7 unchanged sentences
Fixed rate debt, where the interest rate is fixed over the life of the instrument, exposes us to changes in market interest rates reflected in the fair value of the debt and to the risk that we may need to refinance maturing debt with new debt at higher rates.
−Removed: We manage our debt portfolio to achieve an overall desired position of fixed and floating
−Removed: rates and may employ interest rate swaps as a tool to achieve that position.
+Added: We manage our debt portfolio to achieve an overall desired position of fixed and floating rates and may employ interest rate swaps as a tool to achieve that position.
We have in the past entered into interest rate swap agreements to limit our exposure to variable interest rate terms, the most recent of which expired on July 31, 2021.
We may, in the future, again enter into interest rate swaps, the risks of which include changes in the interest rates affecting the fair value of such instruments, potential increases in interest expense due to market increases in floating interest rates and the creditworthiness of the counterparties.
−Removed: Approximately 46% of the principal amount of our debt bore interest at floating rates based on LIBOR or ABR, as of July 2, 2022.
+Added: Approximately 45% of the principal amount of our debt bore interest at floating rates based on LIBOR or ABR, as of October 1, 2022.
A hypothetical 1% change in the applicable rate would cause the interest expense on our floating rate debt to change by approximately $22 million per year (see Note 9, Debt, in our consolidated financial statements).
13 unchanged sentences
We also enter into forward purchase commitments for a portion of our projected diesel fuel requirements.
−Removed: As of July 2, 2022, we had diesel fuel forward purchase commitments totaling $34 million, which lock approximately 15% of our projected diesel fuel purchase needs through November 2023.
−Removed: Using current published market price projections for diesel and estimated fuel consumption needs, a hypothetical 10% unfavorable change in diesel prices from the market price could result in approximately $26 million in additional fuel cost on uncommitted volumes through November 2023.
+Added: As of October 1, 2022, we had diesel fuel forward purchase commitments totaling $43 million, which lock approximately 19% of our projected diesel fuel purchase needs through December 2023.
+Added: Using current published market price projections for diesel and estimated fuel consumption needs, a hypothetical 10% unfavorable change in diesel prices from the market price could result in approximately $23 million in additional fuel cost on uncommitted volumes through December 2023.
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.