aluminum. The Company has established programs to manage commodity price fluctuations through financial and physical contracts. The maturities of these contracts coincide with the expected usage of the commodities for periods up to the next thirty-six months. At June 30, 2019 the Company had the following outstanding commodity derivative contracts with the fair value (gains) losses shown (in thousands): The Senior Notes carry a fixed rate of interest and are therefore not subject to market fluctuation. The Company enters into interest rate swaps to manage a portion of its interest rate risk from financing certain dealer and distributor inventories through third party financing sources. The swaps are designated as cash flow hedges and are used to effectively fix the interest payments to a third party financing source, exclusive of lender spreads, ranging from 0.98% to 2.83% for a notional principal amount of $110 million with expiration dates ranging from July 2021 to June 2024. In the second quarter of fiscal 2019, the Company began entering into interest rate swaps to manage a portion of its interest rate risk from anticipated floating rate, LIBOR based indebtedness, exclusive of lender spreads, ranging from 2.47% to 3.13%. The swaps are designated as cash flow hedges, in an aggregate amount of $120 million, with termination dates between June 2023 and December 2029. INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Page Consolidated Balance Sheets, June 30, 2019 and July 1, 2018 36 For the Fiscal Years Ended June 30, 2019, July 1, 2018, and July 2, 2017: Consolidated Statements of Operations 38 Consolidated Statements of Comprehensive Income (Loss) 39 Consolidated Statements of Shareholders' Investment 40 Consolidated Statements of Cash Flows 41 Notes to Consolidated Financial Statements 42 Reports of Independent Registered Public Accounting Firm 77 FINANCIAL STATEMENT SCHEDULES  Schedule II – Valuation and Qualifying Accounts 86 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 35 The Company is exposed to interest rate fluctuations on its borrowings, depending on general economic conditions. On June 30, 2019, long-term loans consisted of the following (in thousands): Interest Rates Description Amount Maturity Interest Rate 6.875% Senior Notes $ 195,464 December 2020 6.875% Hedge Commodity Notional Value Fair Value (Gain) Loss at Fair Value Natural Gas (Therms) 7,627 $ 2,121 $ 191