23 unchanged sentences
The interest rates on certain types of assets and liabilities may fluctuate in advance of changes in market interest rates, while interest rates on other types may lag behind changes in market rates.
−Removed: Accordingly, the analysis may not be indicative of, is not intended to provide, and does not provide a precise forecast of the effect of changes of market interest rates on our
−Removed: earnings or shareholders’ equity.
+Added: Accordingly, the analysis may not be indicative of, is not intended to provide, and does not provide a precise forecast of the effect of changes of market interest rates on our earnings or shareholders’ equity.
Further, the computations do not contemplate any actions that could be undertaken in response to changes in interest rates.
3 unchanged sentences
The impact of a 100 basis point decrease would result in an increase in market value of $368 million and $683 million at December 31, 2022 and 2021.
−Removed: At December 31, 2021, the impact of a 100 basis point increase in interest rates on variable rate debt, net of the effects of the swaps, would not increase interest expense and at December 31, 2020 would increase interest expense by approximately $3 million on an annual basis.
+Added: At December 31, 2022 and 2021, the impact of a 100 basis point increase in interest rates on variable rate debt, net of the effects of the swaps, would not increase interest expense.
Equity Price Risk – We and our subsidiaries have exposure to equity price risk as a result of investments in equity securities and equity derivatives.
11 unchanged sentences
The purchase prices of these raw materials are determined based on prevailing market conditions.
−Removed: Altium Packaging’s contracts with its customers provide for price adjustments for changes in resin prices on a prospective basis.
+Added: Packaging’s contracts with its customers provide for price adjustments for changes in resin prices on a prospective basis.
Due to fluctuations in resin prices, over time resin raw material costs are generally offset by the change in revenues, so that Altium Packaging’s gross margins return to the same level as prior to the change in prices.
31 unchanged sentences
Other derivatives 21 6 2 42
−Removed: (a) From a financial reporting perspective, Shadow Adjustments related to life and group reserves would reduce the impact of the decrease in fixed maturity securities.
+Added: (a) Shadow Adjustments related to life and group reserves would reduce the impact of the decrease in fixed maturity securities.
Trading portfolio:
7 unchanged sentences
– short (70) 18
−Removed: Options – purchased 3 6
Other invested assets 27
13 unchanged sentences
Short term investments 2,154 (3) (37)
−Removed: Interest rate swaps (b)
Other derivatives (12) 35
−Removed: (a) From a financial reporting perspective, Shadow Adjustments related to life and group reserves would reduce the impact of the decrease in fixed maturity securities.
−Removed: (b) The market risk at December 31, 2020 will generally be offset by recognition of the underlying hedged transaction.
+Added: (a) Shadow Adjustments related to life and group reserves would reduce the impact of the decrease in fixed maturity securities.
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.