5 unchanged sentences
Interest Rate Risk:
−Removed: The fair value of our cash and cash equivalents at October 31, 2021, approximates carrying value.
+Added: The fair value of our cash and cash equivalents at January 31, 2022, approximates carrying value.
We are exposed to interest rate risk with regard to existing debt consisting of fixed- and variable-rate maturities.
10 unchanged sentences
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.
−Removed: 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.
−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, 2021, would increase the fair value of our long-term debt by $477.7.
+Added: As a result of the early termination, we received $58.1 in cash, which included $4.6 of accrued and prepaid interest.
+Added: The gain on termination was recorded as an increase in the long-
+Added: term debt balance and was recognized over the life of the debt as a reduction of interest expense.
+Added: As of the second quarter of 2022, we had fully recognized the gain of $53.5, of which $4.0 was recognized during the nine months ended January 31, 2022.
+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, 2022, would increase the fair value of our long-term debt by $440.0.
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: October 31, 2021 April 30, 2021
+Added: January 31, 2022 April 30, 2021
High $ 48.9 $ 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
−Removed: expect to incur.
+Added: The calculations are not intended to represent actual losses in fair value that we 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 October 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 January 31, 2022, 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, 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 six months ended October 31, 2021.
+Added: Based on our hedged foreign currency positions as of January 31, 2022, 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 nine months ended January 31, 2022.
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
We are providing this cautionary statement in connection with the safe harbor provisions.
−Removed: Readers are cautioned not to place undue reliance on any forward-looking statements, as such statements are by nature subject to risks, uncertainties, and other factors, many of which are outside of our control and could cause actual results to differ materially from such statements and from our historical results and experience.
+Added: Readers are cautioned not to place undue reliance on any forward-looking statements, as such statements are by nature subject to risks, uncertainties, and other factors, many of which are outside of our control and could cause actual results to differ materially from such
+Added: statements and from our historical results and experience.
These risks and uncertainties include, but are not limited to, the following:
−Removed: • 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;
+Added: • the impact of the COVID-19 pandemic on our business, industry, suppliers, customers, consumers, employees, and communities;
• 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;
11 unchanged sentences
• 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;
−Removed: • the impact of new or changes to existing governmental laws and regulations and their application, including tariffs and COVID-19 vaccination requirements;
+Added: • the impact of new or changes to existing governmental laws and regulations and their application, including tariffs;
• 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.