9 unchanged sentences
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 2023 and part of fiscal year 2024.
−Removed: The table below provides information about the Company’s swap contracts that are sensitive to changes in commodity prices, specifically fuel and natural gas, as of March 31, 2023 (unaudited).
+Added: The table below provides information about the Company’s swap contracts that are sensitive to changes in commodity prices, specifically fuel and natural gas, as of June 30, 2023 (unaudited).
Carrying Amount Fair Value
13 unchanged sentences
We do not enter into such derivative instruments for speculative or trading purposes.
−Removed: At March 31, 2023, we had a total of $423.7 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 $4.2 million change in our annual interest expense based on our variable rate debt at March 31, 2023.
−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 March 31, 2023 (unaudited, in thousands).
+Added: At June 30, 2023, we had a total of $420.6 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 $4.2 million change in our annual interest expense based on our variable rate debt at June 30, 2023.
+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 June 30, 2023 (unaudited, in thousands).
2023 2024 2025 2026 Thereafter Total Value
4 unchanged sentences
7,361 28,842 27,796 26,369 18,777
−Removed: (1) Represents projected interest payments using the Company’s March 2023 SOFR-based floating rate of 6.52% per annum.
−Removed: The notional amount of the Company’s outstanding interest rate swap contract at March 31, 2023 was $300.0 million.
−Removed: The maturity date of this swap is June 30, 2027, and the fair value of the outstanding swap contract was $18.9 million as of March 31, 2023.
−Removed: Note 15 - Investment in Derivative Instruments and Note 16 - Fair Value Measurements to the unaudited consolidated financial statements included elsewhere in this report.
+Added: (1) Represents projected interest payments using the Company’s June 2023 SOFR-based floating rate of 7.00% per annum.
+Added: The notional amount of the Company’s outstanding interest rate swap contract at June 30, 2023 was $300.0 million.
+Added: The maturity date of this swap is June 30, 2027, and the fair value of the outstanding swap contract was $24.5 million as of June 30, 2023.
+Added: See also Note 15 - Investment in Derivative Instruments and Note 16 - Fair Value Measurements to the unaudited consolidated financial statements included elsewhere in this report.
Inflation Risk
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 March 31, 2023, we continued to experience increased costs in several of these inflation-sensitive items.
−Removed: We seek to recover increasing costs by obtaining higher prices for our products or by including the anticipated price increases in our bids.
+Added: In recent years, inflation, supply chain and labor constraints have had a significant impact on the global economy, including the construction industry in the United States.
+Added: While it is impossible to fully eliminate the impact of these factors, we seek to recover increasing costs by obtaining higher prices for our products or by including the anticipated price increases in our bids.
Due to the relatively short-term duration of our construction contracts, we are generally able to reduce our exposure to price increases on new contracts, but we are limited in our ability to pass through increased costs for projects already in our backlog.
1 unchanged sentence
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.