9 unchanged sentences
Specifically, we are exposed to U.S.
−Removed: Department of Treasury rates, Canadian government rates and LIBOR, or any such LIBOR alternative like SONIA, SOFR or EURIBOR, for example.
+Added: Department of Treasury rates, Canadian government rates and SOFR, or any such alternatives like SONIA or EURIBOR, for example.
We may from time to time enter into interest rate swaps on our current debt obligations as our hedging strategy is to achieve our desired fixed-to-floating rate debt profile such that we manage the volatility in earnings as well as the cost of funding our operations.
Further, we may enter into forward starting interest rate swaps to manage our exposure to the volatility of interest rates associated with future interest payments on a forecasted debt issuance.
+Added: In May 2023, we amended our 2026 forward starting interest rate swaps to replace LIBOR with SOFR.
+Added: Subsequent to this transition, we are no longer exposed to LIBOR.
+Added: As of December 31, 2023, the following table presents our fixed rate debt and forward starting interest rate swaps as well as the impact of an absolute 1% adverse change in interest rates on their respective fair values.
+Added: As of December 31, 2022, the following table presents our fixed rate debt and forward starting interest rate swaps and the impact of an absolute 1% adverse change in interest rates on our forward starting interest rate swaps and a 10% adverse change in the yield on our fixed rate debt.
+Added: Notional amounts and fair values are presented in USD based on the applicable exchange rates as of December 31, 2023 and December 31, 2022, respectively.
See Part II - Item 8.
1 unchanged sentence
"Debt" for the maturity dates of our outstanding debt instruments.
−Removed: The following table presents our fixed rate debt and forward starting interest rate swaps as well as the impact of an absolute 1% adverse change in interest rates on their respective fair values.
−Removed: Notional amounts and fair values are presented in USD based on the applicable exchange rate as of December 31, 2022 and December 31, 2021, respectively.
Notional amounts Fair Value Asset/(Liability) Effect of Adverse Change
6 unchanged sentences
We closely monitor our operations in each country and seek to adopt appropriate strategies that are responsive to foreign currency fluctuations.
−Removed: Our financial risk management policy is intended to offset a portion of the potentially unfavorable impact of exchange rates on our earnings and cash flows.
+Added: Our financial risk management policy is intended to mitigate a portion of the potentially unfavorable impact of exchange rates on our earnings and cash flows.
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.
2 unchanged sentences
"Basis of Presentation and Summary of Significant Accounting Policies" for our accounting policy over the accounting for translation adjustments and foreign currency transactions.
−Removed: 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.
−Removed: As a result, fluctuations in foreign currency exchange rates other than the USD, particularly
−Removed: the CAD and the GBP, may have a material impact on our reported results.
+Added: Approximately $3.6 billion, or 30%, of our net sales were denominated in functional currencies other than the USD for the year ended December 31, 2023.
+Added: As a result, fluctuations in foreign currency exchange rates, particularly the CAD and the GBP, may have a material impact on our reported results.
For the year ended December 31, 2023, net sales denominated in CAD and GBP both approximated $1.3 billion, for each respective currency.
1 unchanged sentence
Our EUR foreign-denominated debt is a net investment hedge against our investment in our Europe business in order to hedge a portion of the foreign currency translational impacts.
−Removed: The changes in fair value of the net investment hedge due to the fluctuations in the spot rate is recorded to AOCI.
−Removed: Our foreign currency forward contracts manage our exposure related to certain royalty agreements, the purchase of production inputs and imports that are denominated in currencies other than the functional entity's local currency and other foreign currency exchange exposure.
−Removed: From time to time, we may enter into cross currency swaps.
−Removed: We had no cross currency swaps outstanding as of December 31, 2022 and December 31, 2021.
+Added: The changes in fair value of the net investment hedge due to the fluctuations in the spot rate are recorded to AOCI.
+Added: Our foreign currency forward contracts manage our exposure related to certain royalty agreements, the purchase of production inputs and imports that are denominated in currencies other than the entity's functional local currency and other foreign currency exchange exposure.
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.
8 unchanged sentences
We are exposed to 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, including surcharges relating to our aluminum exposures, corn, barley and diesel.
−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 select commodities that are used in our supply chain.
−Removed: 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.
+Added: We specifically hedge our exposure to fluctuations in the price of natural gas, aluminum, including surcharges relating to our aluminum exposures, corn, sweeteners, 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 reducing price volatility for select commodities that are used in our supply chain.
+Added: The following table includes details of our commodity swaps 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.
+Added: The following table excludes our commodity options because we have offsetting buy and sell positions.
Notional amounts and fair values are presented in USD based on the applicable exchange rate as of December 31, 2023 and December 31, 2022.
−Removed: Approximately 63% of commodity swaps mature in 2023, 34% of commodity swaps mature in 2024 and 3% of commodity swaps mature thereafter.
+Added: Approximately 68% of commodity swaps mature in 2024, 29% mature in 2025 and 3% mature thereafter.
Notional amounts Fair Value Asset/(Liability) Effect of Adverse Change
1 unchanged sentence
Swaps $ 653.5 $ 525.2 $ (30.4) $ 69.0 $ (58.1) $ (55.8)
−Removed: Options $ 19.7 $ 68.2 $ — $ 0.1 $ — $ —
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.