10 unchanged sentences
Gains or losses on commodity derivative contracts accounted for as cash flow hedges are recognized in other comprehensive income on the condensed consolidated balance sheets and, ultimately, when the forecasted transactions are completed in net revenues or cost of materials and other in the condensed consolidated statements of income.
−Removed: The following table sets forth information relating to our open commodity derivative contracts, excluding our trading derivative contracts (which are discussed separately below), as of March 31, 2026 ($ in millions):
+Added: The following table sets forth information relating to our open commodity derivative contracts, excluding our trading derivative contracts (which are discussed separately below), as of June 30, 2026 ($ in millions):
Total Outstanding Notional Contract Volume by Year of Maturity
15 unchanged sentences
0.7 15,460,000 15,460,000 — —
−Removed: RINs commitment contracts - short (2)
−Removed: (3.1) 10,000,000 10,000,000 —
Total $ (3.6)
1 unchanged sentence
(2) Volume in RINs.
−Removed: Management's Discussion and Analysis
Interest Rate Risk
−Removed: We have market exposure to changes in interest rates relating to our outstanding floating rate borrowings, which totaled approximately $1,080.2 million as of March 31, 2026.
+Added: We have market exposure to changes in interest rates relating to our outstanding floating rate borrowings, which totaled approximately $1,098.1 million as of June 30, 2026.
We help manage this risk through interest rate swap agreements that we may periodically enter into in order to modify the interest rate characteristics of our outstanding long-term debt.
1 unchanged sentence
We expect that any interest rate derivatives held will reduce our exposure to short-term interest rate movements.
−Removed: As of March 31, 2026, we had two floating-to-fixed interest rate derivative agreements in place for a notional amount of $200.0 million, which matures in May 2027, and $500.0 million, which matures in November 2027.
−Removed: The estimated fair value of our interest rate derivative liability was $0.9 million as of March 31, 2026.
−Removed: On April 1, 2026, we entered into an interest rate swap agreement to hedge floating rate debt by exchanging interest rate cash flows, based on a notional amount from a floating rate to a fixed rate, which effectively fixed the variable SOFR interest component of the Delek Term Loan Credit Facility.
−Removed: The aggregate notional amount under this agreement covers $200.0 million of the outstanding principal throughout the duration of the interest rate swap.
−Removed: The annualized impact of a hypothetical one percent change in interest rates on our floating rate debt, after considering the interest rate swaps, outstanding as of March 31, 2026 would be to change interest expense by approximately $3.8 million.
+Added: As of June 30, 2026, we had three floating-to-fixed interest rate derivative agreements in place for a notional amount of $200.0 million, which matures in May 2027, $500.0 million, which matures in November 2027 and $200.0 million, which matures in April 2028.
+Added: The estimated fair value of our interest rate derivative positions was an asset of $0.5 million as of June 30, 2026.
+Added: The annualized impact of a hypothetical one percent change in interest rates on our floating rate debt, after considering the interest rate swaps, outstanding as of June 30, 2026 would be to change interest expense by approximately $2.0 million.
We also have interest rate exposure in connection with our Inventory Intermediation Agreement under which we pay a time value of money charge based on SOFR.
Commodity Derivatives Trading Activities
−Removed: From time to time, we enter into active trading positions in a variety of commodity derivatives, which include forward physical contracts, swap contracts, and futures contracts.
+Added: From time to time, we enter into active trading positions in a variety of commodity derivatives, which include forward physical contracts, swap contracts, option contracts and futures contracts.
These trading activities are undertaken by using a range of contract types in combination to create incremental gains by capitalizing on crude oil supply and pricing seasonality.
These contracts are classified as held for trading and are recognized at fair value with changes in fair value recognized in the income statement.
−Removed: We had no outstanding trading commodity derivative contracts as of March 31, 2026.
+Added: We had no outstanding trading commodity derivative contracts as of June 30, 2026.
Controls and Procedures
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.