 31, 2024 and 2023, respectively.
−Removed: Such losses or gains would be offset by corresponding gains or losses in the remeasurement of the underlying transactions being hedged.
+Added: A 10% unfavorable exchange rate movement in our portfolio of foreign currency contracts would have resulted in an increase in unrealized losses of $0.9 billion and $1.0 billion at December 31, 2025 and 2024, respectively.
+Added: Such losses or gains would be offset by corresponding gains or losses in the remeasurement of the underlying transactions and balances being hedged.
We believe these foreign currency forward exchange contracts and the offsetting underlying commitments, when taken together, do not create material market risk.
16 unchanged sentences
Dollars for reporting purposes.
−Removed: While the objective of the hedging program is to minimize the foreign curren cy exchange impact on operating results, there are typically variances between the hedging gains or losses and the translational impact due to the length of hedging contracts, changes in the sales profile, volatility in the exchange rates, and other such operational considerations.
+Added: While the objective of the hedging program is to minimize the foreign curren cy exchange impact on operating results, there are typically variances
+Added: between the hedging gains or losses and the translational impact due to the length of hedging contracts, changes in the sales profile, volatility in the exchange rates, and other such operational considerations.
Interest Rate Risk.
8 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.