4 unchanged sentences
Our derivative financial instruments currently consist of interest rate swap contracts on certain fixed-rate long-term debt, which have been designated as hedging instruments for accounting purposes.
−Removed: As of March 31, 2020 , the estimated fair value of our long-term debt was approximately $11.65 billion , compared to its contractual value of $12.40 billion .
+Added: As of June 30, 2020, the estimated fair value of our long-term debt was approximately $14.39 billion, compared to its contractual value of $13.95 billion.
The estimated fair value of our long-term debt is based on recent trades, if available, and indicative pricing from market information (level 2 inputs).
A hypothetical 100 basis point change in market rates would cause the fair value of our long-term debt to change by $573 million.
−Removed: A hypothetical 100 basis point change in LIBOR and SOR would cause our annual interest cost on our long-term debt to change by approximately $84 million .
−Removed: The total notional amount of our fixed-to-variable interest rate swaps was $5.50 billion as of March 31, 2020 .
−Removed: The fair value of the interest rate swaps, on a stand-alone basis, as of March 31, 2020 , was an asset of $43 million .
−Removed: A hypothetical 100 basis point change in LIBOR would cause the fair value of the interest rate swaps to change by approximately $20 million .
−Removed: Foreign currency transaction gains were $38 million for the three months ended March 31, 2020 , primarily due to U.S.
+Added: A hypothetical 100 basis point change in the Singapore Swap Offer Rate would cause our annual interest cost on our long-term debt to change by approximately $29 million.
+Added: The total notional amount of our fixed-to-variable interest rate swaps was $5.50 billion as of June 30, 2020.
+Added: The fair value of the interest rate swaps, on a stand-alone basis, as of June 30, 2020, was an asset of $73 million.
+Added: As these interest rate swaps terminate in August 2020 and the final rate set was completed in May 2020, there will be no impact on these interest rate swaps from future changes in interest rates.
+Added: Foreign currency transaction gains were $34 million for the six months ended June 30, 2020, primarily due to U.S.
dollar denominated debt issued by SCL and Singapore denominated intercompany debt reported in U.S.
2 unchanged sentences
dollar/pataca exchange rates.
−Removed: Based on balances as of March 31, 2020 , a hypothetical 10% weakening of the U.S.
−Removed: dollar/SGD exchange rate would cause a foreign currency transaction loss of approximately $50 million , and a hypothetical 1% weakening of the U.S.
+Added: Based on balances as of June 30, 2020, a hypothetical 10% weakening of the U.S.
+Added: dollar/SGD exchange rate would cause a foreign
+Added: currency transaction loss of approximately $30 million, and a hypothetical 1% weakening of the U.S.
dollar/pataca exchange rate would cause a foreign currency transaction loss of approximately $57 million.
The pataca is pegged to the Hong Kong dollar and the Hong Kong dollar is pegged to the U.S.
−Removed: dollar (within a range).
+Added: dollar (within a narrow range).
We maintain a significant amount of our operating funds in the same currencies in which we have obligations thereby reducing our exposure to currency fluctuations.
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.