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:
−Removed: The fair value of our cash and cash equivalents at January 31, 2021, approximates carrying value.
+Added: The fair value of our cash and cash equivalents at July 31, 2021, approximates carrying value.
We are exposed to interest rate risk with regard to existing debt consisting of fixed- and variable-rate maturities.
Our interest rate exposure primarily includes U.S.
−Removed: 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 fixed- and variable-rate debt.
+Added: Treasury rates and commercial paper rates in the U.S.
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 January 31, 2021, the remaining benefit of $6.0 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 January 31, 2021, would increase the fair value of our long-term debt by $420.7.
−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 January 31, 2021, are not expected to result in a significant impact on future earnings or cash flows.
−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 January 31, 2021, 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 nine months ended January 31, 2021.
−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.
+Added: At July 31, 2021, the remaining benefit of $1.9 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 July 31, 2021, would increase the fair value of our long-term debt by $400.6.
Commodity Price Risk:
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
+Added: To manage the volatility related to anticipated commodity purchases, we use derivatives with maturities of generally less than one year.
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: January 31, 2021 April 30, 2020
+Added: July 31, 2021 April 30, 2021
High $ 46.5 $ 47.5
6 unchanged sentences
Thus, we would expect that over time any gain or loss in the estimated fair value of its 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 July 31, 2021, are not expected to result in a significant impact on future earnings or cash flows.
+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 July 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 5 percent of net sales during the three months ended July 31, 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.
Certain Forward-Looking Statements
7 unchanged sentences
• 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;
−Removed: • 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 restructuring and cost management programs in the amounts and within the time frames currently anticipated;
−Removed: • 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;
+Added: • disruptions or inefficiencies in our operations or supply chain, including any impact of the COVID-19 pandemic and labor shortages;
• volatility of commodity, energy, and other input costs;
1 unchanged sentence
• the availability of reliable transportation on acceptable terms, including any impact of the COVID-19 pandemic;
+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;
+Added: • 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;
• 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;
12 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.