12 unchanged sentences
The net market value of these financial instruments combined is referred to below as the "net financial instrument position" and is disclosed in Note 15, Fair Value Measurements , to the consolidated financial statements.
−Removed: 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 effect of higher interest rates on the fair value of U.S.
−Removed: Dollar- and Euro-denominated fixed-rate debt and the effect of a stronger U.S Dollar on foreign currency-denominated debt.
+Added: Our net financial instrument position increased from a liability of $6,898.6 at 30 September 2022 to a liability of $8,990.8 at 30 September 2023.
+Added: The increase was primarily due to NEOM Green Hydrogen Project financing and the issuance of U.S.
+Added: Dollar- and Euro-denominated fixed-rate notes during the fiscal year.
The analysis below presents the sensitivity of the market value of our financial instruments to selected changes in market rates and prices.
1 unchanged sentence
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.
+Added: Table of Conte n t s
Interest Rate Risk
1 unchanged sentence
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.
−Removed: 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 2023, with all other variables held constant.
6 unchanged sentences
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 $308 and $165 in the net liability position of financial instruments at 30 September 2023 and 2022, respectively.
−Removed: 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.
+Added: The increase in sensitivity is primarily due to the issuance of Euro-denominated fixed-rate notes during the fiscal year.
The primary currency pairs for which we have exchange rate exposure are the Euro and U.S.
8 unchanged sentences
Dollar would lower our annual operating income by approximately $55 and $20, respectively.
+Added: Table of Conte n t s
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.