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 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.
+Added: As of September 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 $37 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 June 30, 2020 , we had derivative contracts outstanding with a notional value of $485 million maturing at various dates through September 25, 2024 .
+Added: As of September 30, 2020 , we had derivative contracts outstanding with a notional value of $794 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 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.
−Removed: Additionally, as of June 30, 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 June 30, 2020 :
+Added: As of September 30, 2020 , the carrying value of our fixed-rate debt, excluding lease obligations, was $13,057 million and our variable-rate debt was $832 million , inclusive of commercial paper.
+Added: Additionally, as of September 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 September 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 June 30, 2020 , we had derivative contracts outstanding with a notional value of $580 million maturing at various dates through December 31, 2022 .
−Removed: The fair market value of these contracts as of June 30, 2020 was a net liability of $51 million .
−Removed: 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 .
+Added: As of September 30, 2020 , we had derivative contracts outstanding with a notional value of $497 million maturing at various dates through January 1, 2023 .
+Added: The fair market value of these contracts as of September 30, 2020 was a net liability of $6 million .
+Added: As of September 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 $1 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.