3 unchanged sentences
Interest Rate Risk
−Removed: As of June 30, 2024, we had approximately $1.97 billion in aggregate principal amount outstanding of the 2030 Refinanced Term Loans, which were floating rate notes carried at amortized cost and subject to interest rate risk.
−Removed: In September 2024, we fully repaid all loans outstanding under this term loan agreement.
−Removed: As a result, our primary exposure to market risks for changes in interest rates relate primarily to the new Credit Agreement of which we currently have no drawn amounts as of December 31, 2024.
−Removed: For additional information, see Note 8 – Long-Term Debt and Revolving Credit Arrangements in the notes to the consolidated financial statements included in Part II, Item 8, of this Annual Report on Form 10-K.
+Added: Our primary exposure to market risks for changes in interest rates relate primarily to our credit agreement of which we currently have no drawn amounts as of December 31, 2025.
+Added: For additional information, see Note 8 – Long-Term Debt and Credit Arrangements in the notes to the consolidated financial statements included in Part II, Item 8, of this Annual Report on Form 10-K.
The fair value of our fixed rate notes will generally fluctuate with movements of interest rates, increasing in periods of declining rates of interest and declining in periods of increasing rates of interest.
10 unchanged sentences
government securities, U.S.
−Removed: government agency securities, and investment-grade corporate debt securities.
+Added: government agency securities, investment-grade corporate debt securities, and asset-backed securities.
We do not enter into investments for trading or speculative purposes.
1 unchanged sentence
Changes in rates would primarily impact interest income due to the relatively short-term nature of our investments.
−Removed: A hypothetical 100 basis point change in interest rates would not have a material effect on our financial results.
+Added: A hypothetical 100 basis point change in interest rates would not have a material effect on our financial results and on the fair value of our marketable debt securities.
We are exposed to certain risks related to the carrying amounts of investments in other companies, including our minority-owned, privately-held entities and public companies, compared to their fair value.
2 unchanged sentences
These investments in privately-held entities and public companies may increase the volatility in our net income/(loss) in future periods due to changes in the fair value of these investments.
−Removed: In certain cases, our ability to sell these investments may be impacted by contractual obligations to hold the securities for a set period of time after a public offering.
+Added: In certain cases, our ability to sell these investments may be impacted by contractual obligations to hold the securities for a set period of time after a public offering, until the obligations are fulfilled or the pledged assets are otherwise released under a collateral agreement.
As of December 31, 2025, the carrying value of these investments was $9.5 billion, including equity method investments.
9 unchanged sentences
While these contracts help reduce the impact of foreign currency fluctuations, they do not fully eliminate this risk.
+Added: We enter into foreign currency derivatives to protect forecasted U.S.
+Added: dollar-equivalent earnings from changes in foreign currency exchange rates.
+Added: When the U.S.
+Added: dollar strengthens, gains from foreign currency forward contracts reduce the foreign currency losses related to our earnings.
+Added: When the U.S.
+Added: dollar weakens, losses from foreign currency forward contracts offset the foreign currency gains related to our earnings.
+Added: These hedging contracts reduce, but do not entirely eliminate, the effect of foreign currency exchange rate movements.
+Added: We designate these contracts as cash flow hedges for accounting purposes.
+Added: We reflect the gains and losses of foreign currency spot rate changes as a component of accumulated other comprehensive income (loss) and subsequently reclassify them into revenues to offset the hedged exposures as they occur.
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.