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 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 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 instruments.
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: As of September 30, 2024, the estimated fair value of our long-term debt was approximately $13.72 billion, compared to its contractual value of $13.95 billion.
−Removed: 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).
−Removed: A hypothetical 100 basis point change in market rates would cause the fair value of our long-term debt to change by $320 million.
−Removed: A hypothetical 100 basis point change in Secured Overnight Financing Rate (“SOFR”), Hong Kong Inter-Bank Offered Rate (“HIBOR”) and Singapore Overnight Rate Average (“SORA”) would cause our annual interest cost on our long-term debt to change by approximately $29 million.
−Removed: Foreign currency transaction gains were $16 million for the nine months ended September 30, 2024, primarily due to U.S.
+Added: As of March 31, 2025, the estimated fair value of our debt was approximately $13.54 billion, compared to its contractual value of $13.82 billion.
+Added: The estimated fair value of our debt is based on recent trades, if available, and indicative pricing from market information (level 2 inputs).
+Added: A hypothetical 100 basis point change in market rates would cause the fair value of our debt to change by $273 million.
+Added: A hypothetical 100 basis point change in Secured Overnight Financing Rate (“SOFR”), Hong Kong Interbank Offered Rate (“HIBOR”) and Singapore Overnight Rate Average (“SORA”) would cause our annual interest cost on our debt to change by approximately $28 million.
+Added: Foreign currency transaction losses were $1 million for the three months ended March 31, 2025, primarily due to U.S.
dollar denominated debt issued by SCL.
3 unchanged sentences
There were no material balances denominated in U.S.
−Removed: dollars related to our Singapore operations as of September 30, 2024;
+Added: dollars related to our Singapore operations as of March 31, 2025;
however, these balances fluctuate to support our operations.
−Removed: Based on balances as of September 30, 2024, a hypothetical 1% weakening of the U.S.
+Added: Based on balances as of March 31, 2025, a hypothetical 1% weakening of the U.S.
dollar/pataca exchange rate would cause a foreign currency transaction loss of approximately $17 million (net of the impact from the foreign currency swap agreements).
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.