3 unchanged sentences
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, 2025, the estimated fair value of our debt was approximately $15.76 billion, compared to its contractual value of $15.78 billion.
+Added: As of March 31, 2026, the estimated fair value of our debt was approximately $15.61 billion, compared to its contractual value of $15.70 billion.
The estimated fair value of our 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 debt to change by $234 million.
−Removed: A hypothetical 100 basis point change in Secured Overnight Financing Rate (“SOFR”), HIBOR and SORA would cause our annual interest cost on our debt to change by approximately $54 million.
−Removed: Foreign currency transaction losses were $17 million for the nine months ended September 30, 2025, primarily due to U.S.
+Added: A hypothetical 100 basis point change in HIBOR and SORA would cause our annual interest cost on our debt to change by approximately $61 million.
+Added: Foreign currency transaction losses were $5 million for the three months ended March 31, 2026, primarily due to U.S.
dollar denominated debt issued by SCL.
−Removed: We may be vulnerable to changes in the USD/SGD and U.S.
+Added: We may be vulnerable to changes in the U.S.
+Added: dollar/SGD and U.S.
dollar/pataca exchange rates.
There were no material balances denominated in U.S.
−Removed: dollars related to our Singapore operations as of September 30, 2025;
+Added: dollars related to our Singapore operations as of March 31, 2026;
however, these balances fluctuate to support our operations.
−Removed: Based on balances as of September 30, 2025, a hypothetical 1% weakening of the U.S.
−Removed: dollar/pataca exchange rate would cause a foreign currency transaction loss of approximately $9 million (net of the impact from the foreign currency swap agreements).
+Added: Based on balances as of March 31, 2026, a hypothetical 1% adverse change in the U.S.
+Added: dollar/pataca exchange rate would cause a foreign currency transaction loss of approximately $4 million (net of the impact from the foreign currency swap agreements and forward contracts).
The pataca is pegged to the Hong Kong dollar and the Hong Kong dollar is pegged to the U.S.
2 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.