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.
7 unchanged sentences
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 September 30, 2022, of $11.6 billion, an assumed 5%, 10%, and 20% adverse change to foreign exchange would result in declines of $580 million, $1.2 billion, and $2.3 billion.
+Added: Based on the balance of foreign funds as of March 31, 2023, of $13.3 billion, an assumed 5%, 10%, and 20% adverse change to foreign exchange would result in declines of $665 million, $1.3 billion, and $2.7 billion.
We also have foreign exchange risk related to our intercompany balances denominated in various currencies.
−Removed: Based on the intercompany balances as of September 30, 2022, an assumed 5%, 10%, and 20% adverse change to foreign exchange rates would result in losses of $405 million, $810 million, and $1.6 billion, recorded to “Other income (expense), net.”
+Added: Based on the intercompany balances as of March 31, 2023, an assumed 5%, 10%, and 20% adverse change to foreign exchange rates would result in losses of $245 million, $490 million, and $985 million, recorded to “Other income (expense), net.”
See Item 2 of Part I, “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations — Effect of Foreign Exchange Rates” for additional information on the effect on reported results of changes in foreign exchange rates.
Equity Investment Risk
−Removed: As of September 30, 2022, our recorded value in equity and equity warrant investments in public and private companies was $10.1 billion.
−Removed: Our equity and equity warrant investments in publicly traded companies, which primarily relate to Rivian, represent $7.8 billion of our investments as of September 30, 2022, and are recorded at fair value, which is subject to market price volatility.
+Added: As of March 31, 2023, our recorded value in equity and equity warrant investments in public and private companies was $6.7 billion.
+Added: Our equity and equity warrant investments in publicly traded companies, which primarily relate to Rivian, represent $4.4 billion of our investments as of March 31, 2023, 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.
3 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.