20 unchanged sentences
A hypothetical 10% adverse movement in foreign currency exchange rates compared with the U.S.
−Removed: dollar relative to exchange rates at December 31, 2019 and December 31, 2018 would have resulted in a reduction in fair value of these contracts of approximately $285 million and $218 million , respectively, on this date and, if realized, would negatively affect earnings over the remaining life of the contracts.
+Added: dollar relative to exchange rates at December 31, 2020 and 2019 would have resulted in a reduction in fair value of these contracts of approximately $249 million and $285 million, respectively, on this date and, if realized, would negatively affect earnings over the remaining life of the contracts.
The analysis does not consider the impact that hypothetical changes in foreign currency exchange rates would have on anticipated transactions that these foreign currency sensitive instruments were designed to offset.
Interest Rate Risk
−Removed: Our portfolio of available-for-sale debt securities and our fixed rate long-term debt create an exposure to interest rate risk.
+Added: Our portfolio of available-for-sale debt securities and our senior unsecured notes create an exposure to interest rate risk.
With respect to our investment portfolio, we adhere to an investment policy that requires us to limit amounts invested in securities based on credit rating, maturity, industry group and investment type and issuer, except for securities issued by the U.S.
4 unchanged sentences
The following table summarizes the expected maturities and average interest rates of our interest-generating assets and interest-bearing liabilities at December 31, 2020:
−Removed: Expected Maturity
−Removed: Total Fair Value
−Removed: (In millions, except percentages)
+Added: Expected Maturity Total Fair Value
+Added: (In millions, except percentages) 2021 2022 2023 2024 2025 Thereafter Total
Available-for-sale debt securities $ 1,524 $ 324 $ 139 $ 26 $ 1 $ 12 $ 2,026 $ 2,026
Average interest rate 0.45 % 0.27 % 0.45 % 0.49 % 0.51 % 0.23 %
−Removed: Fixed rate long-term debt, including current portion (1) :
+Added: Senior unsecured fixed rate notes, including current portion (1)
+Added: $ 2,250 $ 1,500 $ 2,750 $ 1,750 $ 1,750 $ 18,500 $ 28,500 $ 32,588
Average interest rate 4.44 % 2.82 % 1.23 % 3.70 % 3.50 % 3.81 %
+Added: Senior unsecured floating rate notes and term loan, including current portion $ 500 $ — $ 1,500 $ — $ — $ — $ 2,000 $ 2,002
+Added: Average interest rate 0.38 % — % 1.15 % — % — % — %
_______________________________
(1) Amounts represent principal balances.
−Removed: In addition to the fixed rate long-term debt, we have a $2.5 billion five-year revolving credit facility that matures in May 2021.
+Added: In addition to the senior unsecured fixed rate notes, we have a $2.5 billion five-year revolving credit facility that matures in June 2025.
There were no amounts outstanding under the five-year revolving credit facility as of December 31, 2020.
3 unchanged sentences
These equity securities are measured at fair value with any changes in fair value recognized in earnings.
−Removed: The fair value of these equity securities was approximately $3.8 billion and $881 million as of December 31, 2019 and 2018 , respectively.
+Added: The fair value of these equity securities was approximately $2.4 billion and $3.8 billion as of December 31, 2020 and 2019, respectively.
Changes in fair value of these equity securities are impacted by the volatility of the stock market and changes in general economic conditions, among other factors.
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.