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, 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.
+Added: As of June 30, 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 $46 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, 2021, we had derivative contracts outstanding with a notional value of $874 million maturing at various dates through September 25, 2024.
+Added: As of June 30, 2021, we had derivative contracts outstanding with a notional value of $956 million maturing at various dates through September 25, 2024.
INTEREST RATE RISK
−Removed: 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, 2021, the carrying value of our fixed-rate debt, excluding lease obligations, was $13,465 million and we had no variable-rate debt.
−Removed: 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.
−Removed: As of March 31, 2021, the total notional value of receive-variable, pay-fixed interest rate swaps was $450 million.
−Removed: 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.
+Added: We centrally manage our debt portfolio through the use of interest rate contracts and monitor our mix of fixed-rate and variable-rate debt.
+Added: As of June 30, 2021, the carrying value of our fixed-rate debt, excluding lease obligations, was $11,721 million and our variable-rate debt was $1,323 million, comprised entirely of commercial paper.
+Added: Additionally, as of June 30, 2021, the total notional value of receive-variable, pay-fixed interest rate swaps was $450 million and the total notional value of receive-fixed, pay-variable interest rate swaps was $250 million.
+Added: Our variable-rate instruments are generally based on LIBOR and a credit spread.
+Added: We estimate that the potential impact to our interest rate expense associated with variable rate debt and derivative instruments resulting from a hypothetical interest rate change of 1%, based on variable-rate debt and derivative instrument levels as of June 30, 2021, would be an increase of approximately $11 million or decrease of approximately $6 million.
+Added: Our estimate of the annual impact to interest expense reflects our assumption that LIBOR will not fall below 0%.
COMMODITY RISKS
2 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, 2021, we had derivative contracts outstanding with a notional value of $450 million maturing at various dates through January 8, 2024.
−Removed: The fair market value of these contracts as of March 31, 2021 was a net asset of $87 million.
−Removed: 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.
+Added: As of June 30, 2021, we had derivative contracts outstanding with a notional value of $518 million maturing at various dates through January 8, 2024.
+Added: The fair market value of these contracts as of June 30, 2021 was a net asset of $127 million.
+Added: As of June 30, 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 $6 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.