8 unchanged sentences
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.
−Removed: We have in the past entered into interest rate swap agreements to limit our exposure to variable interest rate terms on certain borrowings under our Initial Term Loan Facility, however, our remaining interest rate swap agreements expired on July 31, 2021.
−Removed: Approximately 47% of the principal amount of our debt bore interest at floating rates based on LIBOR or an alternative base rate, as defined in our credit agreements, as of January 1, 2022 .
+Added: 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.
+Added: 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.
+Added: Approximately 42% of the principal amount of our debt bore interest at floating rates based on LIBOR, SOFR or an alternative base rate, as defined in our credit agreements, as of December 31, 2022 .
A hypothetical 1% change in the applicable rate would cause the interest expense on our floating rate debt to change by approximately $20 million per year (see Note 11, Debt, in our consolidated financial statements).
8 unchanged sentences
Increases in the cost of diesel fuel can negatively affect consumer confidence and discretionary spending and increase the prices we pay for products, and the costs we incur to deliver products to our customers.
+Added: Fuel costs related to outbound deliveries approximated $195 million during the fiscal year ended December 31, 2022.
Our activities to minimize fuel cost risk include route optimization, improving fleet utilization and assessing fuel surcharges.
+Added: We typically directly offset approximately 40% of the increases in fuel costs through fuel surcharges to customers.
We also enter into forward purchase commitments for a portion of our projected diesel fuel requirements.
−Removed: As of January 1, 2022, we had diesel fuel forward purchase commitments totaling $33 million, which fix approximately 19% of our projected diesel fuel purchase needs through March 2023.
−Removed: Our remaining fuel purchase needs will occur at market rates unless contracted for a fixed price or hedged at a later date.
−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 $17 million in additional fuel cost on uncommitted volumes through March 2023.
+Added: As of December 31, 2022, we had diesel fuel forward purchase commitments totaling $41 million, which fix approximately 22% 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 $17 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.