11 unchanged sentences
Any gain or loss associated with this hedging arrangement is included in interest expense.
−Removed: At December 31, 2022, the net mark-to-market valuation of the outstanding interest rate swap was an unrealized pre-tax gain of $1.9 million, comprised of $1.4 million in prepaid expenses and other current assets and $0.5 million in other assets on the balance sheet.
+Added: At December 31, 2023, the net mark-to-market valuation of the outstanding interest rate swap was an unrealized pre-tax gain of $0.7 million, comprised of $0.7 million in prepaid expenses and other current assets on the balance sheet.
Volatility of Energy Prices.
10 unchanged sentences
At December 31, 2023, the outstanding financial derivatives used to hedge our exposure to energy cost volatility included natural gas hedges.
−Removed: At December 31, 2022, we hedged approximately 70% of our annual forecasted domestic requirements for natural gas for 2023 and approximately 25% for 2024.
−Removed: At December 31, 2022, the net mark-to-market valuation of the outstanding natural gas hedges was an unrealized pre-tax gain of $0.6 million, comprised of $2.4 million in prepaid expenses and other current assets, $0.7 million in other assets, $2.0 million in other current liabilities and $0.5 million in other long-term liabilities on the balance sheet.
−Removed: For the year ended December 31, 2022, the effects of natural gas hedging activity decreased cost of sales by $15.1 million.
+Added: At December 31, 2023, we hedged approximately 75% of our annual forecasted domestic requirements for natural gas for fiscal year 2024 and approximately 35% for fiscal year 2025.
+Added: At December 31, 2023, the net mark-to-market valuation of the outstanding natural gas hedges was an unrealized pre-tax loss of $6.6 million, comprised of $0.1 million in other assets, $5.6 million in other current liabilities and $1.1 million in other long-term liabilities on the balance sheet.
+Added: For the year ended December 31, 2023, the effects of natural gas hedging activity increased cost of sales by $7.5 million.
Volatility of Raw Material Prices.
1 unchanged sentence
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.
−Removed: For example, in 2022 we used approximately 70 million pounds of nickel;
+Added: For example, in fiscal year 2023 we used approximately 70 million pounds of nickel;
therefore a hypothetical change of $1.00 per pound in nickel prices would result in increased costs of approximately $70 million.
2 unchanged sentences
The majority of our products are sold utilizing raw material surcharges and index mechanisms.
−Removed: However, as of December 31, 2022, we had entered into financial hedging arrangements, primarily at the request of our customers, related to firm orders, for an aggregate amount of approximately 6 million pounds of nickel with hedge dates through 2024.
−Removed: The aggregate notional amount hedged is approximately 8% of a single year’s estimated nickel raw material purchase requirements.
+Added: However, as of December 31, 2023, we had entered into financial hedging arrangements, primarily at the request of our customers, related to firm orders, for an aggregate amount of approximately 4 million pounds of nickel with hedge dates through fiscal year 2024.
+Added: The aggregate
+Added: notional amount hedged is approximately 6% of a single year’s estimated nickel raw material purchase requirements.
These derivative instruments are used to hedge the variability of a selling price that is based on the London Metals Exchange (LME) index for nickel, as well as to hedge the variability of the purchase cost of nickel based on this LME index.
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 December 31, 2022, the net mark-to-market valuation of our outstanding raw material hedges was an unrealized pre-tax gain of $10.9 million, comprised of $12.5 million in prepaid expenses and other current assets, $0.5 million in other assets, and $2.1 million in other current liabilities on the balance sheet.
+Added: At December 31, 2023, the net mark-to-market valuation of our outstanding raw material hedges was an unrealized pre-tax loss of $7.5 million, comprised of $7.5 million in other current liabilities on the balance sheet.
Foreign Currency Risk.
2 unchanged sentences
dollar amounts at specified dates.
−Removed: The forward contracts are denominated in the same foreign currencies in which export sales are denominated.
−Removed: These contracts are designated as hedges of the variability in cash flows of a portion of the forecasted future export sales transactions which otherwise would expose the Company to foreign currency risk, primarily the euro.
In addition, we may also hedge forecasted capital expenditures and designate cash balances held in foreign currencies as hedges of forecasted foreign currency transactions.
1 unchanged sentence
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.