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 prices.
−Removed: 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.
−Removed: Foreign Currency Exchange Risk
+Added: We are exposed to market risks that may result from changes in foreign currency exchange rates, interest rates and credit, and equity prices.
+Added: To reduce certain of these risks, we enter into various types of foreign currency derivative hedging transactions, follow investment guidelines and monitor outstanding receivables as part of our risk management program.
+Added: We may also enter into other transactions, such as interest rate derivative hedges, as needed.
+Added: Foreign Currency Exchange Rate Risk
We have operations in more than 35 countries worldwide.
5 unchanged sentences
Conversely, when the U.S.
−Removed: dollar weakens against these currencies, the relative value of such sales increase.
+Added: dollar weakens against these currencies, the relative value of such sales increases.
Overall, we are a net receiver of foreign currencies and, therefore, we benefit from a weaker U.S.
1 unchanged sentence
Approximately 29% of our product sales were denominated in foreign currencies during 2022.
−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 or 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 enter into foreign currency exchange forward 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.
4 unchanged sentences
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.
−Removed: Interest Rate Risk
−Removed: Our portfolio of available-for-sale debt securities and our senior unsecured notes create an exposure to interest rate risk.
+Added: Interest Rate and Credit Risk
+Added: Our portfolio of available-for-sale debt securities and our senior unsecured notes create an exposure to interest rate and credit 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.
16 unchanged sentences
Debt and Credit Facilities of the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K for additional information.
−Removed: Market Price Risk
+Added: Equity Price Risk
We hold shares of common stock of certain publicly traded biotechnology companies primarily in connection with license and collaboration agreements.
4 unchanged sentences
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.