6 unchanged sentences
These operations also have net assets and liabilities not denominated in the functional currency, which exposes us to changes in foreign currency exchange rates that impact income.
−Removed: We recorded a foreign exchange gain in our income statement of $14 million in the first nine months of 2022, compared to a $19 million foreign exchange loss in the same period of the prior year.
+Added: We recorded a foreign exchange loss in our income statement of $9 million in the first three months of 2023, compared to a $1 million foreign exchange loss in the same period of the prior year.
The gains and losses are primarily due to exchange rate fluctuations related to monetary asset balances denominated in currencies other than the functional currency and adjustments to our hedged positions as a result of changes in foreign currency exchange rates.
7 unchanged sentences
We do not use foreign currency forward contracts for trading or speculative purposes.
−Removed: The Company had other financial market risk sensitive instruments (cash balances, overdraft facilities, accounts receivable and accounts payable) denominated in foreign currencies with transactional exposures totaling $382 million and translation exposures totaling $298 million as of September 30, 2022.
−Removed: The Company estimates that a hypothetical 10 percent movement of all applicable foreign currency exchange rates on the transactional exposures could affect net income by $30 million and the translational exposures financial market risk sensitive instruments could affect the future fair value by $30 million.
+Added: The Company had other financial market risk sensitive instruments (cash balances, overdraft facilities, accounts receivable and accounts payable) denominated in foreign currencies with transactional exposures totaling $370 million and translation exposures totaling $372 million as of March 31, 2023.
+Added: The Company estimates that a hypothetical 10 percent movement of all applicable foreign currency exchange rates on the transactional exposures could affect net income by $29 million and the translational exposures could affect Other Comprehensive Income by $37 million.
The counterparties to forward contracts are major financial institutions.
2 unchanged sentences
Interest Rate Risk
−Removed: At September 30, 2022, borrowings consisted of $1,090 million in 3.95% Senior Notes and $495 million in 3.60% Senior Notes.
−Removed: At September 30, 2022, there were no outstanding letters of credit issued under the credit facility, resulting in $2.0 billion of funds available under this credit facility.
+Added: At March 31, 2023, borrowings consisted of $1,090 million in 3.95% Senior Notes and $495 million in 3.60% Senior Notes.
+Added: At March 31, 2023, there were no outstanding letters of credit issued under the credit facility, resulting in $2.0 billion of funds available under this credit facility.
Additionally, the Company’s joint venture has a $150 million bank line of credit for the construction of a facility in Saudi Arabia.
−Removed: Interest under the bank line of credit is based upon LIBOR plus 1.40%.
+Added: Interest under the bank line of credit is based upon SOFR plus 1.40%.
Occasionally a portion of borrowings under our credit facility could be denominated in multiple currencies which could expose us to market risk with exchange rate movements.
−Removed: These instruments carry interest at a pre-agreed upon percentage point spread from either LIBOR, NIBOR or CDOR, or at the U.S.
−Removed: Under our credit facility, we may, at our option, fix the interest rate for certain borrowings based on a spread over LIBOR, NIBOR or CDOR for 30 days to six months.
+Added: These instruments carry interest at a pre-agreed upon percentage point spread from either SOFR, NIBOR or CDOR, or at the U.S.
+Added: Under our credit facility, we may, at our option, fix the interest rate for certain borrowings based on a spread over SOFR, NIBOR or CDOR for one month to six months.
Our objective is to maintain a portion of our debt in variable rate borrowings for the flexibility obtained regarding early repayment without penalties and lower overall cost as compared with fixed-rate borrowings.
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.