Snapple 2011 Annual Report Download - page 68
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48
Commodity Risks
We are subject to market risks with respect to commodities because our ability to recover increased costs through higher
pricing may be limited by the competitive environment in which we operate. Our principal commodities risks relate to our purchases
of PET, diesel fuel, corn (for high fructose corn syrup), aluminum, sucrose, apple juice concentrate, and natural gas (for use in
processing and packaging).
We utilize commodities forward contracts and supplier pricing agreements to hedge the risk of adverse movements in
commodity prices for limited time periods for certain commodities. The fair market value of these contracts as of December 31,
2011, was a net liability of $12 million.
As of December 31, 2011, the impact to net income of a 10% change (up or down) in market prices of these commodities is
estimated to be an increase or decrease of approximately $32 million on an annual basis.