3 unchanged sentences
Actual results could differ from those projected in the forward-looking statements.
−Removed: We are exposed to market risk related to changes in interest rates, foreign currency exchange rates, and commodity prices.
+Added: We are exposed to market risk related to changes in interest rates, commodity prices, and foreign currency exchange rates.
Interest Rate Risk:
3 unchanged sentences
Treasury rates, LIBOR, and commercial paper rates in the U.S.
−Removed: 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.
−Removed: We utilize derivative instruments to manage interest risk associated with anticipated debt transactions, as well as to manage changes in the fair value of our long-term debt.
+Added: The Financial Conduct Authority in the United Kingdom has stated that it will not require banks to submit LIBOR beyond calendar year 2021.
+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.
+Added: 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.
At the inception of an interest rate contract, the instrument is evaluated and documented for qualifying hedge accounting treatment.
2 unchanged sentences
Generally, changes in the fair value of the contract are equal to changes in the fair value of the underlying debt and have no net impact on earnings.
−Removed: We entered into interest rate contracts in November 2018 and June 2018, with notional values of $300.0 and $500.0, respectively, to manage our exposure to interest rate volatility associated with anticipated debt financing in 2020.
−Removed: interest rate contracts were designated as cash flow hedges.
−Removed: In March 2020, we terminated the interest rate contracts
−Removed: concurrent with the pricing of the Senior Notes due March 15, 2030, and March 15, 2050, which resulted in a pre-tax loss of $ 239.8 .
−Removed: The loss was deferred and included as a component of accumulated other comprehensive income (loss) and is being amortized as interest expense over the life of the debt.
+Added: In 2020, we terminated interest rate contracts concurrent with the pricing of the Senior Notes due March 15, 2030, and March 15, 2050.
+Added: They were designated as cash flow hedges and were used to manage our exposure to interest rate volatility associated with the anticipated debt financing.
+Added: The termination resulted in a pre-tax loss of $239.8, which was deferred and included as a component of accumulated other comprehensive income (loss) and is being amortized as interest expense over the life of the debt.
In 2015, we terminated the interest rate swap on the Senior Notes due October 15, 2021, which was designated as a fair value hedge and used to hedge against the changes in the fair value of the debt.
−Removed: 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.
+Added: 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 was 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 life of the debt.
At April 30, 2021, the remaining benefit of $4.0 was recorded as an increase in the long-term debt balance.
1 unchanged sentence
100-basis-point decrease in interest rates at April 30, 2021, would increase the fair value of our long-term debt by $386.0.
−Removed: Foreign Currency Exchange Risk:
−Removed: We have operations outside the U.S.
−Removed: with foreign currency denominated assets and liabilities, primarily denominated in Canadian currency.
−Removed: 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 April 30, 2020, are not expected to result in a significant impact on future earnings or
−Removed: 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.
−Removed: The contracts generally have maturities of less than one year.
−Removed: We do not qualify instruments used to manage foreign currency exchange exposures for hedge accounting treatment.
−Removed: 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 April 30, 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 2020.
−Removed: 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.
Commodity Price Risk:
13 unchanged sentences
thus, we would expect that any gain or loss in the estimated fair value of these derivatives would generally be offset by an increase or decrease in the estimated fair value of the underlying exposures.
+Added: Foreign Currency Exchange Risk:
+Added: We have operations outside the U.S.
+Added: with foreign currency denominated assets and liabilities, primarily denominated in Canadian currency.
+Added: 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.
+Added: The foreign currency balance sheet exposures as of April 30, 2021, are not expected to result in a significant impact on future earnings or
+Added: 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.
+Added: The contracts generally have maturities of less than one year.
+Added: We do not qualify instruments used to manage foreign currency exchange exposures for hedge accounting treatment.
+Added: Therefore, the change in value of these instruments is immediately recognized in cost of products sold.
+Added: Based on our hedged foreign currency positions as of April 30, 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 5 percent of net sales during 2021.
+Added: 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.
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.