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Interest Rate Exposure — Our exposure to market risk for changes in interest rates relates primarily to our financing activities.
−Removed: As of December 31, 2020, we had $13.9 billion of long-term debt, excluding the impacts of accounting for debt issuance costs, discounts, premiums and fair value adjustments attributable to terminated interest rate derivatives.
+Added: As of December 31, 2021, we had $13.5 billion of long-term debt, excluding the impacts of accounting for debt issuance costs, discounts and fair value adjustments attributable to terminated interest rate derivatives.
We have $2.5 billion of debt that is exposed to changes in market interest rates within the next 12 months comprised of (i) $1.8 billion of short-term borrowings under our commercial paper program;
−Removed: (ii) $1.2 billion of tax-exempt bonds with term interest rate periods that expire within the next 12 months and (iii) $54 million of variable-rate tax-exempt bonds that are subject to repricing on either a daily or weekly basis.
+Added: (ii) $645 billion of tax-exempt bonds with term interest rate periods that expire within the next 12 months and (iii) $54 million of variable-rate tax-exempt bonds that are subject to repricing on a weekly basis.
We currently estimate that a 100-basis point increase in the interest rates of our outstanding variable-rate debt obligations would increase our 2022 interest expense by $7 million.
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Actual market movements may vary significantly from our assumptions.
−Removed: An instantaneous, 100-basis point increase in interest rates across all maturities attributable to these instruments would have decreased the fair value of our debt by approximately $1.1 billion as of December 31, 2020.
+Added: An instantaneous, 100-basis point increase in interest rates across all maturities attributable to these instruments would have decreased the fair value of our debt by approximately $900 million as of December 31, 2021.
We are also exposed to interest rate market risk from our cash and cash equivalent balances, as well as assets held in restricted trust funds and escrow accounts.
−Removed: These assets are generally invested in high-quality, liquid instruments including
−Removed: money market funds that invest in U.S.
+Added: These assets are generally invested in high-quality, liquid instruments including money market funds that invest in U.S.
government obligations with original maturities of three months or less.
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Treasury securities, U.S.
−Removed: agency securities, municipal securities, mortgage- and asset-backed securities and equity securities, which generally mature over the next nine years.
−Removed: Commodity Price Exposure — In the normal course of our business, we are subject to operating agreements that expose us to market risks arising from changes in the prices for commodities such as diesel fuel;
−Removed: recyclable materials, including old corrugated cardboard, plastics and electricity, which generally correlates with natural gas prices in many of the markets in which we operate.
−Removed: We attempt to manage these risks through operational strategies that focus on capturing our costs in the prices we charge our customers for the services provided.
−Removed: Accordingly, as the market prices for these commodities increase or decrease, our revenues may also increase or decrease.
+Added: agency securities, municipal securities, mortgage- and asset-backed securities, which generally mature over the next nine years, as well as equity securities.
+Added: Commodity Price Exposure — In the normal course of our business, we are subject to operating agreements that expose us to market risks arising from changes in the prices for commodities such as diesel fuel, electricity and recycled materials, including old corrugated cardboard and plastics.
+Added: We work to manage these risks through operational strategies that focus on capturing our costs in the prices we charge our customers for the services provided.
+Added: Accordingly, as the market prices for these commodities increase or decrease, our revenues, operating costs and margins may also increase or decrease.
+Added: As discussed in Item 7.
+Added: Management’s Discussion and Analysis of Financial Condition and Results of Operations , we saw significant increases in commodity prices and demand for recycled materials in 2021, resulting in increased annual revenue for our recycling business of $537 million.
+Added: Variability in commodity prices can also impact the margins of our business as certain components of our revenue are structured as a pass through of costs, including recycling brokerage and fuel surcharges.
Currency Rate Exposure — We have operations in Canada as well as certain support functions in India.
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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.