Item 3. Quantitative and Qualitative Disclosures About Market Risk

Information on our utilization of financial instruments and an analysis of the sensitivity of these instruments to selected changes in market rates and prices is included in our 2022 Form 10-K.

Our net financial instrument position increased from a liability of $6,898.6 at 30 September 2022 to a liability of $7,275.0 at 31 December 2022. The increase was primarily due to long-term debt proceeds net of repayments and the effect of a weaker U.S. Dollar on foreign currency-denominated debt.

Interest Rate Risk

The sensitivity analysis related to the interest rate risk on the fixed portion of our debt portfolio assumes an instantaneous 100 bp move in interest rates from the level at 31 December 2022, with all other variables held constant. A 100 bp increase in market interest rates would result in a decrease of $354 and $364 in the net liability position of financial instruments at 31 December 2022 and 30 September 2022, respectively. A 100 bp decrease in market interest rates would result in an increase of $412 and $425 in the net liability position of financial instruments at 31 December 2022 and 30 September 2022, respectively.

There were no material changes to the sensitivity analysis related to the variable portion of our debt portfolio since 30 September 2022.

Foreign Currency Exchange Rate Risk

The sensitivity analysis related to foreign currency exchange rates assumes an instantaneous 10% change in foreign currency exchange rates from their levels at 31 December 2022, with all other variable held constant. A 10% strengthening or weakening of the functional currency of an entity versus all other currencies would result in a decrease or increase, respectively, of $188 and $165 in the net liability position of financial instruments at 31 December 2022 and 30 September 2022, respectively.

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