1 unchanged sentence
Commodity Price Risk
−Removed: We have significant long-term coal supply agreements.
−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 coal sales contracts.
+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.
Our results of operations are highly dependent upon the prices we receive for our coal, oil and natural gas.
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.
−Removed: Regarding oil & natural gas, as seen in our second and third quarter 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.
−Removed: Please see discussions above, "Part I - Item 2.
−Removed: Management's Discussion and Analysis of Financial Condition and Results of Operations"
−Removed: and discussions in our Form 10-Q for the quarterly period ended June 30, 2020, 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 the 2020 Quarter and the Sequential Quarter.
−Removed: We have exposure to coal, oil and natural 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.
+Added: Regarding oil & natural gas, significant decline in prices would have a significant impact on our oil & gas royalty revenues.
+Added: 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.
9 unchanged sentences
Exchange Rate Risk
−Removed: Almost all of our transactions are denominated in United States dollars, and as a result, we do not have material exposure to currency exchange-rate risks.
+Added: Almost all our transactions are denominated in United States dollars, and as a result, we do not have material exposure to currency exchange-rate risks.
However, because coal is sold internationally in United States dollars, general economic conditions in foreign markets and changes in foreign currency exchange rates may provide our foreign competitors with a competitive advantage.
If our competitors' currencies decline against the United States dollar or against foreign purchasers' local currencies, those competitors may be able to offer lower prices for coal to these purchasers.
−Removed: Furthermore, if the currencies of overseas purchasers were to significantly decline in value in comparison to the United States dollar, those purchasers may seek decreased prices for the coal we sell to them.
+Added: Furthermore, if the currencies of overseas purchasers were to significantly decline in value in comparison to the United
+Added: States dollar, those purchasers may seek decreased prices for the coal we sell to them.
Consequently, currency fluctuations could adversely affect the competitiveness of our coal in international markets.
2 unchanged sentences
Historically, our earnings have not been materially affected by changes in interest rates and we have not utilized interest rate derivative instruments related to our outstanding debt.
−Removed: We had $135.0 million in borrowings under the Revolving Credit Facility and $72.2 million in borrowings under the Securitization Facility at September 30, 2020.
−Removed: A one percentage point increase in the interest rates related to the Revolving Facility and Securitization Facility would result in an annualized increase in interest expense of $2.1 million, based on borrowing levels at September 30, 2020.
+Added: We had $55.0 million in borrowings under the Revolving Credit Facility and $38.1 million in borrowings under the Securitization Facility on March 31, 2021.
+Added: A one percentage point increase in the interest rates related to the Revolving Facility and Securitization Facility would result in an annualized increase in interest expense of $0.9 million, based on borrowing levels on March 31, 2021.
There were no other changes in our quantitative and qualitative disclosures about market risk as set forth in our Annual Report on Form 10-K for the year ended December 31, 2020.
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.