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 June 30, 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 September 30, 2023 ($ in millions):
Total Outstanding Notional Contract Volume by Year of Maturity
17 unchanged sentences
2.1 5,000,000 5,000,000 —
+Added: Total $ (11.8)
(1) Volume in barrels.
2 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 $2,223.8 million as of June 30, 2023.
−Removed: 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 have market exposure to changes in interest rates relating to our outstanding floating rate borrowings, which totaled approximately $2,048.1 million as of September 30, 2023.
+Added: The annualized impact of a hypothetical one percent change in interest rates on our floating rate debt outstanding as of September 30, 2023 would be to change interest expense by approximately $20.5 million.
We also have interest rate exposure in connection with our Inventory Intermediation Agreement under which we pay a time value of money charge based on SOFR.
Inflationary factors, such as increases in the costs of our inputs, operating expenses, and interest rates may adversely affect our operating results.
−Removed: During the six months ended 2023, our results of operations were negatively affected by higher labor costs and supply chain disruptions, the uncertain economic environment, and macroeconomic and geopolitical events and trends.
−Removed: We expect these cost pressures and supply chain challenges to continue through 2023.
−Removed: In addition, current or future governmental policies may increase the risk of inflation, which could further increase costs and may have an adverse effect on our ability to maintain current levels of gross margin and operating expenses as a percentage of sales if the prices at which we are able to sell our products and services do not increase in line with increases in costs.
+Added: In addition, current or future governmental policies may increase or decrease the risk of inflation, which could further increase costs and may have an adverse effect on our ability to maintain current levels of gross margin and operating expenses as a percentage of sales if the prices at which we are able to sell our products and services do not increase in line with increases in costs.
Management's Discussion and Analysis
3 unchanged sentences
These contracts are classified as held for trading and are recognized at fair value with changes in fair value recognized in the income statement.
−Removed: The following table sets forth information relating to trading commodity derivative contracts as of June 30, 2023 ($ in millions):
+Added: The following table sets forth information relating to trading commodity derivative contracts as of September 30, 2023 ($ in millions):
Total Outstanding Notional Contract Volume by Year of Maturity
4 unchanged sentences
(34.6) 390,696 390,696
+Added: Total $ (7.7)
(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.