5 unchanged sentences
These contracts are used to offset the potential earnings effects from mostly intercompany foreign currency assets and liabilities that arise from operations and from intercompany loans.
−Removed: Viatris’ primary areas of foreign exchange risk relative to the U.S.
−Removed: Dollar are the Euro, Indian Rupee, Chinese Renminbi, Japanese Yen, Australian Dollar, Canadian Dollar, Pound Sterling and South Korean Won.
Any unhedged foreign exchange exposures continue to be subject to market fluctuations.
6 unchanged sentences
All other factors were held constant.
−Removed: If there were an adverse change in foreign currency exchange rates of 10%, the expected net effect on net income related to Viatris’s foreign currency denominated financial instruments would not be material.
+Added: If there were an adverse change in foreign currency exchange rates of 10%, the expected net effect on net income related to Viatris’ foreign currency denominated financial instruments would not be material.
The Company is also exposed to translation risk on non-U.S.
dollar-denominated net assets.
−Removed: dollar borrowings, principally our Euro denominated long-term debt, are used to hedge the foreign currency exposures of our net investment in certain foreign affiliates and are designated as hedges of net investments.
+Added: dollar borrowings, principally our Euro and Yen denominated long-term debt, are used to hedge the foreign currency exposures of our net investment in certain foreign affiliates and are designated as hedges of net investments.
The foreign exchange gains or losses on these hedges is included in the foreign currency translation component of accumulated other comprehensive income (loss).
7 unchanged sentences
In order to maintain a certain ratio of fixed to variable rate debt, from time to time, depending on market conditions, Viatris will use derivative financial instruments such as interest rate swaps to fix interest rates on variable-rate borrowings or to convert fixed-rate borrowings to variable interest rates.
−Removed: As of December 31, 2020, Viatris’ outstanding fixed rate borrowings consist principally of $23.30 billion notional amount of senior notes and Euro notes.
+Added: As of December 31, 2021, Viatris’ outstanding fixed rate borrowings consist principally of $20.60 billion notional amount of senior U.S.
+Added: dollar and Euro notes.
Generally, the fair value of fixed interest rate debt will decrease as interest rates rise and increase as interest rates fall.
−Removed: As of December 31, 2020, the fair value of our outstanding fixed rate senior notes and Euro notes was approximately $25.90 billion.
+Added: As of December 31, 2021, the fair value of our outstanding fixed rate senior U.S.
+Added: dollar and Euro notes was approximately $22.01 billion.
A 100 basis point change in interest rates on Viatris’ variable rate debt, net of interest rate swaps, would result in a change in interest expense of approximately $18.4 million per year.
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.