6 unchanged sentences
Our financial instruments that are subject to interest rate risk principally include fixed-rate long-term debt and commercial paper, if issued.
−Removed: The estimated fair value of our outstanding debt was $16.0 billion at December 31, 2022 and the outstanding principal amount was $16.8 billion, excluding unamortized discounts and issuance costs of $1.3 billion.
+Added: The estimated fair value of our outstanding debt was $18.5 billion at December 31, 2023 and the outstanding principal amount of debt, including short-term and long-term debt, was $18.7 billion, excluding unamortized discounts and issuance costs of $1.3 billion.
A 10% change in the level of interest rates would not have a material impact on the fair value of our outstanding debt at December 31, 2023.
15 unchanged sentences
Changes in the fair value of the derivatives that are not highly effective, if any, are immediately recognized in earnings.
−Removed: The aggregate notional amount of our outstanding interest rate swaps at December 31, 2022 and 2021 was $1.3 billion and $500 million.
−Removed: The increase in 2022 was designated on the additional debt we issued during the fourth quarter.
+Added: The aggregate notional amount of our outstanding interest rate swaps was $1.3 billion at both December 31, 2023 and 2022.
The aggregate notional amount of our outstanding foreign currency hedges at December 31, 2023 and 2022 was $6.5 billion and $7.3 billion.
−Removed: The increase in 2022 is due to the timing of foreign denominated international contract awards.
At December 31, 2023 and 2022, the net fair value of our derivative instruments was not material (see “Note 15 – Fair Value Measurements” included in our Notes to Consolidated Financial Statements).
11 unchanged sentences
Both the change in the fair value of the trust and the change in the value of the liabilities are recognized on our consolidated statements of earnings in other unallocated, net and were not material for the year ended December 31, 2023.
−Removed: Table o f C ontents
−Removed: We are exposed to equity market risk through certain marketable securities.
−Removed: The fair value of these marketable securities was $24 million as of December 31, 2022.
−Removed: A 10% decrease in the market price of our marketable equity securities as of December 31, 2022 would not have a material impact on the carrying amounts of these securities or our consolidated financial statements.
−Removed: Many of the same factors that could result in an adverse movement of equity market prices affect our non-marketable equity investments, although we cannot always quantify the impacts directly.
−Removed: Financial markets are volatile, which could negatively affect the valuations and prospects of the companies we invest in, their ability to raise additional capital, and the likelihood of our ability to realize value in our investments through liquidity events such as initial public offerings, mergers, and private sales.
−Removed: Table o f C ontents
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.