6 unchanged sentences
and "Item 8.
−Removed: Financial Statements and
−Removed: Supplementary Data—Note 23 – Concentration of Credit Risk and Major Customers."
+Added: Financial Statements and Supplementary Data—Note 23 – Concentration of Credit Risk and Major Customers."
As of February 11, 2022, our nominal commitment under contract was approximately 33.1 million tons in 2022.
1 unchanged sentence
Regarding coal, the short-term sales contracts favored by some of our coal customers leave us more exposed to risks of declining coal price periods.
−Removed: Regarding oil & natural gas, as seen in our 2020 results, lower sales price realizations, caused by lower global energy demand during the COVID-19 pandemic and actions of major oil producing countries, had a significant impact on our royalty revenues.
+Added: Also, a significant decline in oil & gas prices would have a significant impact on our oil & gas royalty revenues.
+Added: We experienced this during 2020 as lower sales price realizations, caused by lower global energy demand during the COVID-19 pandemic and actions of major oil producing countries, had a significant impact on our royalty revenues.
Please see discussions above, "Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations"
−Removed: for more information regarding the impact of the COVID-19 pandemic and lower oil and natural gas prices on the results of our operations for 2020.
+Added: for more information regarding the impact of the COVID-19 pandemic on our operations.
We have exposure to coal and oil & gas sales prices and price risk for supplies that are used directly or indirectly in the normal course of coal and oil & gas production such as steel, electricity and other supplies.
1 unchanged sentence
Historically, we have not utilized any commodity price-hedges or other derivatives related to either our sales price or supply cost risks but may do so in the future.
−Removed: In 2020, approximately 94.2% of our tons sold were purchased by United States electric utilities and 3.3% were sold into the international markets through brokered transactions.
+Added: In 2021, approximately 81.6% of our tons sold were purchased by U.S.
+Added: electric utilities and 12.5% were sold into the international markets through brokered transactions.
Therefore, our credit risk is primarily with domestic electric power generators and reputable global brokerage firms.
4 unchanged sentences
See "Item 8.
−Removed: Management's Discussion and Analysis of Financial Condition and Results of Operations—Debt Obligations – Accounts Receivable Securitization ".
+Added: Financial Statements and Supplementary Data—Note 8 – Long-Term Debt"
+Added: for more information on our Securitization Facility.
Exchange Rate Risk
Almost all of our transactions are denominated in United States dollars, and as a result, we do not have material exposure to currency exchange-rate risks.
−Removed: However, because coal is sold internationally in United States dollars, general economic conditions in foreign markets and changes in foreign currency exchange rates may provide our foreign competitors with a competitive advantage.
+Added: However, because coal is sold internationally in United States dollars, general
+Added: economic conditions in foreign markets and changes in foreign currency exchange rates may provide our foreign competitors with a competitive advantage.
If our competitors' currencies decline against the United States dollar or against foreign purchasers' local currencies, those competitors may be able to offer lower prices for coal to these purchasers.
2 unchanged sentences
Interest Rate Risk
−Removed: Borrowings under the Revolving Credit Facility and Securitization Facility are at variable rates and, as a result, we have interest rate exposure.
+Added: Borrowings under the Revolving Credit Facility and Securitization Facility are at variable rates and, as a result, we have interest rate exposure on any amounts drawn under these facilities.
Historically, our earnings have not been materially affected by changes in interest rates and we have not utilized interest rate derivative instruments related to our outstanding debt.
−Removed: We had $87.5 million in borrowings under the Revolving Credit Facility and $55.9 million in borrowings under the Securitization Facility at December 31, 2020.
−Removed: A one percentage point increase in the interest rates related to the Revolving Credit Facility and Securitization Facility would result in an annualized increase in interest expense of $1.4 million, based on borrowing levels at December 31, 2020.
+Added: We did not have an outstanding balance on either the Revolving Credit Facility or the Securitization Facility at December 31, 2021.
With respect to our fixed-rate borrowings, we had $400.0 million in borrowings under our Senior Notes and $43.1 million in borrowings under our equipment financings at December 31, 2021.
8 unchanged sentences
Weighted-average interest rate
−Removed: Variable rate debt
−Removed: Weighted-average interest rate (1)
Expected Maturity Dates
5 unchanged sentences
Weighted-average interest rate (1)
−Removed: (1) Interest rate of variable rate debt equal to the rate effective at December 31, 2020 and 2019, held constant for the remaining term of the outstanding borrowing.
+Added: (1) Interest rate of variable rate debt equal to the rate effective at December 31, 2020, held constant for the remaining term of the outstanding borrowing.
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.