2 unchanged sentences
Foreign Currency Risk.
−Removed: The net fair value of foreign exchange forward contracts (including adjustments for credit risk) as of June 30, 2022, was a liability of $45 million, compared with a liability of $253 million as of December 31, 2021.
+Added: The net fair value of foreign exchange forward contracts (including adjustments for credit risk) as of September 30, 2022, was an asset of $420 million, compared with a liability of $253 million as of December 31, 2021.
The potential change in the fair value from a 10% change in the underlying exchange rates, in U.S.
−Removed: dollar terms, would have been $2.1 billion at June 30, 2022, compared with $2.2 billion at December 31, 2021.
+Added: dollar terms, would have been $2.0 billion at September 30, 2022, compared with $2.2 billion at December 31, 2021.
Commodity Price Risk.
−Removed: The net fair value of commodity forward contracts (including adjustments for credit risk) as of June 30, 2022, was a liability of $97 million, compared with an asset of $220 million at December 31, 2021.
−Removed: The potential change in the fair value from a 10% change in the underlying commodity prices would have been $180 million at June 30, 2022, compared with $215 million at December 31, 2021.
+Added: The net fair value of commodity forward contracts (including adjustments for credit risk) as of September 30, 2022, was a liability of $252 million, compared with an asset of $220 million at December 31, 2021.
+Added: The potential change in the fair value from a 10% change in the underlying commodity prices would have been $164 million at September 30, 2022, compared with $215 million at December 31, 2021.
Ford Credit Segment
2 unchanged sentences
The differences in pre-tax cash flow between these scenarios and the base case over a 12-month period represent an estimate of the sensitivity of Ford Credit’s pre-tax cash flow .
−Removed: Under this model, Ford Credit estimates that at June 30, 2022, all else constant, such an increase in interest rates would decrease its pre-tax cash flow by $27 million over the next 12 months, compared with a decrease of $76 million at December 31, 2021 .
+Added: Under this model, Ford Credit estimates that at September 30, 2022, all else constant, such an increase in interest rates would increase its pre-tax cash flow by $18 million over the next 12 months, compared with a decrease of $76 million at December 31, 2021 .
In reality, interest rate changes are rarely instantaneous or parallel and rates could move more or less than the one percentage point assumed in Ford Credit’s analysis.
1 unchanged sentence
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.