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CADE imposed a civil fine of R$179.2 million (approximately $33 million at 30 September 2021) on Air Products Brasil Ltda.
−Removed: This fine was based on a recommendation by a unit of the Brazilian Ministry of Justice, whose investigation began in 2003, alleging violation of competition laws with respect to the sale of industrial and medical gases.
+Added: This fine was based on a recommendation by a unit of the Brazilian Ministry of Justice, following an investigation beginning in 2003, which alleged violation of competition laws with respect to the sale of industrial and medical gases.
The fines are based on a percentage of our total revenue in Brazil in 2003.
−Removed: We have denied the allegations made by the authorities and filed an appeal in October 2010 to the Brazilian courts.
+Added: We have denied the allegations made by the authorities and filed an appeal in October 2010 with the Brazilian courts.
On 6 May 2014, our appeal was granted and the fine against Air Products Brasil Ltda.
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As a result, no provision has been made in the consolidated financial statements.
−Removed: Other than the CADE matter discussed above, we do not currently believe there are any legal proceedings, individually or in the aggregate, that are reasonably possible to have a material impact on our financial condition, results of operations, or cash flows.
+Added: In the event of an adverse final judgment, we estimate the maximum possible loss to be the full amount of the fine of R$179.2 million (approximately $33 million at 30 September 2021) plus interest accrued thereon until final disposition of the proceedings.
+Added: Additionally, Winter Storm Uri, a severe winter weather storm in the U.S.
+Added: Gulf Coast in February 2021, disrupted our operations and caused power and natural gas prices to spike significantly in Texas.
+Added: We are currently in the early stages of litigation of a dispute regarding energy management services related to the impact of this unusual event, and other disputes may arise from such power price increases.
+Added: In addition, legislative action may affect power supply and energy management charges.
+Added: While it is reasonably possible that we could incur additional costs related to power supply and energy management services in Texas related to the winter storm, it is too early to estimate potential losses, if any, given significant unknowns resulting from the unusual nature of this event.
+Added: Other than the matters discussed above, we do not currently believe there are any legal proceedings, individually or in the aggregate, that are reasonably possible to have a material impact on our financial condition, results of operations, or cash flows.
However, a future charge for regulatory fines or damage awards could have a significant impact on our net income in the period in which it is recorded.
−Removed: Additional information on our legal proceedings can be found in Note 17, Commitments and Contingencies , to the consolidated financial statements.
Mine Safety Disclosures.
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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.