8 unchanged sentences
We do not enter into commodity swap contracts for speculative or trading purposes.
−Removed: These fuel and natural gas swap contracts provide a fixed price for less than 50% of our estimated fuel and natural gas usage for the remainder of fiscal year 2022 and part of fiscal year 2023.
−Removed: The table below provides information about the Company’s swap contracts that are sensitive to changes in commodity prices, specifically diesel fuel and natural gas, as of December 31, 2021.
+Added: These fuel and natural gas swap contracts provide a fixed price for less than 50% of our estimated fuel and natural gas usage for the remainder of fiscal year 2022 and fiscal years 2023 and 2024.
+Added: The table below provides information about the Company’s swap contracts that are sensitive to changes in commodity prices, specifically diesel fuel and natural gas, as of March 31, 2022.
Carrying Amount Fair Value
13 unchanged sentences
We do not enter into such derivative instruments for speculative or trading purposes.
−Removed: At December 31, 2021, we had a total of $285.0 million of variable rate borrowings outstanding.
−Removed: Holding other factors constant and absent the interest rate swap agreements described above, a hypothetical 1% change in our borrowing rates would result in a $2.9 million change in our annual interest expense based on our variable rate debt at December 31, 2021.
−Removed: The following table presents the future principal payment obligations, interest payments, and fair values associated with the Company’s debt instruments assuming the Company’s actual level of variable rate debt as of December 31, 2021 (in thousands).
+Added: At March 31, 2022, we had a total of $328.5 million of variable rate borrowings outstanding.
+Added: Holding other factors constant and absent the interest rate swap agreements described above, a hypothetical 1% change in our borrowing rates would result in a $3.3 million change in our annual interest expense based on our variable rate debt at March 31, 2022.
+Added: The following table presents the future principal payment obligations, interest payments, and fair values associated with the Company’s debt instruments assuming the Company’s actual level of variable rate debt as of March 31, 2022 (in thousands).
For the Fiscal Year Ending September 30, Fair
5 unchanged sentences
3,195 6,243 6,044 5,777 4,149 —
−Removed: (1) Represents projected interest payments using the Company’s December 2021 LIBOR-based floating rate of 1.59%.
−Removed: The notional amount of the Company’s outstanding interest rate swap contracts at December 31, 2021 was $196.3 million.
+Added: (1) Represents projected interest payments using the Company’s March 2022 LIBOR-based floating rate of 1.96%.
+Added: The notional amount of the Company’s outstanding interest rate swap contracts at March 31, 2022 was $194.2 million.
The maturity dates of outstanding interest rate swap contracts range from June 2022 to June 2026.
−Removed: The fair value of outstanding interest rate swap contracts was $1.5 million as of December 30, 2021.
+Added: The fair value of outstanding interest rate swap contracts was $10.0 million as of March 31, 2022.
See also Note 15 - Investment in Derivative Instruments and Note 16 - Fair Value Measurements to the unaudited consolidated financial statements included in this report.
Inflation Risk
−Removed: We are subject to the effects of inflation through wage pressures, increases in the cost of raw materials used to produce HMA, and increases in other items, such as fuel, concrete and steel.
−Removed: During the quarter ended December 31, 2021, we continued to experience an upward trend in several of these inflation-sensitive items.
+Added: We are subject to the effects of inflation through wage pressures, increases in the cost of raw materials used to produce HMA, and increases in the costs of other items, such as fuel, concrete and steel.
+Added: During the quarter ended March 31, 2022, we continued to experience an upward trend in several of these inflation-sensitive items.
We seek to recover increasing costs by obtaining higher prices for our products or by including the anticipated price increases in our bids.
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.