5 unchanged sentences
All instruments are entered into for other than trading purposes.
−Removed: For details on the types and use of these derivative instruments and related major accounting policies, refer to Note 1, Major Accounting Policies , and Note 12, Financial Instruments , to the consolidated financial statements.
+Added: For details on the types and use of these derivative instruments and related major accounting policies, refer to Note 1, Basis of Presentation and Major Accounting Policies , and Note 12, Financial Instruments , to the consolidated financial statements.
Additionally, we mitigate adverse energy price impacts through our cost pass-through contracts with customers and price increases.
5 unchanged sentences
Our net financial instrument position decreased from a liability of $7,850.3 at 30 September 2021 to a liability of $6,898.6 at 30 September 2022.
−Removed: The decrease was primarily due to the repayment of a €350.0 million Eurobond ($428) on its maturity date in June 2021.
+Added: The decrease was primarily due to the effect of higher interest rates on the fair value of U.S.
+Added: Dollar- and Euro-denominated fixed-rate debt and the effect of a stronger U.S Dollar on foreign currency-denominated debt.
The analysis below presents the sensitivity of the market value of our financial instruments to selected changes in market rates and prices.
Market values are the present values of projected future cash flows based on the market rates and prices chosen.
−Removed: The market values for interest rate risk and foreign currency risk are calculated by us using a third-party software model that utilizes standard pricing models to determine the present value of the instruments based on market conditions as of the valuation date, such as interest rates, spot and forward exchange rates, and implied volatilities.
+Added: The market values for interest rate risk and foreign currency risk are calculated by us using a third-party software model that utilizes standard pricing models to determine the present value of the instruments based on market conditions as of the valuation date, such as interest rates, spot and forward exchange rates, and implied volatility.
Interest Rate Risk
−Removed: Our debt portfolio as of 30 September 2021 and 2020, including the effect of currency and interest rate swap agreements, was composed of 89% fixed-rate debt and 11% variable-rate debt.
+Added: Our debt portfolio as of 30 September 2022, including the effect of currency and interest rate swap agreements, was composed of 79% fixed-rate debt and 21% variable-rate debt.
+Added: Our debt portfolio as of 30 September 2021, including the effect of currency and interest rate swap agreements, was composed of 89% fixed-rate debt and 11% variable-rate debt.
+Added: The increase in variable-rate debt is primarily the result of a $600 million increase in the outstanding notional of fixed-to-variable interest rate swaps.
The sensitivity analysis related to the interest rate risk on the fixed portion of our debt portfolio assumes an instantaneous 100 bp parallel move in interest rates from the level at 30 September 2022, with all other variables held constant.
1 unchanged sentence
A 100 bp decrease in market interest rates would result in an increase of $425 and $692 in the net liability position of financial instruments at 30 September 2022 and 2021, respectively.
−Removed: Based on the variable-rate debt included in our debt portfolio, including the interest rate swap agreements, a 100 bp increase in interest rates would result in an additional $8 of interest incurred per year at 30 September 2021 and 2020.
−Removed: A 100 bp decline in interest rates would lower interest incurred by $8 per year at 30 September 2021 and 2020.
+Added: Based on the variable-rate debt included in our debt portfolio, including the interest rate swap agreements, a 100 bp increase in interest rates would result in an additional $16 and $8 of interest incurred per year at 30 September 2022 and 2021, respectively.
+Added: A 100 bp decline in interest rates would lower interest incurred by $16 and $8 per year at 30 September 2022 and 2021, respectively.
Foreign Currency Exchange Rate Risk
1 unchanged sentence
A 10% strengthening or weakening of the functional currency of an entity versus all other currencies would result in a decrease or increase, respectively, of $165 and $343 in the net liability position of financial instruments at 30 September 2022 and 2021, respectively.
+Added: The lower decrease or increase from a 10% strengthening or weakening, respectively, was primarily due to the origination of project cost hedges that generate losses and increase the net liability position when the functional currency strengthens or generate gains and decrease the net liability position when the functional currency weakens.
The primary currency pairs for which we have exchange rate exposure are the Euro and U.S.
9 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.