10 unchanged sentences
We produce and distribute specialty
−Removed: alcohol, renewable fuel and essential ingredients.
+Added: alcohol, fuel-grade ethanol and essential ingredients.
Our business is sensitive to changes in the prices of ethanol and corn.
−Removed: In the ordinary
−Removed: course of business, we may enter into various types of transactions involving financial instruments to manage and reduce the impact of
−Removed: changes in ethanol and corn prices.
−Removed: We do not enter into derivatives or other financial instruments for trading or speculative purposes.
+Added: ordinary course of business, we may enter into various types of transactions involving financial instruments to manage and reduce the
+Added: impact of changes in ethanol and corn prices.
+Added: We do not enter into derivatives or other financial instruments for trading or speculative
We are subject to market risk
27 unchanged sentences
to reduce the market risk associated with fluctuations in the price of ethanol or corn by employing a variety of risk management and hedging
−Removed: Strategies include the use of derivative financial instruments such as futures and options executed on exchanges under the
−Removed: Chicago Mercantile Exchange Group, as well as the daily management of physical corn.
+Added: Strategies include the use of derivative financial instruments such as futures and options executed on the Chicago Mercantile
+Added: Exchange or the New York Mercantile Exchange, as well as the daily management of physical corn.
These derivatives are not designated for special
1 unchanged sentence
immediately in cost of goods sold.
−Removed: We recognized net gains of $9.0 million and $2.5 million related to the changes in the fair values
−Removed: of these contracts for the nine months ended September 30, 2024 and 2023, respectively.
+Added: We recognized net gains of $3.3 million and net losses of $1.8 million related to the changes in the
+Added: fair values of these contracts for the three months ended March 31, 2025 and 2024, respectively.
We prepared a sensitivity analysis
−Removed: as of September 30, 2024 to estimate our exposure to ethanol and corn.
+Added: as of March 31, 2025 to estimate our exposure to ethanol and corn.
Market risk related to these factors was estimated as the potential
2 unchanged sentences
The results of
−Removed: this analysis for the nine months ended September 30, 2024, which may differ materially from actual results, are as follows (in millions):
+Added: this analysis for the three months ended March 31, 2025, which may differ materially from actual results, are as follows (in millions):
Unit of Measure
2 unchanged sentences
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.