12 unchanged sentences
The principal foreign currencies hedged are the euro, Japanese yen, British pound, Chinese yuan and Canadian dollar.
−Removed: currency swaps are used to effectively convert foreign currency denominated borrowings to U.S.
+Added: Cross-currency swaps are used to effectively convert foreign currency denominated borrowings to U.S.
dollar denominated borrowings.
9 unchanged sentences
The Company does not enter into these transactions or any other hedging transactions for speculative purposes.
+Added: See Note 17 of the Consolidated Financial Statements for additional information.
Value at Risk (VAR)
7 unchanged sentences
The VAR model is a risk analysis tool and does not purport to represent actual losses in fair value that will be incurred by the Company, nor does it consider the potential effect of favorable changes in market factors.
−Removed: VAR on a combined basis increased to $395 million at October 1, 2022 from $364 million at October 2, 2021.
+Added: VAR on a combined basis decreased to $284 million at September 30, 2023 from $395 million at October 1, 2022 due to reduced interest rate volatility and lower sensitivity of our debt portfolio to movement of interest rates.
The estimated maximum potential one-day loss in fair value, calculated using the VAR model, is as follows (unaudited, in millions):
10 unchanged sentences
376 71 20 4 395
−Removed: The VAR for Hong Kong Disneyland Resort and Shanghai Disney Resort is immaterial as of October 1, 2022 and has been excluded from the above table.
+Added: The VAR for Hong Kong Disneyland Resort and Shanghai Disney Resort is immaterial as of September 30, 2023 and has been excluded from the above table.
Financial Statements and Supplementary Data
2 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.