5 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 prime rate or SOFR.
+Added: The ABL Facility is variable-rate debt with interest rates that are generally indexed to the prime rate or SOFR plus an applicable margin.
At March 31, 2026, $135.0 million was outstanding under the ABL Facility at a weighted average interest rate of 7.52%.
A change in interest rates of 0.125% would result in an increase or decrease of our annual interest expense of $0.2 million, based on borrowings outstanding at March 31, 2026.
−Removed: The Term Loan B is variable-rate debt with interest rates that are generally indexed to the SOFR.
+Added: The 2026 Term Loan B is variable-rate debt with interest rates that are generally indexed to the SOFR plus an applicable margin.
At March 31, 2026, $950.0 million was outstanding under the 2026 Term Loan B with an interest rate of SOFR of 3.68% plus a margin of 3.50%.
1 unchanged sentence
Interest Rate Swaps
−Removed: In March and April 2024, we entered into interest rate swaps totaling $400.0 million to reduce the variability of cash outflows associated with our floating-rate, SOFR-based borrowings, including borrowings on the Term Loan B.
−Removed: In September 2024, for the $200.0 million interest rate swap entered into in April 2024, we entered into a transaction to extend the original maturity date and to blend the existing swap rate (see Note 10 to our consolidated financial statements included in this Annual Report for a further discussion).
+Added: In March and April 2024, we entered into two $200.0 million interest rate swaps to reduce the variability of cash outflows associated with our floating-rate, SOFR-based borrowings, including borrowings on the 2024 Term Loan B and, effective March 12, 2026, the 2026 Term Loan B.
An increase of 10% in the value of the underlying interest rate swaps would result in a net change in the fair value of our interest rate swaps of $0.1 million at March 31, 2026.
Preferred Unit Distributions
−Removed: The current distribution rate for the Class B Preferred Units is a floating rate of the three-month CME Term SOFR plus a tenor spread adjustment plus a spread of 7.213% (see Note 9 to our consolidated financial statements included in this Annual Report for a further discussion).
−Removed: A change in interest rates of 0.125% would result in an increase or decrease of our Class B Preferred Unit distribution of $0.1 million, based on the Class B Preferred Units outstanding at March 31, 2025.
−Removed: The current distribution rate for the Class C Preferred Units is a floating rate of the three-month CME Term SOFR plus a spread of 7.384% (see Note 9 to our consolidated financial statements included in this Annual Report for a further discussion).
+Added: The current distribution rate for the Class B Preferred Units is the three-month CME Term SOFR interest rate plus a tenor spread adjustment of 0.26161% plus a spread of 7.213% (see Note 9 to our consolidated financial statements included in this Annual Report for a further discussion).
+Added: A change in interest rates of 0.125% would result in an increase or decrease of our quarterly Class B Preferred Unit distribution of $0.1 million, based on the Class B Preferred Units outstanding at March 31, 2026.
+Added: The current distribution rate for the Class C Preferred Units is the three-month CME Term SOFR interest rate plus a spread of 7.384% (see Note 9 to our consolidated financial statements included in this Annual Report for a further discussion).
A change in interest rates of 0.125% would result in an increase or decrease of our Class C Preferred Unit distribution of less than $0.1 million, based on the Class C Preferred Units outstanding at March 31, 2026.
−Removed: The current distribution rate for the Class D Preferred Units is a floating rate of the three-month CME Term SOFR plus a spread of 7.00%, as well as a 1.0% rate increase as we exceeded the adjusted total leverage ratio (as defined in the amended and restated limited partnership agreement) for the quarter ended March 31, 2025 (see Note 9 to our consolidated financial statements included in this Annual Report for a further discussion).
+Added: The current distribution rate for the Class D Preferred Units is the three-month CME Term SOFR interest rate plus a spread of 7.00% (see Note 9 to our consolidated financial statements included in this Annual Report for a further discussion).
A change in interest rates of 0.125% would result in an increase or decrease of our Class D Preferred Unit distribution of $0.1 million, based on the Class D Preferred Units outstanding at March 31, 2026.
8 unchanged sentences
We engage in various types of forward contracts and financial derivative transactions to reduce the effect of price volatility on our product costs, to protect the value of our inventory positions, and to help ensure the availability of product during periods of short supply.
−Removed: We attempt to balance our contractual portfolio by purchasing volumes when we have a matching purchase commitment from our wholesale and retail customers.
+Added: We attempt to balance our contractual portfolio by purchasing volumes when we have a matching purchase commitment from our commercial, retail and industrial customers.
We may experience net unbalanced positions from time to time.
1 unchanged sentence
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 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, and within cash flows from operations in our consolidated statements of cash flows.
+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 within cost of sales-product (for purchase contracts) in our consolidated statements of operations, regardless of whether the contract is physically or financially settled, and within cash flows from operations in our consolidated statements of cash flows.
Management’s Discussion and Analysis of Financial Condition and Results of Operations–Critical Accounting Estimates” 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, 2026 fair value of our commodity derivatives of an increase of 10% in the value of the underlying commodity.
−Removed: Amounts in the table below do not include commodity derivatives classified as either held for sale or discontinued operations within our March 31, 2025 and 2024 consolidated balance sheets (see Note 18 to our consolidated financial statements included in this Annual Report).
To Fair Value
(in thousands)
+Added: Crude oil (Water Solutions segment) $ (1,641)
Crude oil (Crude Oil Logistics segment) $ (914)
+Added: Propane (Liquids Logistics segment) $ (19)
Butane (Liquids Logistics segment) $ (7,491)
13 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.