filings.toolsItem 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
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Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There has been no significant change to the nature and type of our market risks. See Part II.—Item 7A. "Quantitative and Qualitative Disclosures About Market Risk" in our Annual Report for further details of our market risks and our market sensitive instruments as of December 31, 2021. During the first half of 2022, our market risk sensitive instruments fluctuated as a result of changes in interest rates, currency exchange rates and commodity prices.
Interest Rate Risk
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. Notional amounts and fair values are presented in USD based on the applicable exchange rates as of June 30, 2022 and December 31, 2021, respectively. See Part I - Item 1. Financial Statements, Note 8. "Debt" for the maturity dates of our outstanding debt instruments.
| Notional amounts | Fair Value Asset/(Liability) | Effect of 1% Adverse Change | ||||||||||||||||||||||||||||||||||||
| (in millions) | As of June 30, 2022 | As of December 31, 2021 | As of June 30, 2022 | As of December 31, 2021 | As of June 30, 2022 | As of December 31, 2021 | ||||||||||||||||||||||||||||||||
| USD denominated fixed rate debt | $ | 4,900.0 | $ | 5,400.0 | $ | (4,400.2) | $ | (5,952.7) | $ | (227.4) | $ | (200.0) | ||||||||||||||||||||||||||
| Foreign currency denominated fixed rate debt | $ | 1,615.5 | $ | 1,701.0 | $ | (1,583.7) | $ | (1,763.1) | $ | (13.0) | $ | (10.5) | ||||||||||||||||||||||||||
| Forward starting interest rate swaps | $ | 1,000.0 | $ | 1,500.0 | $ | 8.9 | $ | (170.8) | $ | (81.9) | $ | (160.5) |
Foreign Exchange Risk
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. Notional amounts and fair values are presented in USD based on the applicable exchange rates as of June 30, 2022 and December 31, 2021.
| Notional amounts | Fair Value Asset/(Liability) | Effect of 10% Adverse Change | ||||||||||||||||||||||||||||||||||||
| (in millions) | As of June 30, 2022 | As of December 31, 2021 | As of June 30, 2022 | As of December 31, 2021 | As of June 30, 2022 | As of December 31, 2021 | ||||||||||||||||||||||||||||||||
| Foreign currency denominated fixed rate debt | $ | 1,615.5 | $ | 1,701.0 | $ | (1,583.7) | $ | (1,763.1) | $ | (145.3) | $ | (171.9) | ||||||||||||||||||||||||||
| Foreign currency forwards | $ | 177.5 | $ | 170.8 | $ | 2.3 | $ | (1.5) | $ | (19.1) | $ | (19.0) |
Commodity Price Risk
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. Notional amounts and fair values are presented in USD based on the applicable exchange rates as of June 30, 2022 and December 31, 2021.
| Notional amounts | Fair Value Asset/(Liability) | Effect of 10% Adverse Change | ||||||||||||||||||||||||||||||||||||
| (in millions) | As of June 30, 2022 | As of December 31, 2021 | As of June 30, 2022 | As of December 31, 2021 | As of June 30, 2022 | As of December 31, 2021 | ||||||||||||||||||||||||||||||||
| Swaps | $ | 708.1 | $ | 722.1 | $ | 194.0 | $ | 300.8 | $ | (75.5) | $ | (95.7) | ||||||||||||||||||||||||||
| Options | $ | 68.2 | $ | 68.2 | $ | 0.1 | $ | 0.1 | $ | — | $ | — |
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