5 unchanged sentences
These on-balance sheet financial instruments expose us to interest rate risk.
−Removed: During September 2020, we entered into a series of interest rate swaps which fixed the LIBO rate to an annual rate of 0.18% to 0.47% (for an annual effective interest rate of 1.93% to 2.22%, including margin) for an aggregate notional amount of $1,650 million, of which $800 million notional value is still in effect as of December 31, 2021.
−Removed: These interest rate swaps hedge a portion of the interest rate exposure resulting from our Term Loan Facility.
−Removed: We classified these instruments as cash flow hedges.
−Removed: Our cash flow hedge contracts outstanding as of December 31, 2021 cover periods ranging from one to four years.
−Removed: Our average variable rate for an aggregate remaining notional amount of $800 million is a one month LIBO rate plus an applicable margin of 1.75%.
−Removed: The fair value of our interest rate swaps included on our consolidated balance sheets as of December 31, 2021 was not material.
−Removed: (in millions)
−Removed: Pay fixed / receive variable notional
−Removed: Average pay rate
+Added: During the year ended December 31, 2020, we entered into a series of interest rate swaps which fixed the LIBO rate to an annual rate of 0.18% to 0.47% (for an annual effective interest rate of 1.93% to 2.22%, including margin) for an aggregate notional amount of $1,650 million, of which $150 million notional value was still in effect as of December 31, 2022.
+Added: During the year ended December 31, 2022, we entered into additional interest rate swaps which fixed the LIBO rate to an annual rate of 2.70% to 3.44% (for an annual effective interest rate of 4.45% to 5.19%, including margin) for an aggregate notional amount of $1,000 million.
+Added: As of December 31, 2022, we had interest rate swaps of an aggregate notional amount of $1,150 million.
+Added: These interest rate swaps hedge a portion of the interest rate exposure resulting from our Term Loan Facility for periods ranging from three to four years.
+Added: We classify these instruments as cash flow hedges.
+Added: Our average variable rate for the remaining notional amount of $1,150 million is a one-month LIBO rate plus an applicable margin of 1.75%.
+Added: The fair value of our interest rate swaps included on our consolidated balance sheets as of December 31, 2022 is $48 million.
+Added: Refer to Note 8 - Financial Instruments for further detail.
+Added: (in millions) Pay fixed / receive variable notional Average pay rate ⁽¹⁾
+Added: 2025 150 2.2 %
+Added: 2026 1,000 4.8 %
+Added: Total $ 1,150
+Added: (1) Includes 1.75% applicable margin on the one-month LIBO rate.
Based on the unhedged outstanding borrowings under the Term Loan Facility as of December 31, 2022, a 100-basis point increase (decrease) in the interest rates under the Term Loan Facility would result in a $10 million increase (decrease) in interest expense, per annum, on our borrowings.
1 unchanged sentence
We are exposed to commodity and other price risk principally from the purchase of resin, aluminum, natural gas, electricity, carton board and diesel.
−Removed: We use various strategies to manage cost exposures on certain material purchases with the objective of obtaining more predictable costs for these commodities.
−Removed: From time to time, we enter into hedging agreements, including commodity derivative contracts, to hedge commodity prices primarily related to diesel and benzene.
−Removed: During the year ended December 31, 2021, there were no realized or unrealized gains or losses related to commodity derivatives.
+Added: In some instances, we use contracts of varying durations along with strategic pricing mechanisms to manage volatility for a portion of our commodity costs, but derivative instruments are not currently being used to manage these risks.
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.