8 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 presented separately below), as of March 31, 2022 ($ in millions):
+Added: The following table sets forth information relating to our open commodity derivative contracts, excluding our trading derivative contracts (which are presented separately below), as of June 30, 2022 ($ in millions):
Total Outstanding Notional Contract Volume by Year of Maturity
11 unchanged sentences
3.8 117,750,000 117,750,000 — —
−Removed: RIN commitment contracts - short (2)
−Removed: — 2,000,000 2,000,000 — —
Total $ (2.3) 227,856,000 217,456,000 10,400,000 —
2 unchanged sentences
Interest Risk Management Activities
−Removed: We have market exposure to changes in interest rates relating to our outstanding floating rate borrowings, which totaled approximately $1,540.0 million as of March 31, 2022.
−Removed: The annualized impact of a hypothetical one percent change in interest rates on our floating rate debt as of March 31, 2022 would be to change interest expense by approximately $15.4 million.
+Added: We have market exposure to changes in interest rates relating to our outstanding floating rate borrowings, which totaled approximately $2,143.4 million as of June 30, 2022.
+Added: The annualized impact of a hypothetical one percent change in interest rates on our floating rate debt as of June 30, 2022 would be to change interest expense by approximately $21.4 million.
Inflationary factors, such as increases in the costs of our inputs, operating expenses, and interest rates may adversely affect our operating results.
2 unchanged sentences
LIBOR is a commonly used indicative measure of the average interest rate at which major global banks could borrow from one another.
−Removed: The United Kingdom’s Financial Conduct Authority, which regulates LIBOR discontinued the reporting of certain LIBOR rates on December 31, 2021, and has publically announced that it intends to discontinue all USD LIBOR rates after June 2023.
+Added: The United Kingdom’s Financial Conduct Authority, which regulates LIBOR discontinued the reporting of certain LIBOR rates on December 31, 2021, and has publicly announced that it intends to discontinue all USD LIBOR rates after June 2023.
Certain of our agreements use LIBOR as a “benchmark” or “reference rate” for various terms.
7 unchanged sentences
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: The following table sets forth information relating to trading commodity derivative contracts as of March 31, 2022:
+Added: The following table sets forth information relating to trading commodity derivative contracts as of June 30, 2022:
Total Outstanding Notional Contract Volume by Year of Maturity
7 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.