11 unchanged sentences
Any gain or loss associated with this hedging arrangement is included in interest expense.
−Removed: At June 30, 2022, the net mark-to-market valuation of the outstanding interest rate swap was an unrealized pre-tax gain of $0.8 million, comprised of $0.5 million in prepaid expenses and other current assets and $0.3 million in other long-term assets on the balance sheet.
+Added: At September 30, 2022, the net mark-to-market valuation of the outstanding interest rate swap was an unrealized pre-tax gain of $1.8 million, comprised of $1.1 million in prepaid expenses and other current assets and $0.7 million in other long-term assets on the balance sheet.
Volatility of Energy Prices.
−Removed: Energy resources markets are subject to conditions that create uncertainty in the prices and availability of energy resources.
+Added: Energy resource markets are subject to conditions that create uncertainty in the prices and availability of energy resources.
The prices for and availability of electricity, natural gas, oil and other energy resources are subject to volatile market conditions.
7 unchanged sentences
These approaches include incorporating an energy surcharge on many of our products and using financial derivatives to reduce exposure to energy price volatility.
−Removed: At June 30, 2022, the outstanding financial derivatives used to hedge our exposure to energy cost volatility included natural gas hedges.
+Added: At September 30, 2022, the outstanding financial derivatives used to hedge our exposure to energy cost volatility included natural gas hedges.
Approximately 75% of our forecasted domestic requirements for natural gas for the remainder of 2022, approximately 50% for 2023 and 15% for 2024 are hedged.
−Removed: At June 30, 2022, the net mark-to-market valuation of these outstanding natural gas hedges was an unrealized pre-tax gain of $10.3 million, comprised of $8.1 million in prepaid expenses and other current assets and $2.2 million in other long-term assets on the balance sheet.
−Removed: For the three months ended June 30, 2022, natural gas hedging activity decreased cost of sales of $4.5 million.
+Added: At September 30, 2022, the net mark-to-market valuation of these outstanding natural gas hedges was an unrealized pre-tax gain of $12.0 million, comprised of $9.6 million in prepaid expenses and other current assets and $2.4 million in other long-term assets on the balance sheet.
+Added: For the three months ended September 30, 2022, natural gas hedging activity decreased cost of sales of $5.4 million.
Volatility of Raw Material Prices.
6 unchanged sentences
The majority of our products are sold utilizing raw material surcharges and index mechanisms.
−Removed: However, as of June 30, 2022, we had entered into financial hedging arrangements, primarily at the request of our customers related to firm orders, for an
−Removed: aggregate notional amount of approximately 9 million pounds of nickel with hedge dates through 2024.
+Added: However, as of September 30, 2022, we had entered into financial hedging arrangements, primarily at the request of our customers related to firm orders, for an aggregate notional amount of approximately 6 million pounds of nickel with hedge dates through 2024.
The aggregate notional amount hedged is approximately 11% of a single year’s estimated nickel raw material purchase requirements.
1 unchanged sentence
Any gain or loss associated with these hedging arrangements is included in sales or cost of sales, depending on whether the underlying risk being hedged was the variable selling price or the variable raw material cost, respectively.
−Removed: At June 30, 2022, the net mark-to-market valuation of our outstanding raw material hedges was an unrealized pre-tax gain of $9.0 million, comprised of $12.7 million in prepaid expense and other current assets, $0.2 million in other long-term assets, $3.7 million in other current liabilities and $0.2 million in other long-term liabilities on the balance sheet.
+Added: At September 30, 2022, the net mark-to-market valuation of our outstanding raw material hedges was an unrealized pre-tax gain of $0.5 million, comprised of $4.2 million in prepaid expense and other current assets, $0.1 million in other long-term assets, $3.6 million in other current liabilities and $0.2 million in other long-term liabilities on the balance sheet.
Foreign Currency Risk.
5 unchanged sentences
In addition, we may also hedge forecasted capital expenditures and designate cash balances held in foreign currencies as hedges of forecasted foreign currency transactions.
−Removed: At June 30, 2022, we had no significant outstanding foreign currency forward contracts.
+Added: At September 30, 2022, we had no significant outstanding foreign currency forward contracts.
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.