13 unchanged sentences
Interest Rate Risk
−Removed: Our exposure to market risk from adverse changes in interest rates is primarily associated with our debt obligations.
−Removed: Market risk associated with our fixed and variable rate debt relates to the potential reduction in fair value and negative impact to future earnings, respectively, from an increase in interest rates.
−Removed: At December 31, 2020, we had $22.3 billion of fixed-rate debt and $5.9 billion of variable-rate debt.
+Added: Our exposure to market risk from adverse changes in interest rates is primarily associated with our debt and lease obligations.
+Added: Market risk associated with our fixed-rate debt relates to the potential reduction in fair value from an increase in interest rates.
+Added: Market risk associated with our variable-rate debt and variable-rate leases relates to the potential negative impact to future earnings from an increase in interest rates.
+Added: At December 31, 2021, we had $21.4 billion of fixed-rate debt, $3.9 billion of variable-rate debt and $833 million of variable-rate leases.
The rates used in our variable-rate debt are based on LIBOR, or another index rate, which in certain cases is subject to a floor.
An increase of 100 basis points in average annual interest rates would have decreased the estimated fair value of our fixed-rate debt by $1.1 billion at December 31, 2021 and would have increased the annual interest expense on our variable-rate debt and variable-rate leases by $24 million.
−Removed: Financial Conduct Authority announced in 2017 that it intends to no longer compel banks to submit rates for the calculation of the London interbank offered rate ("LIBOR") after 2021.
−Removed: In December 2020, the administrator of LIBOR proposed to cease publication of certain LIBOR settings after December 2021 and to cease publication of the remainder of the LIBOR settings after June 2023.
−Removed: To mitigate the possible impact of this change, various regulators have proposed alternative reference rates.
−Removed: The effect of any discontinuation or replacement of LIBOR cannot be predicted at this time, but we believe our risk would be limited to variable-rate debt and variable-rate finance leases which utilize rates for which the settings are to be discontinued after June 2023 because we have an immaterial amount of contracts that utilize the settings to be discontinued immediately after December 2021.
−Removed: At December 31, 2020 we had approximately $3.8 billion of variable-rate debt and variable-rate finance leases maturing after June 2023, all of which include provisions to update the applicable reference rate, and we do not expect this rate to be materially different from LIBOR.
+Added: In March 2021, the administrator of LIBOR announced that the publication of certain LIBOR settings will cease after December 2021 and publication of the remainder of the LIBOR settings will cease after June 2023.
+Added: At December 31, 2021, we had no exposure to the discontinued LIBOR settings and had approximately $3.9 billion of LIBOR-based debt and finance leases maturing after June 2023, all of which include mechanisms for replacing the applicable reference rate, which we do not expect to be materially different from LIBOR.
Foreign Currency Exchange Risk
3 unchanged sentences
At December 31, 2021, we had a U.S.
−Removed: dollar-South Korean won cross currency swap contract totaling a $13 million liability position.
+Added: dollar-South Korean won cross currency swap contract totaling a $1 million asset position.
We estimate that a 10% depreciation or appreciation in the price of the South Korean won in relation to the U.S.
4 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.