8 unchanged sentences
As a result, approximately 96% of this $11.5 billion of outstanding debt at December 31, 2025, is effectively fixed-rate debt.
−Removed: These interest rate swaps mature in March 2025.
See Note 11 for details on our outstanding debt and Note 13 for details related to interest rate swaps.
2 unchanged sentences
The fair value of our cumulative fixed-rate debt of $9.5 billion as of December 31, 2025, would decrease approximately $375 million as a result of the same hypothetical 100 basis-point increase.
−Removed: At December 31, 2024, a hypothetical 100 basis-point decrease in short-term interest rates would decrease the asset associated with the fair value of our interest rate swaps by approximately $3 million.
+Added: At December 31, 2025, a hypothetical 100 basis-point decrease in short-term interest rates would decrease the net liability associated with the fair value of our interest rate swaps by approximately $31 million.
Fair value was determined based on the present value of expected future cash flows considering the risks involved and using discount rates appropriate for the durations.
2 unchanged sentences
Historically, we have chosen not to hedge foreign currency risks related to our foreign currency denominated earnings and cash flows through the use of financial instruments.
−Removed: In addition, we attempt to minimize the exposure related to foreign currency denominated financial instruments by purchasing goods and services from third parties in local currencies when practical.
+Added: We attempt to minimize the exposure related to foreign currency denominated financial instruments by purchasing goods and services from third parties in local currencies when practical.
Consequently, foreign currency denominated financial instruments consist primarily of intercompany receivables and payables.
3 unchanged sentences
Operating in international markets exposes the Company to movements in foreign currency exchange rates.
−Removed: The Company’s primary exposures result from our operations in Asia-Pacific, Europe and the
+Added: The Company’s primary exposures result from our operations in Asia-Pacific, Europe and the Americas.
For the fiscal year ended December 31, 2025, Operating Profit would have decreased approximately $150 million if all foreign currencies had uniformly weakened 10% relative to the U.S.
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.