18 unchanged sentences
Notional amounts Fair Value Asset/(Liability) Effect of 1% Adverse Change
−Removed: Ta b l e of C o n t e n t s
(in millions) As of December 31, 2022 As of December 31, 2021 As of December 31, 2022 As of December 31, 2021 As of December 31, 2022 As of December 31, 2021
7 unchanged sentences
Changes in foreign currency exchange rates affect the translation of local currency balances of foreign subsidiaries, transaction gains and losses associated with intercompany loans with foreign subsidiaries, royalty agreements and transactions denominated in currencies other than the USD, and their related cash flows, specifically related to the purchase of production inputs and imports, as well as our foreign currency-denominated debt.
−Removed: See Part II - Ite m , 8.
−Removed: Fin ancial Stateme nts and Supplementary Data , Note 1.
−Removed: "Basis of Prese ntation and Summary of Significant Accounting Policies " for our accounting policy over the accounting for translation adjustments and foreign currency transactions.
−Removed: Approximately $3.0 billion, or 30%, of our net sales was denominated in functional currencies other than the USD for the year ended December 31, 2021.
−Removed: As a result, fluctuations in foreign currency exchange rates other than the USD, particularly the CAD and the GBP, may have a material impact on our reported results.
−Removed: For the year ended December 31, 2021, net sales denominated in CAD and GBP was approximately $1.3 billion and $1.0 billion, respectively.
+Added: See Part II - Item, 8.
+Added: Financial Statements and Supplementary Data, Note 1.
+Added: "Basis of Presentation and Summary of Significant Accounting Policies" for our accounting policy over the accounting for translation adjustments and foreign currency transactions.
+Added: Approximately $3.2 billion, or 30%, o f our net sales were denominated in functional currencies other than the USD for the year ended December 31, 2022.
+Added: As a result, fluctuations in foreign currency exchange rates other than the USD, particularly
+Added: the CAD and the GBP, may have a material impact on our reported results.
+Added: For the year ended December 31, 2022, net sales denominated in CAD and GBP both approximated $1.2 billion for each respective currency .
We manage our foreign currency exposures through foreign currency forward contracts and net investment hedges.
3 unchanged sentences
From time to time, we may enter into cross currency swaps.
−Removed: We settled the cross currency swaps associated with the $1.0 billion notes when they were repaid on July 15, 2021 and had no cross currency swaps outstanding as of December 31, 2021.
+Added: We had no cross currency swaps outstanding as of December 31, 2022 and December 31, 2021.
The following table includes details of our foreign currency forwards used to hedge our foreign exchange rate risk as well as the impact of a hypothetical 10% adverse change in the related foreign currency exchange rates on the fair value of the foreign currency forwards.
Notional amounts and fair values are presented in USD based on the applicable exchange rate as of December 31, 2022 and December 31, 2021.
−Removed: The majority of our outstanding foreign currency forwards will mature in fiscal 2022.
+Added: Approximately 69% of our outstanding foreign currency forwards mature in 2023, 29% mature in 2024 and 2% mature thereafter.
Notional amounts Fair Value
3 unchanged sentences
Foreign currency forwards $ 176.6 $ 170.8 $ 7.6 $ (1.5) $ (18.3) $ (19.0)
−Removed: Ta b l e of C o n t e n t s
Commodity Price Risk
−Removed: We are exposed to the volatility in commodity prices as we use commodities in the production and distribution of our products.
−Removed: We specifically hedge our exposure to fluctuations in the price of natural gas, aluminum, barley and wheat.
−Removed: We utilize market-based derivatives and long-term supplier-based contracts, specifically a combination of purchase orders, long-term supply contracts and over-the-counter financial instruments to mitigate our commodity price risk by establishing price certainty for commodities that are used in our supply chain.
+Added: We are exposed to volatility in commodity prices as we use commodities in the production and distribution of our products.
+Added: We specifically hedge our exposure to fluctuations in the price of natural gas, aluminum, including surcharges relating to our aluminum exposures, corn, barley and diesel.
+Added: We utilize market-based derivatives and long-term supplier-based contracts, specifically a combination of purchase orders, long-term supply contracts and over-the-counter financial instruments to mitigate our commodity price risk by establishing price certainty for select commodities that are used in our supply chain.
The following table includes details of our commodity swaps and options used to hedge commodity price risk as well as the impact of a hypothetical 10% adverse change in the related commodity prices on the fair value of the derivatives.
Notional amounts and fair values are presented in USD based on the applicable exchange rate as of December 31, 2022 and December 31, 2021.
−Removed: Approximately 62% of commodity swaps mature in 2022, 33% mature in 2023, and 5% mature in 2024 and thereafter.
+Added: Approximately 63% of commodity swaps mature in 2023, 34% of commodity swaps mature in 2024 and 3% of commodity swaps mature thereafter.
Notional amounts Fair Value Asset/(Liability) Effect of 10% Adverse Change
2 unchanged sentences
Options $ 19.7 $ 68.2 $ — $ 0.1 $ — $ —
−Removed: Ta b l e of C o n t e n t s
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.