9 unchanged sentences
See Note 11 for details on our outstanding debt and Note 13 for details related to interest rate swaps.
−Removed: As of both December 31, 2020 and December 31, 2019, a hypothetical 100 basis-point increase in short-term interest rates would result, over the following twelve-month period after consideration of the aforementioned interest rate swaps, in an increase of approximately $8 million in Interest expense, net within our Consolidated Statement of Income.
+Added: At December 31, 2021, a hypothetical 100 basis-point increase in short-term interest rates would result, over the following twelve-month period after consideration of the aforementioned interest rate swaps, in an increase of approximately $7 million in Interest expense, net within our Consolidated Statement of Income.
These estimated amounts are based upon the current level of variable-rate debt that has not been swapped to fixed and assume no changes in the volume or composition of that debt and exclude any impact from interest income related to cash and cash equivalents.
The fair value of our cumulative fixed-rate debt of $9.5 billion as of December 31, 2021, would decrease approximately $565 million as a result of the same hypothetical 100 basis-point increase.
−Removed: At December 31, 2020, a hypothetical 100 basis-point decrease in short-term interest rates would increase the liability associated with the fair value of our interest rate swaps by approximately $24 million.
+Added: At December 31, 2021, a hypothetical 100 basis-point increase in short-term interest rates would decrease the liability associated with the fair value of our interest rate swaps by approximately $46 million.
Fair value was determined based on the present value of expected future cash flows considering the risks involved and using discount rates appropriate for the durations.
9 unchanged sentences
The Company’s primary exposures result from our operations in Asia-Pacific, Europe and the Americas.
−Removed: For the fiscal year ended December 31, 2020, Operating Profit would have decreased approximately $115 million if all foreign currencies had uniformly weakened 10% relative to the U.S.
+Added: For the fiscal year ended December 31, 2021, Operating Profit would have decreased approximately $145 million if
+Added: all foreign currencies had uniformly weakened 10% relative to the U.S.
This estimated reduction assumes no changes in sales volumes, local currency sales or input prices.
Commodity Price Risk
−Removed: We are subject to volatility in food costs as a result of market risk associated with commodity prices.
+Added: We are subject to volatility in food costs at our Company-operated restaurants as a result of market risk associated with commodity prices.
Our ability to recover increased costs through higher pricing is, at times, limited by the competitive environment in which we operate.
We manage our exposure to this risk primarily through pricing agreements with our vendors.
+Added: Equity Investment Risk
+Added: YUM holds approximately 53 million shares of Devyani International Limited (“Devyani”) common stock (See Note 5).
+Added: As of December 31, 2021, the National Stock Exchange of India Limited composite closing sales price of Devyani was Indian Rupee 165.05.
+Added: A hypothetical 10% decline in the price of these shares would result in a $12 million decrease in the fair value of these investments, which would be reflected as a charge in Investment (income) expense, net within our Consolidated Statements of Income.
+Added: The effects of changes in market prices for equity securities are unpredictable, which could cause significant fluctuations in our quarterly and annual results.
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.