4 unchanged sentences
It is our general policy to enter into interest rate, foreign currency and other derivative transactions only to the extent necessary to achieve our desired objectives in optimizing exposure to various market risks.
−Removed: Our objectives include maintaining a mix of fixed and variable rate debt to lower borrowing costs within reasonable risk parameters and to protect against earnings and cash flow volatility resulting from changes in market conditions.
+Added: Our objectives include maintaining a mix of fixed and variable rate debt to lower borrowing costs within reasonable risk parameters and to protect against earnings and cash flow
+Added: volatility resulting from changes in market conditions.
We do not hedge our market risk exposure in a manner that would completely eliminate the effect of changes in interest rates and foreign exchange rates on our earnings.
−Removed: Counterparties to our derivative contracts are major financial institutions with whom we have negotiated derivatives agreements (ISDA master agreements) and credit support annex (CSA) agreements which provide rules for collateral exchange.
+Added: Counterparties to our derivative contracts are major financial institutions with whom we have negotiated derivatives agreements (International Swaps and Derivatives Association (ISDA) master agreements) and credit support annex (CSA) agreements which provide rules for collateral exchange.
The CSA agreements contain fixed cap amounts or rating based thresholds such that we or our counterparties may be required to hold or post collateral based upon changes in outstanding positions as compared to established thresholds or caps and changes in credit ratings.
34 unchanged sentences
dollars, as well as to mitigate the impact of foreign currency transaction gains or losses.
−Removed: The fair value of the asset of these contracts was $500 million and $762 million at December 31, 2024 and 2023, respectively.
+Added: The fair value of the asset of these contracts was $1.4 billion and $500 million at December 31, 2025 and 2024, respectively.
At December 31, 2025 and 2024, the fair value of the liability of these contracts was $1.2 billion and $2.7 billion, respectively.
2 unchanged sentences
We also have foreign exchange forwards which we use as an economic hedge but for which we have elected not to apply hedge accounting.
−Removed: We entered into British Pound Sterling and Euro foreign exchange forwards to mitigate our foreign exchange rate risk related to non-functional currency denominated monetary assets and liabilities of international subsidiaries.
+Added: We entered into Euro foreign exchange forwards, and in prior periods, British Pound Sterling foreign exchange forwards to mitigate our foreign exchange rate risk related to non-functional currency denominated monetary assets and liabilities of international subsidiaries.
At both December 31, 2025 and 2024, the fair value of the asset and liability of these contracts was insignificant.
−Removed: At December 31, 2024 and 2023, the total notional amount of the foreign exchange forwards was $620 million and $1.1 billion, respectively.
+Added: At December 31, 2025 and 2024, the total notional amount of the foreign exchange forwards was $570 million and $620 million, respectively.
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.