5 unchanged sentences
The counterparties to these market-based transactions are generally highly rated institutions.
−Removed: Our objective is to manage our exposures and to decrease the volatility of our earnings and cash flows as a result of changes in underlying rates and costs.
+Added: Our objective is to manage our exposures and to decrease the volatility of our earnings and cash flows as a result of changes in underlying rates and prices.
Interest Rate Risk
6 unchanged sentences
Subsequent to this transition, we are no longer exposed to LIBOR.
−Removed: As of December 31, 2024, the following table presents our fixed rate debt and forward starting interest rate swaps as well as the impact of an absolute 1% adverse change in interest rates on their respective fair values.
−Removed: Notional amounts and fair values are presented in USD based on the applicable exchange rates as of December 31, 2024.
+Added: The following table presents our fixed rate debt and forward starting interest rate swaps as well as the impact of an absolute 1% adverse change in interest rates on their respective fair values.
+Added: Notional amounts and fair values are presented in USD based on the applicable exchange rates as of December 31, 2025 and December 31, 2024.
See Part II - Item 8.
4 unchanged sentences
As of December 31, 2025 As of December 31, 2024 As of December 31, 2025 As of December 31, 2024 As of December 31, 2025 As of December 31, 2024
−Removed: USD denominated fixed rate debt $ 4,900.0 $ 4,900.0 $ (4,484.4) $ (4,608.2) $ (355.3) $ (414.4)
−Removed: Foreign currency denominated fixed rate debt $ 1,175.9 $ 1,260.7 $ (1,212.8) $ (1,248.6) $ (63.3) $ (13.5)
+Added: USD denominated fixed rate notes $ 4,900.0 $ 4,900.0 $ (4,539.0) $ (4,484.4) $ (328.7) $ (355.3)
+Added: Foreign currency denominated fixed rate notes $ 1,304.0 $ 1,175.9 $ (1,340.9) $ (1,212.8) $ (59.4) $ (63.3)
Forward starting interest rate swaps $ 1,000.0 $ 1,000.0 $ 83.7 $ 96.3 $ (81.4) $ (75.1)
7 unchanged sentences
"Basis of Presentation and Summary of Significant Accounting Policies" for our accounting policy over the accounting for translation adjustments and foreign currency transactions.
+Added: Table o f Contents
Approximately $3.7 billion, or 33%, of our net sales were denominated in functional currencies other than the USD for the year ended December 31, 2025.
4 unchanged sentences
Accordingly, the changes in fair value of the net investment hedge due to the fluctuations in the spot rate are recorded to AOCI until a liquidation or deconsolidation event at which point the accumulated gains and losses will be reclassified into earnings.
−Removed: Our foreign currency forward contracts manage our exposure related to certain royalty agreements, the purchase of production inputs and imports that are denominated in currencies other than the entity's functional local currency and other foreign currency exchange exposure.
−Removed: Table of Content s
−Removed: The following table includes details of our foreign currency forwards used to hedge our foreign exchange rate risk as well as the impact of a hypothetical 10% adverse change in the related foreign currency exchange rates on the fair value of the foreign currency forwards.
+Added: Our foreign currency forward contracts manage our exposure related to certain royalty agreements, the purchase of production inputs and imports that are denominated in currencies other than the entity's functional currency and other foreign currency exchange exposure.
+Added: The following table includes details of our foreign currency denominated fixed rate debt.
+Added: The table also presents details of our foreign currency forwards, which are used to hedge our foreign exchange rate risk, as well as the impact of a hypothetical 10% adverse change in the related foreign currency exchange rates on the fair value of our foreign currency denominated fixed rate debt and our foreign currency forwards.
Notional amounts and fair values are presented in USD based on the applicable exchange rate as of December 31, 2025 and December 31, 2024.
−Removed: As of December 31, 2024, approximately 65% of our outstanding foreign currency forwards mature in 2025, 32% mature in 2026 and 3% mature thereafter.
+Added: As of December 31, 2025, approximately 80% of our outstanding foreign currency forwards mature in 2026 and 20% mature in 2027.
Notional amounts Fair Value
Asset/(Liability) Effect of Adverse Change
−Removed: (In millions)
−Removed: As of December 31, 2024 As of December 31, 2023 As of December 31, 2024 As of December 31, 2023 As of December 31, 2024 As of December 31, 2023
+Added: (In millions) As of December 31, 2025 As of December 31, 2024 As of December 31, 2025 As of December 31, 2024 As of December 31, 2025 As of December 31, 2024
Foreign currency denominated fixed rate debt $ 1,304.0 $ 1,175.9 $ (1,340.9) $ (1,212.8) $ (140.9) $ (113.6)
7 unchanged sentences
Notional amounts and fair values are presented in USD based on the applicable exchange rate as of December 31, 2025 and December 31, 2024.
−Removed: As of December 31, 2024, approximately 79% of commodity swaps mature in 2025 and 21% mature in 2026.
+Added: As of December 31, 2025, approximately 81% of commodity swaps mature in 2026, 18% mature in 2027 and 1% mature in 2028.
Notional amounts Fair Value Asset/(Liability) Effect of Adverse Change
−Removed: (In millions)
−Removed: As of December 31, 2024 As of December 31, 2023 As of December 31, 2024 As of December 31, 2023 As of December 31, 2024 As of December 31, 2023
+Added: (In millions) As of December 31, 2025 As of December 31, 2024 As of December 31, 2025 As of December 31, 2024 As of December 31, 2025 As of December 31, 2024
Swaps $ 442.1 $ 376.4 $ 52.1 $ 3.7 $ (46.9) $ (36.3)
−Removed: Table of Content s
+Added: Table o f Contents
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.