4 unchanged sentences
Conversely, changes in interest rates impact the fair value of our fixed-rate debt but do not impact its cash flows.
−Removed: The ABL Facility is variable-rate debt with interest rates that are generally indexed to the Wall Street Journal prime rate or LIBOR interest rate (or successor rate).
+Added: The ABL Facility is variable-rate debt with interest rates that are generally indexed to the Wall Street Journal prime rate or LIBOR interest rate (or successor rate, which has since been determined to be an adjusted forward-looking term rate based on the secured overnight financing rate).
At March 31, 2022, we had $116.0 million of outstanding borrowings under the ABL Facility at a weighted average interest rate of 4.64%.
−Removed: A change in interest rates of 0.125% would result in an increase or decrease of our annual interest expense of less than $0.1 million, based on borrowings outstanding at March 31, 2021.
−Removed: The Sawtooth credit agreement is variable-rate debt with interest rates that are generally indexed to the rate the lender announces from time to time as its prime rate or base commercial lending rate or LIBOR interest rate (or successor rate).
−Removed: At March 31, 2021, we had $5.0 million of outstanding borrowings under the Sawtooth credit agreement at an average interest rate of 2.36%.
−Removed: A change in interest rates of 0.125% would result in an increase or decrease of our annual interest expense of less than $0.1 million, based on borrowings outstanding at March 31, 2021.
+Added: A change in interest rates of 0.125% would result in an increase or decrease of our annual interest expense of $0.1 million, based on borrowings outstanding at March 31, 2022.
+Added: In addition, on and after certain dates, distributions for our Class B Preferred Units and Class C Preferred Units will be calculated using the applicable three-month LIBOR interest rate (or alternative rate as determined in the partnership agreement) plus a spread.
+Added: For our Class B Preferred Units, distributions on and after July 1, 2022 will accumulate at a percentage of the $25.00 liquidation preference equal to the applicable three-month LIBOR interest rate (or alternative rate as determined in the partnership agreement) plus a spread of 7.213%.
+Added: For our Class C Preferred Units, distributions on and after April 15, 2024 will
+Added: accumulate at a percentage of the $25.00 liquidation preference equal to the applicable three-month LIBOR interest rate (or alternative rate as determined in the partnership agreement) plus a spread of 7.384%.
Commodity Price Risk
11 unchanged sentences
Although we use financial derivative instruments to reduce the market price risk associated with forecasted transactions, we do not account for financial derivative transactions as hedges.
−Removed: All changes in the fair value of our physical
−Removed: contracts that do not qualify as normal purchases and normal sales and settlements (whether cash transactions or non-cash mark-to-market adjustments) are reported either within revenue (for sales contracts) or cost of sales (for purchase contracts) in our consolidated statements of operations, regardless of whether the contract is physically or financially settled.
+Added: All changes in the fair value of our physical contracts that do not qualify as normal purchases and normal sales and settlements (whether cash transactions or non-cash mark-to-market adjustments) are reported either within revenue (for sales contracts) or cost of sales (for purchase contracts) in our consolidated statements of operations, regardless of whether the contract is physically or financially settled.
+Added: See “Critical Accounting Estimates” above for a discussion of how we determine the fair value of our financial derivative instruments.
The following table summarizes the hypothetical impact on the March 31, 2022 fair value of our commodity derivatives of an increase of 10% in the value of the underlying commodity (in thousands):
6 unchanged sentences
Other Products (Liquids Logistics segment) $ 4,106
−Removed: Canadian dollars (Liquids Logistics segment) $ 175
Changes in commodity prices may also impact the volumes that we are able to transport, dispose, store and market, which also impact our cash flows.
10 unchanged sentences
At March 31, 2022, our primary counterparties were retailers, resellers, energy marketers, producers, refiners, and dealers.
−Removed: We use observable market values for determining the fair value of our derivative instruments.
−Removed: In cases where actively quoted prices are not available, other external sources are used which incorporate information about commodity prices in actively quoted markets, quoted prices in less active markets and other market fundamental analysis.
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.