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The loss from this hypothetical weakening would be largely offset by a corresponding gain on our cash flows from foreign currency-denominated revenues and payments.
−Removed: See Note 1—Summary of Significant Accounting Policies and Note 13—Derivative Financial Instruments to our consolidated financial statements included in Item 8—Financial Statements and Supplementary Data of this report.
+Added: See Note 1—Summary of Significant Accounting Policies and Note 13—Derivative and Non-derivative Financial Instruments to our consolidated financial statements included in Item 8—Financial Statements and Supplementary Data of this report.
We are further exposed to foreign currency exchange rate risk related to translation as the functional currency of Visa Europe is the Euro.
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dollar compared to the exchange rate at September 30, 2022 would result in a foreign currency translation adjustment of $1.8 billion.
−Removed: See Note 1—Summary of Significant Accounting Policies to our consolidated financial statements included in Item 8—Financial Statements and Supplementary Data of this report.
+Added: We designated a portion of our Euro-denominated senior notes as a net investment hedge against a portion of the foreign exchange rate exposure of our net investment in Visa Europe as of September 30, 2022.
+Added: Changes in the value of the designated portion of the Euro-denominated senior notes, attributable to the change in exchange rates at the end of each reporting period, partially offset the foreign currency translation adjustments resulting from the Euro-denominated net investment, are reported as a component of accumulated other comprehensive income or loss on the Company’s consolidated balance sheets.
+Added: See Note 1—Summary of Significant Accounting Policies and Note 13—Derivative and Non-derivative Financial Instruments to our consolidated financial statements included in Item 8—Financial Statements and Supplementary Data of this report.
We are also subject to foreign currency exchange risk in daily settlement activities.
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Additionally, a falling-rate environment creates reinvestment risk because as securities mature, the proceeds are reinvested at a lower rate, generating less interest income.
−Removed: At September 30, 2021 and 2020, the fair value of our fixed-rate investment securities were $5.5 billion and $4.0 billion, respectively, and the fair value of our adjustable-rate investment securities were $0.2 billion and $2.0 billion, respectively.
+Added: At September 30, 2022 and 2021, the fair value of our fixed-rate investment securities were $5.3 billion and $5.5 billion, respectively, and the fair value of our adjustable-rate investment securities were not material and $0.2 billion, respectively.
At September 30, 2022, a hypothetical 100 basis point increase in interest rates would create an estimated decrease in the fair value of our investment securities of approximately $47 million.
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A hypothetical 100 basis point increase in interest rates would have resulted in an increase of approximately $40 million in annual interest expense.
−Removed: See Note 13—Derivative Financial Instruments to our consolidated financial statements included in Item 8—Financial Statements and Supplementary Data of this report.
+Added: See Note 13—Derivative and Non-derivative Financial Instruments to our consolidated financial statements included in Item 8—Financial Statements and Supplementary Data of this report.
Equity Investment Risk
+Added: Our equity investments are held in both marketable and non-marketable equity securities.
+Added: The marketable equity securities are publicly traded stocks and the non-marketable equity securities are investments in privately held companies.
+Added: As of September 30, 2022 and 2021, the carrying value of our marketable equity securities was $291 million and $323 million, respectively.
+Added: These securities are subject to a wide variety of market-related risks that could substantially reduce or increase the fair value of our holdings.
As of September 30, 2022 and 2021, the carrying value of our non-marketable equity securities was $1.2 billion and $1.5 billion, respectively.
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At September 30, 2022 and 2021, our U.S.
−Removed: defined benefit pension plan assets were $1.3 billion and $1.1 billion, respectively, and projected benefit obligations were $0.9 billion at each year end.
+Added: defined benefit pension plan assets were $1.0 billion and $1.3 billion, respectively, and projected benefit obligations were $0.7 billion and $0.9 billion, respectively.
A material adverse decline in the value of pension plan assets and/or in the discount rate for benefit obligations would result in a decrease in the funded status of the pension plans, an increase in pension cost and an increase in required funding.
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At September 30, 2022 and 2021, our non-U.S.
−Removed: defined benefit pension plan assets were $0.5 billion at each year end, and projected benefit obligations were $0.5 billion and $0.6 billion, respectively.
+Added: defined benefit pension plan assets were $0.3 billion and $0.5 billion, respectively, and projected benefit obligations were $0.3 billion and $0.5 billion, respectively.
A material adverse decline in the value of pension plan assets and/or in the discount rate for benefit obligations would result in a decrease in the funded status of the pension plans, an increase in pension cost and an increase in required funding.
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.