5 unchanged sentences
In addition, we focus on utilizing counterparties for these transactions whose financial condition is appropriate for the credit risk involved in each specific transaction.
−Removed: We have entered into hedging transactions as of December 31, 2020 to mitigate a portion of our commodity price risk exposure.
−Removed: These hedging arrangements are in the form of swaps for NGLs.
−Removed: We have instruments totaling a gross notional quantity of 137,000 barrels settling during the period from January 31, 2021 through February 28, 2021.
−Removed: These instruments settle against the applicable pricing source for each grade and location.
−Removed: These instruments are recorded on our Consolidated Balance Sheets at December 31, 2020 in "Fair value of derivatives" as a current liability of $0.2 million.
−Removed: Based on the current net notional volume hedged as of December 31, 2020, a $0.10 change in the expected settlement price of these contracts would result in an impact of $0.6 million to the Partnership's net income.
+Added: Our hedging strategy is designed to protect us from excessive pricing volatility.
+Added: However, since we do not typically hedge 100% of our exposure, abnormal price volatility in any of these commodity markets could influence operating income.
+Added: For derivatives designated in cash flow hedging relationships, we record the gains and losses from the use of these instruments in accumulated other comprehensive income (loss) on the consolidated balance sheets and subsequently recognize the accumulated gains and losses into cost of products sold in the same period when the associated underlying transactions occur.
+Added: At December 31, 2021, accumulated other comprehensive income (loss) included $0.8 million in unrealized gains for these derivative instruments.
+Added: All other commodity derivatives are marked-to-market and recognized into cost of products sold with the offset recognized as an asset or accrued liability.
+Added: See Note 12, "Derivative Instruments and Hedging Activities," in Item 8 for further information on our outstanding derivatives.
+Added: All outstanding commodity derivative positions were closed prior to December 31, 2021.
Interest Rate Risk.
−Removed: Borrowings under our revolving credit facility are at variable rates and include a LIBOR floor of 1.00%.
−Removed: Our revolving credit facility had a weighted-average interest rate of 4.75% as of December 31, 2020.
−Removed: Based on the amount of unhedged floating rate debt owed by us on December 31, 2020, the impact of a 100 basis point increase in interest rates on this amount of debt would result in an increase in interest expense and a corresponding decrease in net income of approximately $0.2 million annually.
−Removed: We are not exposed to changes in interest rates with respect to our 2021 Notes, 2024 Notes and 2025 Notes as these obligations are fixed rate.
−Removed: Based on the quoted prices for identical liabilities in markets that are not active at December 31, 2020, the estimated fair value of the 2021 Notes, 2024 Notes and 2025 Notes was $28.6 million, $55.2 million and $288.7 million, respectively.
+Added: We are exposed to changes in interest rates as a result of our credit facility, which had a weighted-average interest rate of 5.00% as of December 31, 2021.
+Added: Based on the amount of unhedged floating rate debt owed by us on December 31, 2021, assuming that LIBOR exceeds the 1.0% floor in our credit facility, the impact of a 100 basis point increase in interest rates on this amount of debt would result in an increase in interest expense and a corresponding decrease in net income of approximately $1.6 million annually.
+Added: We are not exposed to changes in interest rates with respect to our 2024 Notes and 2025 Notes as these obligations are fixed rate.
+Added: Based on the quoted prices for identical liabilities in markets that are not active at December 31, 2021, the estimated fair value of the 2024 Notes and 2025 Notes was $55.2 million and $307.1 million, respectively.
Market risk is estimated as the potential decrease in fair value of our long-term debt resulting from a hypothetical increase of a 100 basis point increase in interest rates.
−Removed: Such an increase in interest rates at December 31, 2020 would result in a $0.5 million decrease in the fair value of our 2021 Notes, a $0.9 million decrease in the fair value of our 2024 Notes, and a $5.0 million decrease in the fair value of our 2025 Notes.
−Removed: On February 15, 2021, our 2021 Notes matured and we retired the outstanding balance of $28.8 million using our revolving credit facility.
+Added: Such an increase in interest rates at December 31, 2021 would result in a $0.05 million decrease in the fair value of our 2024 Notes and a $2.3 million decrease in the fair value of our 2025 Notes.
+Added: On February 15, 2021, our 2021 Notes matured and we retired the outstanding balance of $28.8 million using our credit facility.
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.