3 unchanged sentences
Interest Rate Risk
−Removed: Our exposure to market risk for changes in interest rates relates primarily to our investment portfolio and our long-term debt.
+Added: Our exposure to market risk for changes in interest rates relates primarily to our investment portfolio and our debt.
Our long-term debt is carried at amortized cost and fluctuations in interest rates do not impact our consolidated financial statements.
−Removed: However, the fair value of our debt, which pays interest at a fixed rate, 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.
+Added: However, the fair value of our long-term debt, which pays interest at a fixed rate, 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.
We generally invest our excess cash in AAA-rated money market funds and investment grade short- to intermediate-term fixed income securities.
23 unchanged sentences
Upon consolidation, as foreign exchange rates vary, net sales and other operating results may differ materially from expectations, and we may record significant gains or losses on the remeasurement of intercompany balances.
−Removed: For example, as a result of fluctuations in foreign exchange rates throughout the year compared to rates in effect the prior year, International segment net sales increased by $3.0 billion in comparison with the prior year.
+Added: For example, as a result of fluctuations in foreign exchange rates throughout the year compared to rates in effect the prior year, International segment net sales decreased by $15.0 billion in comparison with the prior year.
We have foreign exchange risk related to foreign-denominated cash, cash equivalents, and marketable securities (“foreign funds”).
−Removed: Based on the balance of foreign funds as of December 31, 2021, of $22.7 billion, an assumed 5%, 10%, and 20% adverse change to foreign exchange would result in fair value declines of $1.1 billion, $2.3 billion, and $4.5 billion.
−Removed: Fluctuations in fair value are recorded in “Accumulated other comprehensive income (loss),” a separate component of stockholders’ equity.
−Removed: Equity securities with readily determinable fair values are included in “Marketable securities” on our consolidated balance sheets and are measured at fair value with changes recognized in net income.
−Removed: We have foreign exchange risk related to our intercompany balances denominated in various foreign currencies.
+Added: Based on the balance of foreign funds as of December 31, 2022, of $18.3 billion, an assumed 5%, 10%, and 20% adverse change to foreign exchange would result in declines of $915 million, $1.8 billion, and $3.7 billion.
+Added: We also have foreign exchange risk related to our intercompany balances denominated in various foreign currencies.
Based on the intercompany balances as of December 31, 2022, an assumed 5%, 10%, and 20% adverse change to foreign exchange rates would result in losses of $275 million, $555 million, and $1.1 billion, recorded to “Other income (expense), net.”
2 unchanged sentences
As of December 31, 2022, our recorded value in equity and equity warrant investments in public and private companies was $7.2 billion.
−Removed: Our equity and equity warrant investments in publicly traded companies, which primarily relate to Rivian Automotive, Inc., represent $20.3 billion of our investments as of December 31, 2021, and are recorded at fair value, which is subject to market price volatility.
+Added: Our equity and equity warrant investments in publicly traded companies, which primarily relate to Rivian, represent $5.0 billion of our investments as of December 31, 2022, and are recorded at fair value, which is subject to market price volatility.
We record our equity warrant investments in private companies at fair value and adjust our equity investments in private companies for observable price changes or impairments.
Valuations of private companies are inherently more complex due to the lack of readily available market data.
−Removed: The current global economic climate provides additional uncertainty.
+Added: The current global economic conditions provide additional uncertainty.
As such, we believe that market sensitivities are not practicable.
1 unchanged sentence
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.