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 fiscal years 2023 and 2024.
−Removed: The table below provides information about the Company’s fuel swap contracts that are sensitive to changes in commodity prices as of September 30, 2022.
+Added: These fuel swap and natural gas swap contracts provide a fixed price for less than 50% of our estimated fuel and natural gas usage for fiscal years 2024 and 2025.
+Added: The table below provides information about the Company’s fuel swap and natural gas swap contracts that are sensitive to changes in commodity prices as of September 30, 2023.
Carrying Amount Fair Value
11 unchanged sentences
We have SOFR-based floating rate borrowings under the Credit Agreement, which expose us to variability in interest payments due to changes in the reference interest rates.
−Removed: From time to time, we use derivative instruments as hedges against the impact of interest rate changes on future earnings and cash flows.
+Added: From time to time, we use derivative instruments as hedges against the impact
+Added: of interest rate changes on future earnings and cash flows.
We do not enter into such derivative instruments for speculative or trading purposes.
1 unchanged sentence
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 $3.8 million change in our annual interest expense based on our variable rate debt outstanding at September 30, 2023.
+Added: The notional amount of the Company’s outstanding interest rate swap contract at September 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 $26.9 million as of September 30, 2023.
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 September 30, 2023 (in thousands).
7 unchanged sentences
(1) Represents projected interest payments using the Company’s September 2023 SOFR-based floating rate of 6.93%.
−Removed: The notional amount of the Company’s outstanding interest rate swap contract at September 30, 2022 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 $24.7 million as of September 30,
See also Note 20 - Fair Value Measurements and Note 21 - Investments in Derivative Instruments to the consolidated financial statements included in this report.
1 unchanged sentence
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 fiscal year ended September 30, 2022, 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 upward wage pressures 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.