5 unchanged sentences
Interest Rate Risk:
−Removed: The fair value of our cash and cash equivalents at October 31, 2020, approximates carrying value.
+Added: The fair value of our cash and cash equivalents at January 31, 2021, approximates carrying value.
We are exposed to interest rate risk with regard to existing debt consisting of fixed- and variable-rate maturities.
13 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 October 31, 2020, the remaining benefit of $8.2 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 October 31, 2020, would increase the fair value of our long-term debt by $423.2.
+Added: At January 31, 2021, the remaining benefit of $6.0 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 January 31, 2021, would increase the fair value of our long-term debt by $420.7.
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 October 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 January 31, 2021, 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 October 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 6 percent of net sales during the six months ended October 31, 2020.
+Added: Based on our hedged foreign currency positions as of January 31, 2021, 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 nine months ended January 31, 2021.
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.
1 unchanged sentence
We use certain raw materials and other commodities that are subject to price volatility caused by supply and demand conditions, political and economic variables, weather, investor speculation, and other unpredictable factors.
−Removed: To manage the volatility related to anticipated commodity purchases, we use derivatives with maturities of generally less than one year.
+Added: To manage the volatility related to anticipated commodity purchases, we use derivatives with maturities of generally less than
We do not qualify commodity derivatives for hedge accounting treatment.
1 unchanged sentence
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: October 31, 2020 April 30, 2020
+Added: January 31, 2021 April 30, 2020
High $ 37.9 $ 37.8
14 unchanged sentences
These risks and uncertainties include, but are not limited to, the following:
−Removed: • 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;
• disruptions or inefficiencies in our operations or supply chain, including any impact of the COVID-19 pandemic;
−Removed: • our ability to achieve cost savings related to our cost management programs in the amounts and within the time frames currently anticipated;
+Added: • our ability to achieve cost savings related to our restructuring and cost management programs in the amounts and within the time frames currently anticipated;
• our ability to generate sufficient cash flow to continue operating under our capital deployment model, including capital expenditures, debt repayment, dividend payments, and share repurchases;
16 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.