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Commodity Price Risk
−Removed: We have significant long-term coal supply agreements as evidenced by approximately 78.5% of our sales tonnage being sold under long-term contracts in 2019.
−Removed: Most of the long-term coal supply agreements are subject to price adjustment provisions, which periodically permit an increase or decrease in the contract price, typically to reflect changes in specified indices or changes in production costs resulting from regulatory changes, or both.
+Added: We have significant long-term sales contracts as evidenced by approximately 93.0% of our sales tonnage being sold under long-term sales contracts in 2020.
+Added: Most of the long-term sales contracts are subject to price adjustment provisions, which periodically permit an increase or decrease in the contract price, typically to reflect changes in specified indices or changes in production costs resulting from regulatory changes, or both.
For additional discussion of coal supply agreements, please see "Item 1.
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and "Item 8.
−Removed: Financial Statements and Supplementary Data—Note 22 – Concentration of Credit Risk and Major Customers."
−Removed: As of February 14, 2020, our nominal commitment under contract was approximately 29.3 million tons in 2020, 18.4 million tons in 2021 and 6.7 million tons in 2022.
−Removed: Our results of operations are highly dependent upon the prices we receive for our coal.
−Removed: The short-term coal contracts favored by some of our customers leaves us more exposed to risks of declining price periods.
−Removed: Also, a significant decline in oil & gas prices would have a significant impact on our royalty revenues.
+Added: Financial Statements and
+Added: Supplementary Data—Note 23 – Concentration of Credit Risk and Major Customers."
+Added: As of February 1, 2021, our nominal commitment under contract was approximately 24.1 million tons in 2021.
+Added: Our results of operations are highly dependent upon the prices we receive for our coal, oil and natural gas.
+Added: Regarding coal, the short-term sales contracts favored by some of our coal customers leave us more exposed to risks of declining coal price periods.
+Added: Regarding oil & natural gas, as seen in our 2020 results, lower sales price realizations, caused by lower global energy demand during the COVID-19 pandemic and actions of major oil producing countries, had a significant impact on our royalty revenues.
+Added: Please see discussions above, "Item 7.
+Added: Management's Discussion and Analysis of Financial Condition and Results of Operations"
+Added: for more information regarding the impact of the COVID-19 pandemic and lower oil and natural gas prices on the results of our operations for 2020.
We have exposure to coal and oil & gas sales prices and price risk for supplies that are used directly or indirectly in the normal course of coal and oil & gas production such as steel, electricity and other supplies.
We manage our risk for these items through strategic sourcing contracts for normal quantities required by our operations.
−Removed: Historically, we have not utilized any commodity price-hedges or other derivatives related to either our sales price or supply cost risks.
+Added: Historically, we have not utilized any commodity price-hedges or other derivatives related to either our sales price or supply cost risks but may do so in the future.
In 2020, approximately 94.2% of our tons sold were purchased by United States electric utilities and 3.3% were sold into the international markets through brokered transactions.
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These steps may include obtaining letters of credit or cash collateral, requiring prepayments for shipments or establishing customer trust accounts held for our benefit in the event of a failure to pay.
+Added: Such credit risks from customers may impact the borrowing capacity of our Securitization Facility.
+Added: See "Item 7.
+Added: Management's Discussion and Analysis of Financial Condition and Results of Operations—Debt Obligations – Accounts Receivable Securitization ".
Exchange Rate Risk
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as of December 31, 2020
−Removed: (in thousands)
+Added: (dollars in thousands)
Fixed rate debt
4 unchanged sentences
as of December 31, 2019
−Removed: (in thousands)
+Added: (dollars in thousands)
Fixed rate debt
4 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.