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Temporary closures of businesses were ordered and numerous other businesses temporarily closed voluntarily.
−Removed: The impact of the global pandemic and response has had a material unfavorable impact on global and local markets, including commodity, currency and capital markets.
−Removed: While some of these markets such as the U.S.
−Removed: and other major stock markets and certain currencies have rebounded significantly in recent quarters, these markets are likely to continue to remain volatile while the situation continues.
+Added: The impact of the global pandemic and response as well as the war in Ukraine has had a material unfavorable impact on global and local markets, including commodity, currency and capital markets.
+Added: These markets are likely to continue to remain volatile while these situations continue.
An economic or credit crisis could occur and impair credit availability and our ability to raise capital when needed.
15 unchanged sentences
operations and other currency impacts, we cannot fully predict or eliminate volatility arising from changes in currency exchange rates on our consolidated financial results.
−Removed: See Consolidated Results of Operations and Results of Operations by Reportable Segment under Discussion and Analysis of Historical Results for currency exchange effects on our financial results during the nine months ended September 30, 2021.
+Added: See Consolidated Results of Operations and Results of Operations by Reportable Segment under Discussion and Analysis of Historical Results for currency exchange effects on our financial results during the three months ended March 31, 2022.
Throughout our discussion and analysis of results, we isolate currency impacts and supplementally provide net revenues, operating income and diluted earnings per share on a constant currency basis.
−Removed: For additional information on the impact of currency policies, recent currency devaluations and highly inflationary accounting on our financial condition and results of operations, also see Note 1, Basis of Presentation – Currency Translation and Highly Inflationary Accounting .
+Added: For additional information on the impact of currency policies, recent currency devaluations and highly inflationary accounting on our financial condition and results of operations, also see Note 1, Basis of Presentation – Currency Translation and Highly Inflationary Accounting, including our discussion of Türkiye becoming a highly inflationary economy with currency remeasurement impacts expected to start on April 1, 2022.
We also continually monitor the market for commodities that we use in our products.
−Removed: Input costs may fluctuate widely due to international demand, weather conditions, government policy and regulation and unforeseen conditions such as the current COVID-19 global pandemic.
+Added: Input costs may fluctuate widely due to international demand, weather conditions, government policy and regulation and unforeseen conditions such as the current COVID-19 global pandemic and war in Ukraine.
Refer to Recent Developments and Significant Items Affecting Comparability and Financial Outlook above for updates on recent supply chain, transportation, labor and other disruptions that are increasing operating costs and impacting our results.
3 unchanged sentences
Our primary exposures include movements in U.S.
−Removed: Treasury rates, corporate credit spreads, commercial paper rates as well as limited debt tied to London Interbank Offered Rates (“LIBOR”).
−Removed: The Financial Conduct Authority in the United Kingdom plans to initiate the phase-out of many term LIBOR rates by the end of 2021 and to phase out the remaining LIBOR rates by June 30, 2023.
−Removed: We do not anticipate a significant impact to our financial position from the planned phase out of LIBOR given our current mix of variable and fixed-rate debt.
−Removed: We periodically use interest rate swaps and forward interest rate contracts to achieve a desired proportion of
−Removed: variable versus fixed rate debt based on current and projected market conditions.
+Added: Treasury rates, corporate credit spreads and commercial paper rates.
+Added: We periodically use interest rate swaps and forward interest rate contracts to achieve a desired proportion of variable versus fixed rate debt based on current and projected market conditions.
For more information on our 2022 debt activity, see Note 8, Debt and Borrowing Arrangements .
2 unchanged sentences
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.