2 unchanged sentences
We are exposed to commodity price risk on sales of coal.
−Removed: We sell most of our met coal under contracts primarily with pricing terms of three months and volume terms of one to three years.
+Added: We typically sell our met coal under contracts primarily with pricing terms of three months and volume terms of one to three years.
Sales commitments in the met coal market are typically not long-term in nature, and we are, therefore, subject to fluctuations in market pricing.
We enter into natural gas swap contracts to hedge the exposure to variability in expected future cash flows associated with the fluctuations in the price of natural gas related to our forecasted sales.
−Removed: As of December 31, 2021, we had natural gas swap contracts outstanding with notional amounts totaling 6,100,000 metric million British thermal units maturing in 2022.
Our natural gas swap contracts economically hedge certain risk but are not designated as hedges for financial reporting purposes.
1 unchanged sentence
All of our derivative instruments were entered into for hedging purposes rather than speculative trading.
+Added: As of December 31, 2022, the Company had no natural gas swap contracts outstanding.
We have exposure to price risk for supplies that are used directly or indirectly in the normal course of production, such as diesel fuel, steel, explosives and other items.
8 unchanged sentences
Interest Rate Risk
+Added: We are exposed to market risk from changes in interest rates.
Our Notes have a fixed rate of interest of 7.875% per annum and are payable semi-annually in arrears on June 1 and December 1 of each year.
4 unchanged sentences
Impact of Inflation
−Removed: COVID-19 continues to impact global supply markets and supply chains, resulting in shortages, extended lead times and increased inflation impacting our operations and profitability.
−Removed: We are applying a number of different strategies to mitigate the impact of these challenges on our operations, including extending our demand planning, placing purchase orders earlier, utilizing short term contracts and leveraging our supplier relationships.
−Removed: While inflation may impact our revenues and cost of sales, we believe the effects of inflation, if any, on our results of operations and financial condition have not been significant.
−Removed: However, there can be no assurance that our results of operations and financial condition will not be materially impacted by inflation in the future.
−Removed: Except for the change in our long-term debt from a fixed rate obligation to include a variable rate obligation discussed above and the broader negative effects of the COVID-19 pandemic on the global economy and major financial markets, there have been no other material changes to our exposure from market risks.
+Added: We have exposure to inflation for supplies that are used directly or indirectly in the normal course of production, such as belt structure, roof bolts, cable, magnetite, rock dust and other supplies, plus labor and parts on repair and rebuild equipment.
+Added: These inflationary pressures have contributed to rising costs for us and may continue to do so in the future.
+Added: We are applying a number of different strategies to mitigate the impact of inflation on our operations, including placing purchase orders earlier, utilizing short term contracts and leveraging our supplier relationships.
Financial Statements and Supplementary Data
2 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.