7 unchanged sentences
In an effort to seek to reduce the variability of the ultimate cash flows associated with fluctuations in diesel fuel prices, we have periodically entered into various derivative instruments, including forward futures swap contracts.
−Removed: We have historically entered into hedging contracts with respect to ULSD.
−Removed: Under these contracts, we paid a fixed rate per gallon of ULSD and received the monthly average price of Gulf Coast ULSD.
−Removed: The retrospective and prospective regression analyses provided that changes in the prices of diesel fuel and ULSD were deemed to be highly effective based on the relevant authoritative guidance.
As of December 31, 2024, we have no remaining fuel hedge contracts in our consolidated balance sheet.
We do not engage in speculative transactions, nor do we hold or issue financial instruments for trading purposes.
−Removed: A one dollar increase in the price of diesel per gallon would decrease our net income by less than $0.1 million.
+Added: A one dollar increase in the price of diesel per gallon would decrease our net income by approximately $0.4 million.
This sensitivity analysis considers that we expect to purchase approximately 40.6 million gallons of diesel annually, with an assumed fuel surcharge recovery rate of 101.3% of the cost (which was our fuel surcharge recovery rate during the year ended December 31, 2024).
4 unchanged sentences
Because the critical terms of the swap and hedged item coincide, in accordance with the requirements of ASC 815, the change in the fair value of the derivative is expected to exactly offset changes in the expected cash flows due to fluctuations in the SOFR rate over the term of the debt instrument, and therefore no ongoing assessment of effectiveness is required.
−Removed: For the years ended December 31, 2023 and 2022, the fair value of the swap agreements, amounts reclassified from accumulated other comprehensive loss into our results of operations, and amounts expected to be reclassified from accumulated other comprehensive income into our results of operations during the next twelve months due to interest rate changes, are approximately $0.4 million.
+Added: For the years ended December 31, 2024 and 2023, the fair value of the swap agreements, amounts reclassified from accumulated other comprehensive income into our results of operations, and amounts expected to be reclassified from accumulated other comprehensive income into our results of operations during the next twelve months due to interest rate changes, are approximately $0.3 million.
Cash settlements are presented in operating activities on the Consolidated Statements of Cash Flows.
4 unchanged sentences
Variable-rate obligations expose us to the risk that interest rates might rise.
−Removed: Of our total $293.5 million of debt including operating and finance leases, we had $30.7 million of variable rate debt outstanding at December 31, 2023, of which $19.1 million related to a real-estate note which is hedged with the interest rate swap agreement noted above at 4.2%.
+Added: Of our total $296.9 million of debt including operating and finance leases, we had $17.8 million of variable rate debt outstanding at December 31, 2024, which related to a real-estate note which is hedged with the interest rate swap agreement noted above at 4.2%.
Our earnings would be affected by changes in these short-term interest rates, if we were to borrow under our Credit Facility or otherwise incur variable-rate obligations.
3 unchanged sentences
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.