1 unchanged sentence
In the normal course of business our financial position is routinely subject to a variety of risks.
−Removed: The principal market risks (i.e., the risk of loss arising from adverse changes in market rates and prices) to which we are exposed are fluctuations in commodity and other input prices affecting the costs of our raw materials (including, but not limited to, increases in the costs of juice concentrates, increases in the price of aluminum for cans, as well as sugar and other sweeteners, glucose, sucrose, milk, cream, protein, coffee and tea, all of which are used in some or many of our products), fluctuations in energy and fuel prices, and limited availability of certain raw materials.
+Added: The principal market risks (i.e., the risk of loss arising from adverse changes in market rates and prices) to which we are exposed are fluctuations in commodity and other input prices affecting the costs of our raw materials (including, but not limited to, increases in the costs of juice concentrates, increases in the price of aluminum cans, as well as sugar, sucralose and other sweeteners, glucose, sucrose, milk, cream, protein, coffee and tea, all of which are used in some or many of our products), fluctuations in energy and fuel prices, and limited availability of aluminum cans and certain other raw materials.
We generally do not use hedging agreements or alternative instruments to manage the risks associated with securing sufficient ingredients or raw materials.
1 unchanged sentence
We do not use derivative financial instruments to protect ourselves from fluctuations in interest rates and generally do not hedge against fluctuations in commodity prices.
−Removed: Our gross sales to customers outside of the United States were approximately 33% and 31% of consolidated gross sales for the years ended December 31, 2019 and 2018, respectively.
+Added: Our net sales to customers outside of the United States were approximately 33% and 32% of consolidated net sales for the years ended December 31, 2020 and 2019, respectively.
Our growth strategy includes expanding our international business.
As a result, we are subject to risks from changes in foreign currency exchange rates.
−Removed: During the year
−Removed: ended December 31, 2019, we entered into forward currency exchange contracts with financial institutions to create an economic hedge to specifically manage a portion of the foreign exchange risk exposure associated with certain consolidated subsidiaries’ non-functional currency denominated assets and liabilities.
+Added: During the year ended December 31, 2020, we entered into forward currency exchange contracts with financial institutions to create an economic hedge to specifically manage a portion of the foreign exchange risk exposure associated with certain consolidated subsidiaries’ non-functional currency denominated assets and liabilities.
All foreign currency exchange contracts entered into by us as of December 31, 2020 have terms of three months or less.
3 unchanged sentences
We do not consider the potential loss resulting from a hypothetical 10% adverse change in quoted foreign currency exchange rates as of December 31, 2020 to be significant.
−Removed: As of December 31, 2019, we had $798.0 million in cash and cash equivalents and $546.0 million in short-term and long-term investments including certificates of deposit, commercial paper, U.S.
+Added: As of December 31, 2020, we had $1.18 billion in cash and cash equivalents and $925.6 million in short-term and long-term investments including certificates of deposit, commercial paper, U.S.
government agency securities, U.S.
−Removed: treasuries, variable rate demand notes and municipal securities (which may have an auction reset feature).
+Added: treasuries, and to a lesser extent, municipal securities.
Certain of these investments are subject to general credit, liquidity, market and interest rate risks.
3 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.