10 unchanged sentences
In addition, we utilize cross-currency swap contracts to hedge our net investment in certain foreign operations.
+Added: 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 2022 market rates would have changed the unrealized
+Added: value of our contracts by $151 million.
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 2021 market rates would have changed the unrealized value of our contracts by $240 million.
−Removed: 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 2020 market rates would have changed the
−Removed: unrealized value of our contracts by $265 million.
Such gains or losses on these contracts would generally be offset by the losses or gains on the revaluation or settlement of the underlying transactions.
3 unchanged sentences
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: Based on our floating rate debt balance at fiscal year end 2020, a 50-basis-point increase in the levels of the U.S.
−Removed: dollar interest rates, with all other variables held constant, would have resulted in an immaterial increase in interest expense in fiscal 2020.
−Removed: There was no floating rate debt outstanding at fiscal year end 2021.
+Added: There were no such contracts and no floating rate debt outstanding at fiscal year end 2022 or 2021.
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.
−Removed: At fiscal year end 2021 and 2020, we had forward starting interest rate swap contracts which had an aggregate notional value of $450 million and were designated as cash flow hedges.
+Added: At fiscal year end 2021, we had forward starting interest rate swap contracts which had an aggregate notional value of $450 million and were designated as cash flow hedges.
+Added: There were no forward starting interest rate swap contracts at fiscal year end 2022.
We utilize investment swap contracts to manage earnings exposure on certain nonqualified deferred compensation liabilities.
3 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.
−Removed: At fiscal year end 2021, our commodity hedges, which related to expected purchases of gold, silver, copper, and palladium, were in a net gain position of $1 million and had a notional value of $512 million.
+Added: At fiscal year end 2022, our commodity hedges, which related to expected purchases of gold, silver, copper, and palladium, were in a net loss position of $82 million and had a notional value of $566 million.
At fiscal year end 2021, our commodity hedges, which related to expected purchases of gold, silver, copper, and palladium, were in a net gain position of $1 million and had a notional value of $512 million.
3 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.