15 unchanged sentences
The fixed and variable rate debt amounts above exclude the remaining non-cash discounts, premiums and adjustments to fair value totaling $116.7 million.
−Removed: As of December 31, 2021, we had $1,213.4 million of floating rate debt and $300.0 million of floating interest rate swap contracts.
+Added: As of December 31, 2022, we had $3,349.1 million of floating rate debt including floating interest rate swap contracts.
If interest rates increased or decreased by 100 basis points on our variable rate debt, annualized interest expense and net cash payments for interest would increase or decrease by approximately $33 million.
This analysis does not reflect the effect that interest rates would have on other items, such as new borrowings and the impact on the economy.
−Removed: See Note 9, Debt, of the notes to our consolidated financial statements in Part II, Item 8 of this Form 10-K for further information regarding how we manage interest rate risk.
+Added: See Note 9, Debt, of the notes to our audited consolidated financial statements in Part II, Item 8 of this Form 10-K for further information regarding how we manage interest rate risk.
Fuel Price Risk
4 unchanged sentences
At current consumption levels, we believe a twenty-cent per gallon change in the price of diesel fuel would change our fuel costs by approximately $27 million per year.
−Removed: Offsetting these changes in fuel expense would be changes in our fuel recovery fee charged to our customers.
+Added: Offsetting these changes in fuel expense would result in changes in our fuel recovery fee charged to our customers.
At current participation rates, we believe a twenty-cent per gallon change in the price of diesel fuel would change our fuel recovery fee by approximately $31 million per year.
−Removed: Our operations also require the use of certain petrochemical-based products (such as liners at our landfills) whose costs may vary with the price of petrochemicals.
+Added: Our operations also require the use of certain petrochemical-based products (such as liners at our landfills) the cost of which may vary with the price of petrochemicals.
An increase in the price of petrochemicals could increase the cost of those products, which would increase our operating and capital costs.
We also are susceptible to increases in fuel recovery fees from our vendors.
−Removed: Our fuel costs were $383.0 million in 2021, or 3.4% of revenue, compared to $271.7 million in 2020, or 2.7% of revenue.
+Added: Our fuel costs were $631.1 million during 2022, or 4.7% of revenue, compared to $383.0 million, or 3.4% of revenue, during 2021.
Commodities Price Risk
−Removed: We market recovered materials such as old corrugated containers and old newsprint from our recycling processing centers.
+Added: We market recovered materials such as old corrugated containers and old newsprint from our recycling centers.
Changes in market supply and demand for recycled commodities causes volatility in commodity prices.
1 unchanged sentence
As of December 31, 2022, we had no recycling commodity hedges in place.
−Removed: At current volumes and mix of materials, we believe a $10 per ton change in the price of recycled commodities would change annual revenue and operating income by approximately $22 million and $10 million, respectively.
+Added: At current volumes and mix of materials, we believe a $10 change in the price of recycled commodities would change both annual revenue and operating income by approximately $10 million.
Revenue from recycling processing and commodity sales during the years ended December 31, 2022 and 2021 was $359.3 million and $420.5 million, respectively.
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.