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Foreign Currency Risk.
−Removed: The net fair value of foreign exchange forward contracts (including adjustments for credit risk) as of March 31, 2023, was an asset of $253 million, compared with an asset of $236 million as of December 31, 2022.
+Added: The net fair value of foreign exchange forward contracts (including adjustments for credit risk) as of June 30, 2023, was a liability of $122 million, compared with an asset of $236 million as of December 31, 2022.
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 $2.7 billion at March 31, 2023, compared with $1.9 billion at December 31, 2022.
+Added: dollar terms, would have been $2.8 billion at June 30, 2023, compared with $1.9 billion at December 31, 2022.
Commodity Price Risk.
−Removed: The net fair value of commodity forward contracts (including adjustments for credit risk) as of March 31, 2023, was a liability of $32 million, compared with a liability of $49 million at December 31, 2022.
−Removed: The potential change in the fair value from a 10% change in the underlying commodity prices would have been $193 million at March 31, 2023, compared with $178 million at December 31, 2022.
+Added: The net fair value of commodity forward contracts (including adjustments for credit risk) as of June 30, 2023, was a liability of $182 million, compared with a liability of $49 million at December 31, 2022.
+Added: The potential change in the fair value from a 10% change in the underlying commodity prices would have been $185 million at June 30, 2023, compared with $178 million at December 31, 2022.
Ford Credit Segment
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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 March 31, 2023, all else constant, such an increase in interest rates would increase its pre-tax cash flow by $73 million over the next 12 months, compared with an increase of $127 million at December 31, 2022 .
+Added: Under this model, Ford Credit estimates that at June 30, 2023, all else constant, such an increase in interest rates would increase its pre-tax cash flow by $117 million over the next 12 months, compared with an increase of $127 million at December 31, 2022 .
In reality, new assets and liabilities may not immediately capture changes in interest rates, and interest rate changes are rarely instantaneous, parallel, or move exactly 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.