5 unchanged sentences
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, significant decline in prices would have a significant impact on our oil & gas royalty revenues.
+Added: Also, a significant decline in oil & gas prices would have a significant impact on our oil & gas royalty revenues.
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: Most of our coal is sold to United States electric utilities or into the international markets through brokered transactions.
+Added: Most of our coal is sold to U.S.
+Added: electric utilities or into the international markets through brokered transactions.
Therefore, our credit risk is primarily with domestic electric power generators and reputable global brokerage firms.
1 unchanged sentence
When deemed appropriate by our credit management department, we will take steps to reduce our credit exposure to customers that do not meet our credit standards or whose credit has deteriorated.
−Removed: These steps may include obtaining letters of credit or cash collateral, requiring prepayment for shipments or establishing customer trust accounts held for our benefit in the event of a failure to pay.
+Added: These steps may include obtaining letters of credit or cash collateral, requiring prepayments for shipments or establishing customer trust accounts held for our benefit in the event of a failure to pay.
Such credit risks from customers may impact the borrowing capacity of our Securitization Facility.
−Removed: See "Part I - Item 2.
−Removed: Management's Discussion and Analysis of Financial Condition and Results of Operations — Debt Obligations – Accounts Receivable Securitization ".
+Added: See "Item 1.
+Added: Financial Statements (Unaudited)—Note 6– Long-Term Debt"
+Added: of this Quarterly Report on Form 10-Q for more information on our Securitization Facility.
Exchange Rate Risk
Almost all 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
−Removed: 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 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 no outstanding borrowings under the Revolving Credit Facility or the Securitization Facility on September 30, 2021.
+Added: We did not have an outstanding balance under either the Revolving Credit Facility or the Securitization Facility at March 31, 2022.
There were no other changes in our quantitative and qualitative disclosures about market risk as set forth in our Annual Report on Form 10-K for the year ended December 31, 2021.
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.