7 unchanged sentences
We do not expect to have any exposure to foreign currency risk as we conduct all of our transactions in U.S.
−Removed: produce and distribute specialty alcohol, fuel-grade ethanol and essential ingredients.
+Added: produce and distribute specialty alcohol, renewable fuel and essential ingredients.
Our business is sensitive to changes in the prices
28 unchanged sentences
primarily production of ethanol co-products by ethanol plants and other sources.
−Removed: As noted above, we may
−Removed: attempt to reduce the market risk associated with fluctuations in the price of ethanol or corn by employing a variety of risk
−Removed: management and hedging strategies.
+Added: noted above, we may attempt to reduce the market risk associated with fluctuations in the price of ethanol or corn by employing a variety
+Added: of risk management and hedging strategies.
Strategies include the use of derivative financial instruments such as futures and options
2 unchanged sentences
are recorded on the balance sheet and recognized immediately in cost of goods sold.
−Removed: We recognized net gains of $3.3 million and net losses
−Removed: of $1.8 million related to the changes in the fair values of these contracts for the three months ended March 31, 2024 and 2023, respectively.
−Removed: We prepared a sensitivity analysis as of March 31, 2024 to estimate
−Removed: our exposure to ethanol and corn.
−Removed: Market risk related to these factors was estimated as the potential change in pre-tax income resulting
−Removed: from a hypothetical 10% adverse change in the prices of our expected ethanol and corn volumes.
−Removed: The analysis uses average Chicago Mercantile
−Removed: Exchange prices for the year and does not factor in future contracted volumes.
−Removed: The results of this analysis for the three months ended
−Removed: March 31, 2024, which may differ materially from actual results, are as follows (in millions):
+Added: We recognized net gains of $11.6 million and $5.2
+Added: million related to the changes in the fair values of these contracts for the six months ended June 30, 2024 and 2023, respectively.
+Added: prepared a sensitivity analysis as of June 30, 2024 to estimate our exposure to ethanol and corn.
+Added: Market risk related to these factors
+Added: was estimated as the potential change in pre-tax income resulting from a hypothetical 10% adverse change in the prices of our expected
+Added: ethanol and corn volumes.
+Added: The analysis uses average Chicago Mercantile Exchange prices for the year and does not factor in future contracted
+Added: The results of this analysis for the six months ended June 30, 2024, which may differ materially from actual results, are as
+Added: follows (in millions):
Unit of Measure
−Removed: Adverse Change
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.