9 unchanged sentences
We produce alcohol and essential ingredients.
−Removed: business is sensitive, in particular, to changes in the prices of ethanol and corn.
+Added: business is particularly sensitive to changes in the prices of ethanol and corn.
In the ordinary course of business, we may enter into
14 unchanged sentences
We satisfy our physical corn needs, the principal
−Removed: raw material used to produce alcohol and essential ingredients, based on purchases from our corn vendors.
−Removed: Generally, we determine the
−Removed: purchase price of our corn at or near the time we begin to grind.
−Removed: Additionally, we also enter into volume contracts with our vendors to
−Removed: fix the purchase price.
+Added: raw material used to produce our alcohols and essential ingredients, based on purchases from our corn vendors.
+Added: Generally, we determine
+Added: the purchase price of our corn at or near the time we begin to grind.
+Added: Additionally, we also enter into volume contracts with our vendors
+Added: to fix the purchase price.
As such, we are also subject to market risk with respect to the price of corn.
−Removed: The price of corn is subject to
−Removed: wide fluctuations due to unpredictable factors such as weather conditions, farmer planting decisions, governmental policies with respect
+Added: The price of corn is subject
+Added: to wide fluctuations due to unpredictable factors such as weather conditions, farmer planting decisions, governmental policies with respect
to agriculture and international trade, including trade and other sanctions that may be levied against grain producing countries, and
9 unchanged sentences
as well as the daily management of physical corn supplies.
−Removed: These derivatives are
−Removed: not designated for special hedge accounting treatment, and as such, the changes in the fair values of these contracts are recorded
−Removed: on the balance sheet and recognized immediately in cost of goods sold.
−Removed: We recognized net gains of $5.2 million and $21.9 million
−Removed: related to the changes in the fair values of these contracts for the six months ended June 30, 2023 and 2022, respectively.
−Removed: At June 30, 2023, we prepared a sensitivity analysis
−Removed: to estimate our exposure to ethanol and corn.
−Removed: Market risk related to these factors was estimated as the potential change in pre-tax income
−Removed: resulting from a hypothetical 10% adverse change in the prices of our expected ethanol and corn volumes.
−Removed: The analysis uses average CBOT
−Removed: prices for the year and does not factor in future contracted volumes.
−Removed: The results of this analysis for the six months ended June 30, 2023,
+Added: These derivatives are not designated for special
+Added: hedge accounting treatment, and as such, the changes in the fair values of these contracts are recorded on the balance sheet and recognized
+Added: immediately in cost of goods sold.
+Added: We recognized net gains of $2.5 million and $20.2 million related to the changes in the fair values
+Added: of these contracts for the nine months ended September 30, 2023 and 2022, respectively.
+Added: At September 30, 2023, we prepared a sensitivity
+Added: analysis to estimate our exposure to ethanol and corn.
+Added: Market risk related to these factors was estimated as the potential change in pre-tax
+Added: income resulting from a hypothetical 10% adverse change in the prices of our expected ethanol and corn volumes.
+Added: The analysis uses average
+Added: CBOT prices for the year and does not factor in future contracted volumes.
+Added: The results of this analysis for the nine months ended September
30, 2023, which may differ materially from actual results, are as follows (in millions):
+Added: Volume Unit of
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.