9 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, 2023 ($ 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, 2023 ($ in millions):
Total Outstanding Notional Contract Volume by Year of Maturity
11 unchanged sentences
(0.1) 4,160,000 4,160,000 —
+Added: Natural gas swaps - short (3)
+Added: (0.3) 2,627,500 2,627,500 —
RINs commitment contracts - long (2)
6 unchanged sentences
Interest Rate Risk
−Removed: We have market exposure to changes in interest rates relating to our outstanding floating rate borrowings, which totaled approximately $2,189.5 million as of March 31, 2023.
−Removed: The annualized impact of a hypothetical one percent change in interest rates on our floating rate debt outstanding as of March 31, 2023 would be to change interest expense by approximately $21.9 million.
+Added: We have market exposure to changes in interest rates relating to our outstanding floating rate borrowings, which totaled approximately $2,223.8 million as of June 30, 2023.
+Added: The annualized impact of a hypothetical one percent change in interest rates on our floating rate debt outstanding as of June 30, 2023 would be to change interest expense by approximately $22.2 million.
+Added: We also have interest rate exposure in connection with our Inventory Intermediation Agreement under which we pay a time value of money charge based on SOFR.
Inflationary factors, such as increases in the costs of our inputs, operating expenses, and interest rates may adversely affect our operating results.
−Removed: During the first quarterly period in 2023, our results of operations were negatively affected by higher labor costs and supply chain disruptions, the uncertain economic environment, and macroeconomic and geopolitical events and trends.
+Added: During the six months ended 2023, our results of operations were negatively affected by higher labor costs and supply chain disruptions, the uncertain economic environment, and macroeconomic and geopolitical events and trends.
We expect these cost pressures and supply chain challenges to continue through 2023.
5 unchanged sentences
These contracts are classified as held for trading and are recognized at fair value with changes in fair value recognized in the income statement.
−Removed: The following table sets forth information relating to trading commodity derivative contracts as of March 31, 2023 ($ in millions):
+Added: The following table sets forth information relating to trading commodity derivative contracts as of June 30, 2023 ($ in millions):
Total Outstanding Notional Contract Volume by Year of Maturity
4 unchanged sentences
(46.5) 629,287 629,287
−Removed: Total $ (38.1)
(1) Volume in barrels.
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.