18 unchanged sentences
Changes in interest rates would, however, affect the fair values of fixed-rate debt.
−Removed: A hypothetical 100 basis point decrease in interest rates relative to interest rates as of December 31, 2021 and 2020, would have resulted in an increase of $4.5 billion in the aggregate fair value of our outstanding debt on both of these dates.
+Added: A hypothetical 100 basis point decrease in interest rates relative to interest rates as of December 31, 2022 and 2021, would have resulted in an increase of $3.5 billion and $4.5 billion, respectively, in the aggregate fair value of our outstanding debt on these dates.
Analysis of the debt does not consider the impact that hypothetical changes in interest rates would have on related interest rate swap contracts and cross-currency swap contracts, discussed below.
1 unchanged sentence
These interest rate swap contracts effectively converted a fixed-rate interest coupon to a floating-rate LIBOR-based coupon over the life of the respective notes.
−Removed: Interest rate swap contracts with aggregate notional amounts of $6.7 billion and $5.9 billion were outstanding as of December 31, 2021 and 2020, respectively.
+Added: Interest rate swap contracts with aggregate notional amounts of $6.7 billion were outstanding as of both December 31, 2022 and 2021.
A hypothetical 100 basis point increase in interest rates relative to interest rates as of December 31, 2022 and 2021, would have resulted in reductions in fair values of approximately $210 million and $330 million, respectively, on our interest rate swap contracts on these dates.
Analysis of the interest rate swap contracts does not consider the impact that hypothetical changes in interest rates would have on the related fair values of debt that these interest-rate-sensitive instruments were designed to offset.
−Removed: As of December 31, 2021 and 2020, we had outstanding cross-currency swap contracts with aggregate notional amounts of $3.4 billion and $4.8 billion, respectively, that hedge our foreign-currency-denominated debt and related interest payments.
+Added: In connection with the anticipated issuance of long-term fixed-rate debt, we occasionally enter into forward interest rate contracts, which are designated as cash flow hedges, in order to hedge the variability in cash flows due to changes in the applicable U.S.
+Added: Treasury rate between the time we enter into these contracts and the time the related debt is issued.
+Added: As of December 31, 2022, we had forward interest rate contracts outstanding with an aggregate notional amount of $700 million;
+Added: there were no outstanding forward interest rate contracts as of December 31, 2021.
+Added: A hypothetical 100 basis point decrease in interest rates relative to interest rates as of December 31, 2022 would have resulted in a reduction in fair value of approximately $60 million on our forward interest rate contracts on this date.
+Added: As of both December 31, 2022 and 2021, we had outstanding cross-currency swap contracts with aggregate notional amount of $3.4 billion that hedge our foreign-currency-denominated debt and related interest payments.
These contracts effectively convert interest payments and principal repayment of this debt to U.S.
12 unchanged sentences
A hypothetical 20% adverse movement in foreign currency exchange rates compared with the U.S.
−Removed: dollar relative to exchange rates as of December 31, 2020, would have resulted in an increase in fair value of this debt of $1.1 billion on this date and a reduction in income in the ensuing year of $1.0 billion.
+Added: dollar relative to exchange rates as of December 31, 2021, would have resulted in an increase in fair value of this debt of $710 million on this date and a reduction in income in the ensuing year of $640 million.
The impact on income from these hypothetical changes in foreign currency exchange rates would be substantially offset by the impact such changes would have on related cross-currency swap contracts, which are in place for the related foreign-currency-denominated debt.
−Removed: We have cross-currency swap contracts that are designated as cash flow hedges of our debt denominated in euros, pounds sterling and Swiss francs, with aggregate notional amounts of $3.4 billion and $4.8 billion as of December 31, 2021 and 2020, respectively.
+Added: We have cross-currency swap contracts that are designated as cash flow hedges of our debt denominated in euros, pounds sterling and Swiss francs, with aggregate notional amount of $3.4 billion as of both December 31, 2022 and 2021.
A hypothetical 20% adverse movement in foreign currency exchange rates compared with the U.S.
−Removed: dollar relative to exchange rates on these dates would have resulted in reductions in the fair values of these contracts of approximately $700 million and $1.1 billion on these dates, respectively.
+Added: dollar relative to exchange rates on these dates would have resulted in reductions in the fair values of these contracts of approximately $540 million and $700 million on these dates, respectively.
The impact of this hypothetical adverse movement in foreign currency exchange rates on ensuing years’ income from these contracts would be fully offset by corresponding hypothetical changes in the carrying amounts of the related hedged debt.
7 unchanged sentences
With regard to contracts that were open as of December 31, 2021, a hypothetical 20% adverse movement in foreign currency exchange rates compared with the U.S.
−Removed: dollar relative to exchange rates as of December 31, 2020, would have resulted in a reduction in fair value of these contracts of $1.1 billion on this date and in the ensuing year, a reduction in income of $420 million.
+Added: dollar relative to exchange rates as of December 31, 2021, would have resulted in a reduction in fair value of these contracts of approximately $1.1 billion on this date and in the ensuing year, a reduction in income of $390 million.
The analysis does not consider the impact that hypothetical changes in foreign currency exchange rates would have on anticipated transactions that these foreign-currency-sensitive instruments were designed to offset.
6 unchanged sentences
As of December 31, 2022 and 2021, we were exposed to price risk on equity securities included in our portfolio of investments, which were acquired primarily for the promotion of business and strategic objectives.
−Removed: These investments include publicly and privately held small-capitalization stocks, limited partnerships that invest in early-stage biotechnology companies and our investment in BeiGene.
+Added: These investments include publicly and privately held small-capitalization stocks, limited partnerships that invest in early-stage biotechnology companies
+Added: and our investment in BeiGene.
A 20% decrease in the aggregate value of our equity investment portfolio as of December 31, 2022 and 2021, would result in losses in fair value of approximately $1.1 billion and $1.4 billion, respectively.
8 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.