9 unchanged sentences
currency exchange rates relative to the U.S.
−Removed: dollar would result in a pretax currency exchange gain or loss of approximately $4 million.
+Added: dollar would result in a pretax currency exchange gain or loss of less than $1 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, 2023, we had forward currency exchange contracts outstanding with a notional value of $328 million to hedge net balance sheet exposures (including $102 million to sell Japanese yen, $77 million to sell British pounds and $58 million to buy Chinese yuan).
+Added: As of December 31, 2024, we had forward currency exchange contracts outstanding with a notional value of $565 million to hedge net balance sheet exposures (including $180 million to buy Indian rupee, $91 million to sell British pounds and $78 million to sell Japanese yen).
Similar hedging activities existed at year-end 2023.
5 unchanged sentences
Because interest rates on our long-term debt are fixed, changes in interest rates would not affect the cash flows associated with long-term debt.
−Removed: Long-term investments at year-end 2023 include the following:
−Removed: • Investments in mutual funds – includes mutual funds that were selected to generate returns that offset changes in certain liabilities related to deferred compensation arrangements.
−Removed: The mutual funds hold a variety of debt and equity investments.
−Removed: • Investments in venture capital funds – includes investments in limited partnerships (accounted for under either the equity method or at cost with adjustments to observable market changes or impairments).
−Removed: • Equity investments – includes nonmarketable (nonpublicly traded) equity securities.
−Removed: 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 certain deferred compensation liabilities.
−Removed: Nonmarketable 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.
−Removed: Investments in the remaining venture capital funds are stated using the equity method.
−Removed: See Note 6 to the financial statements for details of equity and other long-term investments.
−Removed: We also utilize total return swaps to economically hedge exposure to changes in liabilities related to the market risks of certain deferred compensation arrangements with employees.
−Removed: 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.