1 unchanged sentence
Market risk is the risk of loss arising from adverse changes in market rates and prices, such as interest rates, foreign currency exchange rates and commodity prices.
−Removed: Our primary exposures to market risk are interest rate risk associated with our long-term debt and interest rate swap contracts and foreign currency exchange rate risk associated with our operations outside the United States, which we may manage through the use of futures, options, caps, forward contracts and similar instruments.
+Added: Our primary exposures to market risk are interest rate risk associated with our long-term debt and foreign currency exchange rate risk associated with our operations outside the United States, which we may manage through the use of futures, options, caps, forward contracts and similar
We do not hold or issue financial instruments for trading purposes and do not enter into derivative transactions that would be considered speculative positions.
−Removed: 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 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.
+Added: As of September 30, 2020, the estimated fair value of our long-term debt was approximately $14.64 billion, compared to its contractual value of $14.03 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).
1 unchanged sentence
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 $30 million.
−Removed: The total notional amount of our fixed-to-variable interest rate swaps was $5.50 billion as of June 30, 2020.
−Removed: The fair value of the interest rate swaps, on a stand-alone basis, as of June 30, 2020, was an asset of $73 million.
−Removed: 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.
−Removed: Foreign currency transaction gains were $34 million for the six months ended June 30, 2020, primarily due to U.S.
+Added: Foreign currency transaction gains were $30 million for the nine months ended September 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 June 30, 2020, a hypothetical 10% weakening of the U.S.
−Removed: dollar/SGD exchange rate would cause a foreign
−Removed: currency transaction loss of approximately $30 million, and a hypothetical 1% weakening of the U.S.
+Added: Based on balances as of September 30, 2020, a hypothetical 10% weakening of the U.S.
+Added: dollar/SGD exchange rate would cause a foreign currency transaction loss of approximately $22 million, and a hypothetical 1% weakening of the U.S.
dollar/pataca exchange rate would cause a foreign currency transaction loss of approximately $62 million.
3 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.