15 unchanged sentences
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.
−Removed: At December 31, 2023, we had $16.8 billion of fixed-rate debt, $1.9 billion of variable-rate debt and $583 million of variable-rate leases.
−Removed: The rates used in our variable-rate debt are based on SOFR, or another index rate, which in certain cases is subject to a floor.
−Removed: At December 31, 2023 we no longer had LIBOR-based debt or finance leases.
+Added: At December 31, 2024, we had $14.5 billion of fixed-rate debt, $0.9 billion of variable-rate debt and $0.4 billion of variable-rate leases.
+Added: The rates used in our variable-rate debt are based on Secured Overnight Financing Rate ("SOFR"), 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 $620 million at December 31, 2024 and would have increased the annual interest expense on our variable-rate debt and variable-rate leases by $12 million.
4 unchanged sentences
At December 31, 2024 we had no open foreign currency options or forward contracts.
+Added: As of December 31, 2024, our investments denominated in foreign currencies (AirFrance-KLM, China Eastern, Hanjin-KAL and LATAM) were recorded at a fair value of $1.6 billion.
+Added: A 10% change in the value of those respective currencies against the U.S.
+Added: dollar would have an approximately $160 million impact on our financial statements.
Equity Investment Risk
1 unchanged sentence
We often hold our equity securities for long periods and short-term price volatility has occurred in the past and will occur in the future, impacting the volatility of our financial results.
−Removed: During 2023, we recorded a net gain of $1.3 billion related to the valuation of our fair value investments.
−Removed: As of December 31, 2023, we have long-term investments recorded at fair value of $2.9 billion and, therefore, a 10% change in the fair value of these investments would have an approximately $290 million impact on our financial results.
+Added: During 2024, we recorded a net loss of $319 million related to the valuation of our fair value investments compared to a net gain of $1.3 billion in 2023.
+Added: As of December 31, 2024, we had long-term investments recorded at fair value of $2.4 billion and, therefore, a 10% change in the fair value of these investments would have an approximately $240 million impact on our financial results.
See Note 3 and Note 4 of the Notes to the Consolidated Financial Statements for further information on our investments.
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.