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 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
+Added: earnings or shareholders’ equity.
Further, the computations do not contemplate any actions that could be undertaken in response to changes in interest rates.
15 unchanged sentences
Commodity price risk was measured assuming an instantaneous decrease of 20% from their levels at December 31, 2024 and 2023.
−Removed: We have exposure to price risk as a result of Altium Packaging’s purchases of certain raw materials, such as high-density polyethylene, polycarbonate, polypropylene and polyethylene terephthalate resins in connection with the production of its products.
−Removed: The purchase prices of these raw materials are determined based on prevailing market conditions.
−Removed: Packaging’s contracts with its customers provide for price adjustments for changes in resin prices on a prospective basis.
−Removed: 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.
Credit Risk – We and our subsidiaries are exposed to credit risk relating to the risk of loss resulting from the nonperformance by a customer of its contractual obligations.
1 unchanged sentence
Certain of our subsidiaries may perform credit reviews of customers and may require customers to provide cash collateral, post a letter of credit, prepay for services or provide other credit enhancements.
+Added: Credit Spread Risk – In the fourth quarter of 2024, we entered into credit default swap index transactions with a notional value of $2 billion that potentially benefit from widening investment grade credit spreads associated with the underlying securities that comprise the index.
+Added: In addition to our exposure to tightening investment grade credit spreads as a result of these transactions, carrying costs associated with maintaining the positions could adversely affect returns.
The following tables present the estimated effects on the fair value of our and our subsidiaries’ financial instruments as of December 31, 2024 and 2023 due to an increase in yield rates of 100 basis points, a 20% decline in foreign currency exchange rates and a 25% decline in the S&P 500, with all other variables held constant, on the basis of those entered into for trading purposes and other than trading purposes.
36 unchanged sentences
– short (62) 15
+Added: Options – purchased 1 35
Other invested assets 8
15 unchanged sentences
The carrying value of the LFPB was $13.2 billion and $14.0 billion as of December 31, 2024 and 2023 .
−Removed: The estimated decrease in the carrying value of the LFPB as of December 31, 2023 and 2022 due to an increase in yield rates of 100 basis points was $1.5 billion.
+Added: The estimated decrease in the carrying value of the LFPB as of December 31, 2024 and 2023 due to an increase in yield rates of 100 basis points was $1.3 billion and $1.5 billion.
The change in the carrying value of the LFPB due to interest rate changes was estimated by discounting the expected future cash flows.
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.