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 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.
+Added: As of March 31, 2021, 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 $41 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 September 30, 2020 , we had derivative contracts outstanding with a notional value of $794 million maturing at various dates through September 25, 2024 .
+Added: As of March 31, 2021, we had derivative contracts outstanding with a notional value of $874 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 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.
−Removed: Additionally, as of September 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 September 30, 2020 :
−Removed: Hypothetical Change in Interest Rates (1)
−Removed: Annual Impact to Interest Expense
−Removed: 1-percent decrease
−Removed: $4 million decrease
−Removed: 1-percent increase
−Removed: $4 million increase
−Removed: We pay an average floating rate, which fluctuates periodically, based on LIBOR and a credit spread, as a result of variable rate debt instruments.
−Removed: See Notes 2 and 7 of the Notes to our Unaudited Condensed Consolidated Financial Statements for further information.
+Added: As of March 31, 2021, the carrying value of our fixed-rate debt, excluding lease obligations, was $13,465 million and we had no variable-rate debt.
+Added: Although we had no variable-rate debt outstanding as of March 31, 2021, we held variable-rate debt throughout the first quarter of 2021 in the form of commercial paper, and we intend to continue utilizing variable-rate debt throughout 2021.
+Added: As of March 31, 2021, the total notional value of receive-variable, pay-fixed interest rate swaps was $450 million.
+Added: As a result of these factors, there was no interest rate risk associated with our debt balances based on debt levels as of March 31, 2021.
COMMODITY RISKS
We are subject to market risks with respect to commodities because our ability to recover increased costs through higher pricing may be limited by the competitive environment in which we operate.
−Removed: Our principal commodities risks relate to our purchases of aluminum, natural gas (for use in processing and packaging), resin, PET, corn (for high fructose corn syrup), pulp, coffee beans, diesel fuel, apple juice concentrate, apples and sucrose.
+Added: Our principal commodities risks relate to our purchases of coffee beans, PET, aluminum, diesel fuel, corn (for high fructose corn syrup), apple juice concentrate, apples, sucrose and natural gas (for use in processing and packaging).
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 September 30, 2020 , we had derivative contracts outstanding with a notional value of $497 million maturing at various dates through January 1, 2023 .
−Removed: The fair market value of these contracts as of September 30, 2020 was a net liability of $6 million .
−Removed: 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 .
+Added: As of March 31, 2021, we had derivative contracts outstanding with a notional value of $450 million maturing at various dates through January 8, 2024.
+Added: The fair market value of these contracts as of March 31, 2021 was a net asset of $87 million.
+Added: As of March 31, 2021, 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 $8 million impact to our income from operations for the remainder of the year ending December 31, 2021.
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.