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See Note 8 - Derivative Financial Instruments to the condensed consolidated financial statements in this Quarterly Report on Form 10-Q for additional information.
−Removed: As of March 31, 2023, our aggregate floating rate debt’s outstanding principal balance without hedging was $44.5 million, or 27.0% of total debt, consisting of our revolving line of credit (see Note 9 - Debt to the condensed consolidated financial statements in this Quarterly Report on Form 10-Q).
+Added: As of June 30, 2023, our aggregate floating rate debt’s outstanding principal balance without hedging was $42.2 million, or 26.2% of total debt, consisting of our revolving line of credit (see Note 9 - Debt to the condensed consolidated financial statements in this Quarterly Report on Form 10-Q).
Our floating rate debt interest is based on the floating 1-month SOFR plus a predetermined credit adjustment rate plus the bank spread.
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Fuel Price Risk
−Removed: We are also exposed to fluctuations risk in the price and availability of diesel fuel.
+Added: We are also exposed to risks relating to fluctuations in the price and availability of diesel fuel.
We require significant quantities of diesel fuel for our vehicle fleet, and the inbound delivery of the products we sell is also dependent upon shipment by diesel-fueled vehicles.
−Removed: We currently are able to obtain adequate supplies of diesel fuel, and average prices in the first quarter of 2023 were consistent in comparison to average prices in the same period of 2022, increasing 0.4% on average.
+Added: We currently are able to obtain adequate supplies of diesel fuel, and average prices in the second quarter of 2023 decreased in comparison to average prices in the same period of 2022, decreasing 28.7% on average.
However, it is impossible to predict the future availability or price of diesel fuel.
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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.