JMH Benchmark: two loops vs one loop

Capsule.java

package loopfusion;

public class Capsule {
    private int number;
    private String word;

    public Capsule(int number, String word) {
        this.number = number;
        this.word = word;
    }

    public int getNumber() {
        return number;
    }

    public String getWord() {
        return word;
    }

    public void setNumber(int number) {
        this.number = number;
    }

    public void setWord(String word) {
        this.word = word;
    }

    @Override
    public String toString() {
        return "{" + number +
                ", " + word + '}';
    }
}

MyBenchmark.java

/*
 * Copyright (c) 2014, Oracle America, Inc.
 * All rights reserved.
 *
 * Redistribution and use in source and binary forms, with or without
 * modification, are permitted provided that the following conditions are met:
 *
 *  * Redistributions of source code must retain the above copyright notice,
 *    this list of conditions and the following disclaimer.
 *
 *  * Redistributions in binary form must reproduce the above copyright
 *    notice, this list of conditions and the following disclaimer in the
 *    documentation and/or other materials provided with the distribution.
 *
 *  * Neither the name of Oracle nor the names of its contributors may be used
 *    to endorse or promote products derived from this software without
 *    specific prior written permission.
 *
 * THIS SOFTWARE IS PROVIDED BY THE COPYRIGHT HOLDERS AND CONTRIBUTORS "AS IS"
 * AND ANY EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, THE
 * IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE
 * ARE DISCLAIMED. IN NO EVENT SHALL THE COPYRIGHT HOLDER OR CONTRIBUTORS BE
 * LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, OR
 * CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIMITED TO, PROCUREMENT OF
 * SUBSTITUTE GOODS OR SERVICES; LOSS OF USE, DATA, OR PROFITS; OR BUSINESS
 * INTERRUPTION) HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY, WHETHER IN
 * CONTRACT, STRICT LIABILITY, OR TORT (INCLUDING NEGLIGENCE OR OTHERWISE)
 * ARISING IN ANY WAY OUT OF THE USE OF THIS SOFTWARE, EVEN IF ADVISED OF
 * THE POSSIBILITY OF SUCH DAMAGE.
 */

package loopfusion;

import org.openjdk.jmh.annotations.*;
import org.openjdk.jmh.infra.Blackhole;
import java.util.ArrayList;
import java.util.List;
import java.util.Random;
import java.util.stream.Collectors;
import java.util.concurrent.TimeUnit;

@Fork(value = 1)
@Warmup(iterations = 10, time = 60)
@Measurement(iterations = 10, time = 60)
@BenchmarkMode(Mode.AverageTime)
@OutputTimeUnit(TimeUnit.SECONDS)
public class MyBenchmark {

    @State(Scope.Thread)
    public static class ListState{
        public List<Capsule> caps = new ArrayList<>();

        @Setup(Level.Trial)
        public void setup(){
            Random r = new Random(3);

            for(int n = 0; n < 20000000; n++){
                int randomN = r.nextInt();
                Capsule c = new Capsule(randomN, "word" + randomN);
                caps.add(c);
            }
        }

        @TearDown(Level.Trial)
        public void tearDown(){
            caps.clear();
        }
    }

    @Benchmark
    public List<String> multipleLoops(ListState state) {
        List<Capsule> intermediate = new ArrayList<>();
        List<String> res = new ArrayList<>();
        int totalLength = 0;

        for (Capsule c : state.caps) {
            if(c.getNumber() > 100000000){
                intermediate.add(c);
            }
        }

        for (Capsule c : intermediate) {
            String s = "new_word" + c.getNumber();
            res.add(s);
        }

        for(String s : res){
            totalLength += s.length();
        }

        System.out.println(totalLength);

        return res;
    }

    @Benchmark
    public List<String> singleLoop(ListState state){
        List<String> res = new ArrayList<>();
        int totalLength = 0;

        for (Capsule c : state.caps) {
            if(c.getNumber() > 100000000){
                String s = "new_word" + c.getNumber();
                res.add(s);
            }
        }

        for(String s : res){
            totalLength += s.length();
        }

        System.out.println(totalLength);

        return res;
    }

}

// Benchmark                  Mode  Cnt  Score   Error  Units
// MyBenchmark.multipleLoops  avgt   10  7.397 ± 0.242   s/op
// MyBenchmark.singleLoop     avgt   10  8.092 ± 0.058   s/op