9 unchanged sentences
The objective of these contracts is to minimize impacts to cash flows and profitability due to changes in foreign currency exchange rates on intercompany and other cash transactions.
−Removed: In addition, we utilize cross-currency swap contracts to hedge our net investment
−Removed: in certain foreign operations.
+Added: In addition, we utilize cross-currency swap contracts to hedge our net investment in certain foreign operations.
A 10% appreciation or depreciation of the underlying currency in our cross-currency swap contracts or foreign currency forward contracts from the fiscal year end 2025 market rates would have changed the unrealized value of our contracts by $594 million.
4 unchanged sentences
Such borrowings can result in interest rate exposure.
−Removed: To manage the interest rate exposure, we use interest rate swap contracts to convert a portion of fixed rate debt into variable rate debt.
−Removed: Also, we may use forward starting interest rate swap contracts to manage interest rate exposure in periods prior to the anticipated issuance of fixed rate debt.
+Added: To manage the interest rate exposure, we may use interest rate swap contracts to convert a portion of fixed rate debt into variable rate debt.
+Added: Also, we may utilize forward starting interest rate swap contracts to manage interest rate exposure in periods prior to the anticipated issuance of fixed rate debt.
There were no such contracts and no floating debt outstanding at fiscal year end 2025 or 2024.
−Removed: We utilize investment swap contracts to manage earnings exposure on certain nonqualified deferred compensation liabilities.
+Added: We also utilize investment swap contracts to manage earnings exposure on certain nonqualified deferred compensation liabilities.
Commodity Exposures
2 unchanged sentences
We continually evaluate the commodity market with respect to our forecasted usage requirements over the next eighteen months and periodically enter into commodity swap contracts to hedge a portion of usage requirements over that period.
+Added: At fiscal year end 2025, our commodity hedges, which related to expected purchases of
+Added: gold, silver, copper, and palladium, were in a net gain position of $80 million and had a notional value of $569 million.
At fiscal year end 2024, our commodity hedges, which related to expected purchases of gold, silver, copper, and palladium, were in a net gain position of $55 million and had a notional value of $488 million.
−Removed: At fiscal year end 2023, our commodity hedges, which related to expected purchases of gold, silver, copper, and palladium, were in a net loss position of $23 million and had a notional value of $459 million.
A 10% appreciation or depreciation of commodity prices from the fiscal year end 2025 prices would have changed the unrealized value of our forward contracts by $65 million.
2 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.