26 unchanged sentences
See Part II—Item 8 Financial Statements and Supplementary Data, Note 11, "Debt" and Note 16, "Derivative Instruments and Hedging Activities" for further discussion.
−Removed: Notional amounts by expected maturity date
+Added: Notional amounts by expected maturity date December 31,
+Added: 2021 2022 2023 2024 2025 Thereafter Total Fair value
(In millions)
2 unchanged sentences
CAD 500 million 3.44% notes due 2026 $ — $ — $ — $ — $ — $ 392.9 $ 392.9 $ (432.6)
−Removed: CAD 500 million 3.44% notes due 2026
−Removed: $500 million 2.25% notes due 2020
$1.0 billion 2.10% notes due 2021 $ 1,000.0 $ — $ — $ — $ — $ — $ 1,000.0 $ (1,017.9)
5 unchanged sentences
Foreign currency management:
+Added: Forwards $ 116.9 $ 56.3 $ 8.0 $ — $ — $ — $ 181.2 $ (4.9)
Cross currency swaps $ 400.0 $ — $ — $ — $ — $ — $ 400.0 $ (26.5)
2 unchanged sentences
Commodity pricing management:
+Added: Swaps $ 460.4 $ 318.8 $ 139.7 $ — $ — $ — $ 918.9 $ 65.2
+Added: Options $ 16.8 $ — $ — $ — $ — $ — $ 16.8 $ —
We hold warrants providing us with the ability to purchase 2.9 million common shares of HEXO, our Truss joint venture partner, at a strike price of CAD 24.00 per share, which expire on October 4, 2021.
The fair value of our warrant asset at December 31, 2020 was $0.3 million.
+Added: See Note 16, "Derivative Instruments and Hedging Activities" for further details.
Sensitivity Analysis
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The following table presents the results of the sensitivity analysis, which reflects the impact of a hypothetical 10% adverse change in each of these risks to our derivative and debt portfolio, with the exception of interest rate risk to our forward starting interest rate swaps in which we have applied an absolute 1% adverse change to the respective instrument's interest rate:
−Removed: December 31, 2019
−Removed: December 31, 2018
+Added: December 31, 2020 December 31, 2019
(In millions)
1 unchanged sentence
Foreign currency risk:
+Added: Forwards $ (20.5) $ (25.8)
Foreign currency denominated debt $ (190.4) $ (194.2)
1 unchanged sentence
Interest rate risk:
+Added: $ (219.7) $ (255.4)
Forward starting interest rate swaps $ (177.1) $ (150.4)
3 unchanged sentences
Equity price risk:
+Added: Warrants $ (0.1) $ (0.6)
The volatility of the applicable rates and prices are dependent on many factors that cannot be forecast with reliable accuracy.
1 unchanged sentence
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.