5 unchanged sentences
Interest Rate Risk:
−Removed: The fair value of our cash and cash equivalents at July 31, 2020, approximates carrying value.
+Added: The fair value of our cash and cash equivalents at October 31, 2020, approximates carrying value.
We are exposed to interest rate risk with regard to existing debt consisting of fixed- and variable-rate maturities.
2 unchanged sentences
The Financial Conduct Authority in the United Kingdom has stated that it will not require banks to submit LIBOR beyond 2021.
−Removed: We do not anticipate a significant impact to our financial position as a result of this action given our current mix of variable- and fixed-rate debt.
+Added: We do not anticipate a significant impact to our financial position as a result of this action given our current mix of fixed- and variable-rate debt.
We utilize derivative instruments to manage interest rate risk associated with anticipated debt transactions, as well as to manage changes in the fair value of our long-term debt.
8 unchanged sentences
As a result of the early termination, we received $58.1 in cash, which included $4.6 of accrued and prepaid interest and a $53.5 benefit that is deferred as a component of the carrying value of the long-term debt and is being recognized ratably as a reduction to interest expense over the remaining life of the related debt.
−Removed: At July 31, 2020, the remaining benefit of $10.2 was recorded as an increase in the long-term debt balance.
−Removed: In measuring interest rate risk by the amount of net change in the fair value of our financial liabilities, a hypothetical 100 basis-point decrease in interest rates at July 31, 2020, would increase the fair value of our long-term debt by $448.9.
+Added: At October 31, 2020, the remaining benefit of $8.2 was recorded as an increase in the long-term debt balance.
+Added: In measuring interest rate risk by the amount of net change in the fair value of our financial liabilities, a hypothetical 100 basis-point decrease in interest rates at October 31, 2020, would increase the fair value of our long-term debt by $423.2.
Foreign Currency Exchange Risk:
2 unchanged sentences
Because we have foreign currency denominated assets and liabilities, financial exposure may result, primarily from the timing of transactions and the movement of exchange rates.
−Removed: The foreign currency balance sheet exposures as of July 31, 2020, are not expected to result in a significant impact on future earnings or cash flows.
+Added: The foreign currency balance sheet exposures as of October 31, 2020, are not expected to result in a significant impact on future earnings or cash flows.
We utilize foreign currency derivatives to manage the effect of foreign currency exchange fluctuations on future cash payments primarily related to purchases of certain raw materials and finished goods.
2 unchanged sentences
Therefore, the change in value of these instruments is immediately recognized in cost of products sold.
−Removed: Based on our hedged foreign currency positions as of July 31, 2020, a hypothetical 10 percent change in exchange rates would not materially impact the fair value.
−Removed: Revenues from customers outside the U.S., subject to foreign currency exchange, represented 5 percent of net sales during the three months ended July 31, 2020.
+Added: Based on our hedged foreign currency positions as of October 31, 2020, a hypothetical 10 percent change in exchange rates would not materially impact the fair value.
+Added: Revenues from customers outside the U.S., subject to foreign currency exchange, represented 6 percent of net sales during the six months ended October 31, 2020.
Thus, certain revenues and expenses have been, and are expected to be, subject to the effect of foreign currency fluctuations, and these fluctuations may have an impact on operating results.
5 unchanged sentences
The following sensitivity analysis presents our potential loss of fair value resulting from a hypothetical 10 percent change in market prices related to commodities.
−Removed: July 31, 2020 April 30, 2020
+Added: October 31, 2020 April 30, 2020
High $ 38.1 $ 37.8
14 unchanged sentences
These risks and uncertainties include, but are not limited to, the following:
+Added: • our ability to successfully complete the divestiture of our oils and shortening business in a timely and cost-effective manner;
• the impact of the COVID-19 pandemic on our business, industry, suppliers, customers, consumers, employees, and communities, particularly with respect to our Away From Home business;
4 unchanged sentences
• risks associated with derivative and purchasing strategies we employ to manage commodity pricing and interest rate risks;
−Removed: • the availability of reliable transportation on acceptable terms;
+Added: • the availability of reliable transportation on acceptable terms, including any impact of the COVID-19 pandemic;
• our ability to implement and realize the full benefit of price changes, and the impact of the timing of the price changes to profits and cash flow in a particular period;
8 unchanged sentences
• foreign currency exchange rate and interest rate fluctuations;
−Removed: • risks related to other factors described under “Risk Factors” in other reports and statements we have filed with the Securities and Exchange Commission (the “SEC”).
+Added: • risks related to other factors described under “Risk Factors” in other reports and statements we have filed with the SEC.
Readers are cautioned not to unduly rely on such forward-looking statements, which speak only as of the date made, when evaluating the information presented in this Quarterly Report on Form 10-Q.
1 unchanged sentence
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.