8 unchanged sentences
Exchange rate gains or losses related to foreign currency transactions are recognized as transaction gains or losses in our income statement as incurred.
−Removed: As of March 31, 2020 , the impact to our income from operations of a 10% change (up or down) in exchange rates is estimated to be an increase or decrease of approximately $25 million on an annual basis.
+Added: As of June 30, 2020 , the impact to our income from operations of a 10% change (up or down) in exchange rates is estimated to be an increase or decrease of approximately $25 million on an annual basis.
We use derivative instruments such as foreign exchange forward contracts to manage a portion of our exposure to changes in foreign exchange rates.
−Removed: As of March 31, 2020 , we had derivative contracts outstanding with a notional value of $471 million maturing at various dates through September 25, 2024 .
+Added: As of June 30, 2020 , we had derivative contracts outstanding with a notional value of $485 million maturing at various dates through September 25, 2024 .
INTEREST RATE RISK
We centrally manage our debt portfolio through the use of interest rate swaps and monitor our mix of fixed-rate and variable-rate debt.
−Removed: As of March 31, 2020 , the carrying value of our fixed-rate debt, excluding lease obligations, was $11,559 million and our variable-rate debt was $2,829 million , inclusive of commercial paper.
−Removed: Additionally, as of March 31, 2020 , the total notional value of receive-variable, pay-fixed interest rate swaps was $450 million .
−Removed: The following table is an estimate of the impact to our interest rate expense based upon our variable rate debt and derivative instruments that could result from hypothetical interest rate changes during the term of the financial instruments, based on debt levels as of March 31, 2020 :
+Added: As of June 30, 2020 , the carrying value of our fixed-rate debt, excluding lease obligations, was $13,049 million and our variable-rate debt was $1,056 million , inclusive of commercial paper.
+Added: Additionally, as of June 30, 2020 , the total notional value of receive-variable, pay-fixed interest rate swaps was $450 million .
+Added: The following table is an estimate of the impact to our interest rate expense based upon our variable rate debt and derivative instruments that could result from hypothetical interest rate changes during the term of the financial instruments, based on debt levels as of June 30, 2020 :
Hypothetical Change in Interest Rates (1)
10 unchanged sentences
We utilize commodities derivative instruments and supplier pricing agreements to hedge the risk of adverse movements in commodity prices for limited time periods for certain commodities.
−Removed: As of March 31, 2020 , we had derivative contracts outstanding with a notional value of $317 million maturing at various dates through June 30, 2022 .
−Removed: The fair market value of these contracts as of March 31, 2020 was a net liability of $37 million .
−Removed: As of March 31, 2020 , the impact of a 10% change (up or down) in market prices for these commodities where the risk of adverse movements has not been hedged is estimated to have a $9 million impact to our income from operations for the remainder of the year ending December 31, 2020 .
+Added: As of June 30, 2020 , we had derivative contracts outstanding with a notional value of $580 million maturing at various dates through December 31, 2022 .
+Added: The fair market value of these contracts as of June 30, 2020 was a net liability of $51 million .
+Added: As of June 30, 2020 , the impact of a 10% change (up or down) in market prices for these commodities where the risk of adverse movements has not been hedged is estimated to have a $2 million impact to our income from operations for the remainder of the year ending December 31, 2020 .
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.