11 unchanged sentences
Any gain or loss associated with this hedging arrangement is included in interest expense.
−Removed: At June 30, 2023, the net mark-to-market valuation of the outstanding interest rate swap was an unrealized pre-tax gain of $1.5 million, all of which is in prepaid expenses and other current assets on the balance sheet.
+Added: At September 30, 2023, the net mark-to-market valuation of the outstanding interest rate swap was an unrealized pre-tax gain of $1.2 million, all of which is in prepaid expenses and other current assets on the balance sheet.
Volatility of Energy Prices.
9 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, 2023, the outstanding financial derivatives used to hedge our exposure to energy cost volatility included natural gas hedges.
+Added: At September 30, 2023, the outstanding financial derivatives used to hedge our exposure to energy cost volatility included natural gas hedges.
Approximately 80% of our forecasted domestic requirements for natural gas for the remainder of 2023, approximately 55% for 2024 and 15% for 2025 are hedged.
−Removed: At June 30, 2023, the net mark-to-market valuation of these outstanding natural gas hedges was an unrealized pre-tax loss of $4.0 million, comprised of $0.2 million in prepaid expenses and other current assets, $0.3 million in other long-term assets, $3.6 million in other current liabilities and $0.9 million in other long-term liabilities on the balance sheet.
−Removed: For the three months ended June 30, 2023, natural gas hedging activity increased cost of sales by $2.4 million.
+Added: At September 30, 2023, the net mark-to-market valuation of these outstanding natural gas hedges was an unrealized pre-tax loss of $3.5 million, comprised of $0.1 million in prepaid expenses and other current assets, $0.2 million in other long-term assets, $3.3 million in other current liabilities and $0.5 million in other
+Added: long-term liabilities on the balance sheet.
+Added: For the three months ended September 30, 2023, natural gas hedging activity increased cost of sales by $1.8 million.
Volatility of Raw Material Prices.
−Removed: We use raw materials surcharge and index mechanisms to offset the impact of increased raw material costs;
+Added: We use raw material surcharge and index mechanisms to offset the impact of increased raw material costs;
however, competitive factors in the marketplace can limit our ability to institute such mechanisms, and there can be a delay between the increase in the price of raw materials and the realization of the benefit of such mechanisms.
4 unchanged sentences
The majority of our products are sold utilizing raw material surcharges and index mechanisms.
−Removed: However, as of June 30, 2023, 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 8 million pounds of nickel with hedge dates through 2024.
+Added: However, as of September 30, 2023, 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 9% 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, 2023, the net mark-to-market valuation of our outstanding raw material hedges was an unrealized pre-tax loss of $0.9 million, comprised of $1.7 million in prepaid expense and other current assets, $2.1 million in other current liabilities and $0.5 million in other long-term liabilities on the balance sheet.
+Added: At September 30, 2023, the net mark-to-market valuation of our outstanding raw material hedges was an unrealized pre-tax loss of $3.0 million, comprised of $2.5 million in prepaid expense and other current assets, $5.0 million in other current liabilities and $0.5 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, 2023, we had no significant outstanding foreign currency forward contracts.
+Added: At September 30, 2023, 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.