5 unchanged sentences
We do not use financial instruments for trading purposes.
−Removed: Our exposure to changes in interest rates results primarily from floating rate long-term debt tied to LIBOR or Euro London Interbank Offered Rate.
+Added: Our exposure to changes in interest rates results primarily from floating rate long-term debt tied to LIBO Rate, SOFR Rate or EURIBOR Rate.
Our exposure to changes in currency exchange rates results primarily from:
6 unchanged sentences
These instruments effectively cap our interest rate exposure.
−Removed: In 2019, we entered into four interest rate swap contracts, and in 2021, we modified three contracts and closed one contract.
−Removed: As of December 31, 2021, we recorded an unrealized pre-tax gain of $5.9 million and a net unrealized pre-tax loss of $11.9 million as of December 31, 2020.
−Removed: Additionally, as a result of the February 2021 modification, the modified swaps are considered hybrid instruments composed of a debt host and an embedded derivative.
−Removed: As of December 31, 2021, the debt host portion amounted to an unrealized pre-tax loss of $7.0 million which is amortized over the remaining life of the swaps.
+Added: As of December 31, 2022 and 2021, we recorded unrealized pre-tax gains of $27.4 million and $5.9 million, respectively, on our interest rate swaps.
+Added: See Note 8, "Fair Value Measurements and Derivative Instruments" for additional details.
Currency rate management.
4 unchanged sentences
Forward exchange contracts and purchased currency options are carried at fair value.
−Removed: The outstanding foreign currency derivatives represented a net unrealized gain of $0.4 million as of December 31, 2021 and a net unrealized loss of $0.1 million as of December 31, 2020.
+Added: Our outstanding foreign currency derivatives represented a net unrealized pre-tax loss of $0.2 million at December 31, 2022 and a net unrealized gain of $0.4 million as of December 31, 2021.
Energy commodity management.
We have entered into commodity derivative contracts to effectively fix some or all of our exposure to refined oil products.
−Removed: The outstanding commodity derivative contracts represented net unrealized gain of $8.5 million and a net unrealized loss of $2.2 million as of December 31, 2021 and December 31, 2020, respectively.
+Added: The outstanding commodity derivative contracts represented net unrealized gain of $8.5 million as of December 31, 2021.
+Added: As of December 31, 2022, there were no commodity derivative contracts outstanding.
Sensitivity analysis.
1 unchanged sentence
The sensitivity analysis for the derivatives represents the hypothetical changes in value of the hedge position and does not reflect the related gain or loss on the forecasted underlying transaction.
−Removed: A hypothetical increase in interest rates of 100 basis points (1%) would have increased our interest expense by $0.3 million, n et of the impact of our interest rate swap, for the year ended December 31, 2021.
+Added: A hypothetical increase in interest rates of 100 basis points (1%) would have decreased our interest expense by $0.2 million, n et of the impact of our interest rate swap, for the year ended December 31, 2022.
The same 100 basis points increase would have resulted in an increase of $3.5 million in fair value of our interest rate swap portfolio.
1 unchanged sentence
dollar against foreign currencies from the prevailing market rates would result in a corresponding decrease of $4.7 million or a corresponding increase of $4.7 million, respectively, in the fair value of the foreign currency hedge portfolio.
−Removed: A 10% increase or decrease in the value of the underlying commodity prices that we hedge would result in a corresponding increase or decrease of $1.9 million in the fair value of the commodity hedge portfolio as of December 31, 2021.
Because of the high correlation between the hedging instrument and the underlying exposure, fluctuations in the value of the instruments are generally offset by reciprocal changes in the value of the underlying exposure.
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.