23 unchanged sentences
Interest Rate and Credit Risk
−Removed: Our portfolio of available-for-sale debt securities and our senior unsecured notes create an exposure to interest rate and credit risk.
+Added: Our portfolio of available-for-sale debt securities and our long-term borrowings are exposed 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.
3 unchanged sentences
• a 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 as of December 31, 2022:
−Removed: Expected Maturity Total Fair Value
−Removed: (in millions, except percentages) 2023 2024 2025 2026 2027 Thereafter Total
−Removed: Available-for-sale debt securities $ 1,048 $ 830 $ 382 $ 19 $ 4 $ 9 $ 2,293 $ 2,293
−Removed: Average interest rate 2.55 % 3.41 % 3.83 % 5.09 % 2.42 % 2.07 %
−Removed: Senior unsecured fixed rate notes, including current portion (1)
−Removed: $ 2,250 $ 1,750 $ 1,750 $ 2,750 $ 2,000 $ 13,750 $ 24,250 $ 21,872
−Removed: Average interest rate 1.33 % 3.70 % 3.50 % 3.65 % 2.29 % 4.07 %
−Removed: _______________________________
−Removed: (1) Amounts represent principal balances.
−Removed: 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.
−Removed: There were no amounts outstanding under the five-year revolving credit facility as of December 31, 2022.
−Removed: 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.
+Added: The fair value of our available-for-sale debt securities is subject to change as a result of potential changes in market interest rates.
+Added: The fair value of our portfolio of available-for-sale debt securities would not be significantly affected by either a 10% increase or decrease in interest rates primarily due to the short-term nature of the portfolio.
+Added: We do not believe that the future market risks related to our securities will have a material adverse impact on our financial position, results of operations, or liquidity.
+Added: Our senior unsecured notes have fixed interest rates.
+Added: As such, there is no financial interest rate exposure.
+Added: The fair value of these senior unsecured notes and our liability related to future royalties as part of our 2020 acquisition of Immunomedics, Inc.
+Added: are exposed to fluctuations in interest rates.
+Added: The current fair value of our debt portfolio and liability related to future royalties are $22.6 billion and $1.2 billion, respectively.
+Added: The fair value will decrease as interest rates increase.
+Added: The fair value will increase as interest rates decrease.
+Added: Additionally, we have a $2.5 billion five-year revolving credit facility that matures in June 2025.
+Added: Loans under our revolving credit facility bear interest at either (i) the Term Secured Overnight Financing Rate plus the Applicable Percentage, or (ii) the Base Rate plus the Applicable Percentage, each as defined in the revolving credit facility agreement.
+Added: There were no amounts outstanding under the revolving credit facility as of December 31, 2023.
+Added: As such, there is currently no financial interest rate exposure.
Equity Price Risk
5 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.