19 unchanged sentences
This exposure is managed in a manner consistent with the Company’s market risk policies and procedures.
+Added: The Company also uses equity and debt derivatives to hedge its exposure to non-qualified plans.
Inherent in the Company’s business is exposure to price changes for several commodities.
16 unchanged sentences
The Company’s daily VAR for the aggregate of all positions decreased from a composite VAR of $179 million at December 31, 2023 to a composite VAR of $162 million at December 31, 2024.
−Removed: The interest rate VAR decreased due to a decrease in interest rate volatility and a decrease in interest rate exposure.
−Removed: The equity securities VAR decreased due to a decrease in equity volatility and a decrease in equity exposure.
+Added: The interest rate VAR decreased due to a decrease in interest rate volatility.
+Added: The equity securities VAR increased due to an increase in equity exposure.
The foreign exchange VAR increased due to an increase in outstanding derivatives and bonds designated as hedging instruments.
−Removed: The commodities VAR decreased due to a decrease in managed exposures and a decrease in commodity volatility.
+Added: The commodities VAR decreased due to a decrease in managed exposures.
See Note 21 to the Consolidated Financial Statements for further disclosure regarding market risk.
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.