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In December 2020, our fixed-to-floating interest rate swap matured in connection with the repayment of certain long-term debt upon its maturity.
−Removed: Therefore, as of April 4, 2021 and December 31, 2020, we had no interest rate swap derivative instruments in a fair value hedging relationship.
+Added: Therefore, as of July 4, 2021 and December 31, 2020, we had no interest rate swap derivative instruments in a fair value hedging relationship.
A hypothetical 100 basis point increase in interest rates applied to this variable-rate debt through its December 2020 maturity would have increased interest expense by approximately $3.2 million for the year 2020.
There is no hypothetical impact for 2021.
−Removed: In addition, the total amount of short-term debt, net of cash, amounted to net cash positions of $1.1 billion, at April 4, 2021 and December 31, 2020, respectively.
−Removed: A hypothetical 100 basis point increase in interest rates applied to this variable-rate short-term debt as of April 4, 2021 would have changed interest expense by approximately $2.7 million for the first three months of 2021 and $8.6 million for the full year 2020.
+Added: In addition, the total amount of short-term debt, net of cash, amounted to net cash positions of 218.6 million and $1.1 billion, respectively, at July 4, 2021 and December 31, 2020.
+Added: A hypothetical 100 basis point increase in interest rates applied to this variable-rate short-term debt as of July 4, 2021 would have changed interest expense by approximately $3.2 million f or the first six months of 2021 and $8.6 million for the full year 2020.
We consider our current risk related to market fluctuations in interest rates on our remaining debt portfolio, excluding fixed-rate debt converted to variable rates with fixed-to-floating instruments, to be minimal since this debt is largely long-term and fixed-rate in nature.
Generally, the fair market value of fixed-rate debt will increase as interest rates fall and decrease as interest rates rise.
−Removed: A 100 basis point increase in market interest rates would decrease the fair value of our fixed-rate long-term debt at April 4, 2021 and December 31, 2020 by approximately $310 million and $357 million, respectively.
+Added: A 100 basis point increase in market interest rates would decrease the fair value of our fixed-rate long-term debt at July 4, 2021 and December 31, 2020 by approximately $322 million and $357 million, respectively.
However, since we currently have no plans to repurchase our outstanding fixed-rate instruments before their maturities, the impact of market interest rate fluctuations on our long-term debt does not affect our results of operations or financial position.
−Removed: The potential decline in fair value of foreign currency forward exchange contracts resulting from a hypothetical near-term adverse change in market rates of 10% was $28.9 million as of April 4, 2021 and $25.6 million as of December 31, 2020, generally offset by a reduction in foreign exchange associated with our transactional activities.
−Removed: Our open commodity derivative contracts had a notional value of $194.1 million as of April 4, 2021 and $279.8 million as of December 31, 2020.
+Added: The potential decline in fair value of foreign currency forward exchange contracts resulting from a hypothetical near-term adverse change in market rates of 10% was $22.9 million as of July 4, 2021 and $25.6 million as of December 31, 2020, generally offset by a reduction in foreign exchange associated with our transactional activities.
+Added: Our open commodity derivative contracts had a notional value of $387.9 million a s of July 4, 2021 and $279.8 million as of December 31, 2020.
At the end of the first quarter 2021, the potential change in fair value of commodity derivative instruments, assuming a 10% decrease in the underlying commodity price, would have increased our net unrealized losses by $41.6 million, generally offset by a reduction in the cost of the underlying commodity purchases.
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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.