2 unchanged sentences
We have significant long-term sales contracts as evidenced by approximately 93.4% of our sales tonnage being sold under long-term sales contracts in 2023.
−Removed: Most of the long-term sales contracts are subject to price adjustment provisions, which periodically permit an increase or decrease in the contract price, typically to reflect changes in specified indices or changes in production costs resulting from regulatory changes, or both.
−Removed: For additional discussion of coal supply agreements, please see "Item 1.
−Removed: Business—Coal Marketing and Sales"
−Removed: and "Item 8.
−Removed: Financial Statements and Supplementary Data—Note 24 – Concentration of Credit Risk and Major Customers."
−Removed: Our initial 2023 guidance includes 34.7 million priced and committed tons for delivery in 2023.
+Added: Many of the long-term sales contracts are subject to price adjustment provisions, which periodically permit an increase or decrease in the contract price, typically to reflect changes in specified indices or changes in production costs resulting from regulatory changes, or both.
+Added: For additional discussion of coal supply agreements, please see "Item 1.
+Added: Business—Coal Marketing and Sales" and "Item 8.
+Added: Financial Statements and Supplementary Data—Note 22 – Concentration of Credit Risk and Major Customers." Our initial 2024 guidance includes 32.5 million priced and committed tons for delivery in 2024.
Our results of operations are highly dependent upon the prices we receive for our coal, oil and natural gas.
1 unchanged sentence
Also, a significant decline in oil & gas prices would have a significant impact on our oil & gas royalty revenues.
−Removed: 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.
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.
8 unchanged sentences
Such credit risks from customers may impact the borrowing capacity of our Securitization Facility.
−Removed: See "Item 8.
−Removed: Financial Statements and Supplementary Data—Note 8 – Long-Term Debt"
−Removed: for more information on our Securitization Facility.
+Added: Financial Statements and Supplementary Data—Note 6 – Long-Term Debt" for more information on our Securitization Facility.
Exchange Rate Risk
−Removed: 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: The vast majority of our transactions are denominated in United States dollars, and as a result, we do not have material exposure to currency exchange-rate risks.
+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
+Added: 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, as well as borrowings under the Replaced Credit Facility until it was terminated, are at variable rates and, as a result, we have interest rate exposure on any amounts drawn under these facilities.
+Added: Borrowings under the Revolving Credit Facility, Term Loan and Securitization Facility are at variable rates and, as a result, we have interest rate exposure.
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 did not have any outstanding borrowings on either the Replaced Credit Facility or the Securitization Facility at December 31, 2022.
+Added: We had $60.9 million in borrowings under Term Loan at December 31, 2023.
+Added: We did not have any outstanding borrowings on either the Revolving Credit Facility or the Securitization Facility at December 31, 2023.
+Added: A one percentage point increase in the interest rates related to the Term Loan would result in an annualized increase in interest expense of $0.6 million, based on borrowing levels at December 31, 2023.
With respect to our fixed-rate borrowings, we had $284.6 million in borrowings under our Senior Notes and $2.0 million in borrowings under our equipment financings at December 31, 2023.
A one percentage point increase in interest rates would result in a decrease of approximately $3.7 million in the estimated fair value of these borrowings.
−Removed: The table below provides information about our market sensitive financial instruments and constitutes a "forward-looking statement."
−Removed: The fair values of long-term debt are estimated using discounted cash flow analyses, based on our incremental borrowing rates for similar types of borrowing arrangements as of December 31, 2022 and 2021.
+Added: The table below provides information about our market sensitive financial instruments and constitutes a "forward-looking statement." The fair values of long-term debt are estimated using discounted cash flow analyses, based on our incremental borrowing rates for similar types of borrowing arrangements as of December 31, 2023 and 2022.
The carrying amounts and fair values of financial instruments are as follows:
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Weighted-average interest rate
+Added: Variable rate debt
+Added: Weighted-average interest rate (1)
Expected Maturity Dates
3 unchanged sentences
Weighted-average interest rate
+Added: (1) Interest rate of variable rate debt equal to the rate effective at December 31, 2023, 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.