4 unchanged sentences
We are exposed to the impact of interest rate changes primarily through our actual and potential borrowing activities.
−Removed: During the year ended December 31, 2024, we entered into a new $6.0 billion multicurrency revolving credit agreement, replacing the existing $6.0 billion multicurrency revolving credit agreement.
−Removed: We had no outstanding borrowings as of December 31, 2024.
+Added: We have a $4,000 million revolving credit facility, which had no outstanding borrowings as of December 31, 2025.
We also have access to a commercial paper program, which had no outstanding borrowings as of December 31, 2025.
1 unchanged sentence
The revolving credit facility matures in October 2029, with the option for up to two additional 364-day renewal periods.
−Removed: As of December 31, 2024, we had $39.5 billion of fixed-rate senior notes, at par value.
+Added: Borrowings under the Bridge Loan Facility will bear interest at the Secured Overnight Financing Rate (“SOFR”) plus (i) until March 30, 2026, 3.50% per annum and (ii) from March 31, 2026 until the termination date of the Bridge Loan Facility, 4.00%.
+Added: In addition, the Company will pay a duration fee equal to the applicable percentage of the aggregate principal amount of the loan outstanding on the following dates:
+Added: on each of March 31, 2026 and June 30, 2026, a fee rate of 0.50%;
+Added: and on each of September 30, 2026, December 31, 2026 and March 31, 2027, a fee rate of 1.00%.
+Added: As of December 31, 2025, we had $17,845 million of fixed-rate senior notes, at par value, and a bridge loan of $15,000 million.
Our current objectives in managing exposure to interest rate changes are to limit the impact of interest rates on earnings and cash flows.
1 unchanged sentence
(See Note 13 to the accompanying consolidated financial statements.)
−Removed: As of December 31, 2024, the fair value of our outstanding senior notes, including accrued interest, was $34.9 billion.
+Added: As of December 31, 2025, the fair value of our outstanding senior notes, including accrued interest, was $15,205 million.
The fair value of our long-term debt may vary as a result of market conditions and other factors.
A change in market interest rates will impact the fair market value of our fixed rate debt.
−Removed: The potential change in fair value of these senior notes from a 100 basis-point increase in quoted interest rates across all maturities, often referred to as a parallel shift in the yield curve, would be a decrease in fair value of approximately $2.1 billion as of December 31, 2024.
+Added: The potential change in fair value of these senior notes from a 100 basis-point increase in quoted interest rates across all maturities, often referred to as a parallel shift in the yield curve, would be a decrease in fair value of approximately $819 million as of December 31, 2025.
Foreign Currency Exchange Rates
32 unchanged sentences
In addition to derivatives, we had investments in entities accounted for as equity method investments, equity investments, and other highly liquid instruments, such as money market funds and mutual funds, that are accounted for at fair value.
−Removed: We also have liabilities, such as deferred compensation, that are accounted for at fair value (See Note 10 and Note 14 to the accompanying consolidated financial statements).
+Added: We also have liabilities, such as deferred compensation liabilities, that are accounted for at fair value (See Note 10 and Note 14 to the accompanying consolidated financial statements).
Investments in mutual funds include both fixed- and floating-rate interest earning securities that carry a degree of interest rate risk.
5 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.