5 unchanged sentences
Interest Rate Risk:
−Removed: The fair value of our cash and cash equivalents at July 31, 2021, approximates carrying value.
+Added: The fair value of our cash and cash equivalents at October 31, 2021, approximates carrying value.
We are exposed to interest rate risk with regard to existing debt consisting of fixed- and variable-rate maturities.
11 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, 2021, the remaining benefit of $1.9 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, 2021, would increase the fair value of our long-term debt by $400.6.
+Added: As of October 31, 2021, we have fully recognized the gain of $53.5, of which $1.9 and $4.0 was recognized during the three and six months ended October 31, 2021, respectively.
+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, 2021, would increase the fair value of our long-term debt by $477.7.
Commodity Price Risk:
4 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, 2021 April 30, 2021
+Added: October 31, 2021 April 30, 2021
High $ 47.2 $ 47.5
2 unchanged sentences
The estimated fair value was determined using quoted market prices and was based on our net derivative position by commodity for the previous four quarters.
−Removed: The calculations are not intended to represent actual losses in fair value that we expect to incur.
+Added: The calculations are not intended to represent actual losses in fair value that we
+Added: expect to incur.
In practice, as markets move, we actively manage our risk and adjust hedging strategies as appropriate.
5 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, 2021, 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, 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 July 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 5 percent of net sales during the three months ended July 31, 2021.
+Added: Based on our hedged foreign currency positions as of October 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 six months ended October 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.
8 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 and labor shortages;
+Added: • disruptions or inefficiencies in our operations or supply chain, including any impact of the COVID-19 pandemic and labor shortages resulting from, among other things, the implementation of vaccination requirements;
• volatility of commodity, energy, and other input costs;
9 unchanged sentences
• the concentration of certain of our businesses with key customers and suppliers, including single-source suppliers of certain key raw materials and finished goods, and our ability to manage and maintain key relationships;
−Removed: • impairments in the carrying value of goodwill, other intangible assets, or other long-lived assets or changes in useful lives of other intangible assets or other long-lived assets;
−Removed: • the impact of new or changes to existing governmental laws and regulations and their application, including tariffs;
+Added: • impairments in the carrying value of goodwill, other intangible assets, or other long-lived assets or changes in the useful lives of other intangible assets or other long-lived assets;
+Added: • the impact of new or changes to existing governmental laws and regulations and their application, including tariffs and COVID-19 vaccination requirements;
• the outcome of tax examinations, changes in tax laws, and other tax matters;
4 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.