8 unchanged sentences
Because most of the aggregate non-U.S.
−Removed: dollar balance sheet exposure is hedged by forward currency exchange contracts, based on year-end 2019 balances and currency exchange rates, a hypothetical 10% plus or minus fluctuation in non-U.S.
+Added: dollar balance sheet exposure is hedged by forward currency exchange contracts, which are based on year-end 2020 balances and currency exchange rates, a hypothetical 10% plus or minus fluctuation in non-U.S.
currency exchange rates relative to the U.S.
−Removed: dollar would result in a pretax currency exchange gain or loss of less than $1 million.
+Added: dollar would result in a pretax currency exchange gain or loss of approximately $3 million.
We use these forward currency exchange contracts to reduce the earnings impact that exchange rate fluctuations may have on our non-U.S.
dollar net balance sheet exposures.
−Removed: As of December 31, 2019, we had forward currency exchange contracts outstanding with a notional value of $458 million to hedge net balance sheet exposures (including $136 million to sell Japanese yen, $106 million to sell Indian rupees and $74 million to sell British pounds).
+Added: As of December 31, 2020, we had forward currency exchange contracts outstanding with a notional value of $416 million to hedge net balance sheet exposures (including $147 million to sell Japanese yen, $85 million to sell euros and $82 million to sell British pounds).
Similar hedging activities existed at year-end 2019.
11 unchanged sentences
Investments in mutual funds are stated at fair value.
−Removed: Changes in prices of the mutual fund investments are expected to offset related changes in deferred compensation liabilities such that a 10% increase or decrease in the investments’ fair values would not materially affect operating results.
+Added: Changes in prices of the mutual fund investments are expected to offset related changes in certain deferred compensation liabilities.
Non-marketable equity securities and certain venture capital funds are stated at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes.
1 unchanged sentence
See Note 6 to the financial statements for details of equity and other long-term investments.
+Added: We also utilize total return swaps to economically hedge exposure to changes in liabilities related to the equity market risks of certain deferred compensation arrangements with employees.
+Added: Gains or losses from changes in the fair value of these total return swaps generally offset the related losses or gains on the deferred compensation liabilities.
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.