QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
−Removed: We are exposed to market risks that may result from changes in foreign currency exchange rates, interest rates, credit risks and market price.
+Added: We are exposed to market risks that may result from changes in foreign currency exchange rates, interest rates, credit risks and market prices.
To reduce certain of these risks, we enter into various types of foreign currency or interest rate derivative hedging transactions, follow investment guidelines and monitor outstanding receivables as part of our risk management program.
7 unchanged sentences
Conversely, when the U.S.
−Removed: dollar weakens against these currencies, the relative amounts of such sales increase.
−Removed: Overall, we are a net receiver of foreign currencies and, therefore, benefit from a weaker U.S.
+Added: dollar weakens against these currencies, the relative value of such sales increase.
+Added: Overall, we are a net receiver of foreign currencies and, therefore, we benefit from a weaker U.S.
dollar and are adversely affected by a stronger U.S.
−Removed: dollar relative to those foreign currencies in which we transact significant amounts of business.
Approximately 26% of our product sales were denominated in foreign currencies during 2021.
−Removed: To partially mitigate the impact of changes in currency exchange rates on net cash flows from our foreign currency denominated sales, we may enter into foreign currency exchange forward and option contracts.
+Added: To partially mitigate the impact of changes in currency exchange rates on net cash flows from our foreign currency denominated sales, we may enter into foreign currency exchange forward or option contracts.
We also hedge certain monetary assets and liabilities denominated in foreign currencies, which reduces but does not eliminate our exposure to currency fluctuations between the date a transaction is recorded and the date that cash is collected or paid.
2 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, 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.
+Added: dollar relative to exchange rates as of December 31, 2021 and 2020 would have resulted in a reduction in fair value of these contracts of approximately $333 million and $249 million, respectively, and if realized, would have negatively affected 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.
5 unchanged sentences
• liquidity of investments sufficient to meet cash flow requirements;
−Removed: • competitive after-tax rate of return.
−Removed: The following table summarizes the expected maturities and average interest rates of our interest-generating assets and interest-bearing liabilities at December 31, 2020:
+Added: • a competitive after-tax rate of return.
+Added: The following table summarizes the expected maturities and average interest rates of our interest-generating assets and interest-bearing liabilities as of December 31, 2021:
Expected Maturity Total Fair Value
5 unchanged sentences
Average interest rate 2.82 % 1.33 % 3.70 % 3.50 % 3.65 % 3.84 %
−Removed: Senior unsecured floating rate notes and term loan, including current portion $ 500 $ — $ 1,500 $ — $ — $ — $ 2,000 $ 2,002
−Removed: Average interest rate 0.38 % — % 1.15 % — % — % — %
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8 unchanged sentences
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.
−Removed: A hypothetical 20% increase or decrease in the stock prices of these equity securities would increase or decrease their fair value at December 31, 2020 and 2019 by approximately $478 million and $760 million, respectively.
+Added: A hypothetical 20% increase or decrease in the stock prices of these equity securities would have increased or decreased their fair value as of December 31, 2021 and 2020 by approximately $364 million and $478 million, respectively.
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.