5 unchanged sentences
From time to time, we also enter into financial contracts to offset fixed price sales arrangements with certain of our customers (the "fixed for floating swaps").
−Removed: We are also exposed to price risk for alumina which is one of the largest components of our cost of goods sold.
−Removed: Certain of the alumina we purchase is priced based on a published alumina index.
+Added: We are also exposed to price risk for our raw materials which are the largest components of our cost of goods sold.
+Added: Certain of our raw materials are purchased based on published market prices.
As a result, our cost structure is exposed to market fluctuations and price volatility.
6 unchanged sentences
Business - Key Production Costs - Electrical Power Supply Agreements for additional information about these market-based power agreements.
−Removed: Power is supplied to Grundartangi from hydroelectric and geothermal sources under long-term power purchase agreements.
−Removed: These power purchase agreements, which will expire on various dates from 2026 through 2036 (subject to extension), currently primarily provide power at LME-based variable rates.
−Removed: At this time, the price of approximately 20% of Grundartangi's power requirements is linked to the market price for power in the Nord Pool power market 2023 and beginning January 1, 2024 through December 31, 2026, this agreement allows for fixed rates plus a small variable rate portion, which is predominantly hedged.
+Added: Power is supplied to Grundartangi from hydroelectric and geothermal sources under long-term power purchase agreements with three separate suppliers - HS, Landsvirkjun and OR.
+Added: These power purchase agreements, which expire on various dates from 2026 through 2036 (subject to extension).
+Added: The power purchase agreements with each of HS and OR provide power at LME-based variable rates for the duration of these agreements.
+Added: The larger Landsvirkjun agreement provides for fixed rate with an additional variable rate linked to the LME.
From time to time, we may manage our exposure to fluctuations in the market price of power through financial instruments designed to protect our downside risk exposure.
Electrical Power Price Sensitivity
−Removed: Given our market-based power supply agreements, we have electrical power price risk for our operations, whether due to fluctuations in the price of power available on the MISO or Nord Pool power markets or the price of natural gas.
+Added: Given our market-based power supply agreements, we have electrical power price risk for our operations, whether due to fluctuations in the price of power available on the MISO power market or the price of natural gas or other inputs.
Power represents one of our largest operating costs, so changes in the price and/or availability of market power could significantly impact the profitability and viability of our operations.
14 unchanged sentences
We also have deposits denominated in ISK in Icelandic banks, and our estimated payments of Icelandic income taxes and any associated refunds are denominated in ISK.
−Removed: Vlissingen's labor costs, maintenance costs and other local services are denominated in Euros and our existing Nord Pool power price swaps described above are settled in Euros.
+Added: Vlissingen's labor costs, maintenance costs and other local services are denominated in Euros.
Further, Jamalco's labor costs, maintenance costs, and other local services are denominated in Jamaican dollars.
3 unchanged sentences
We may manage our exposure by entering into foreign currency forward contracts or option contracts for forecasted transactions and projected cash flows for foreign currencies in future periods.
−Removed: We have entered into financial contracts to hedge the risk of fluctuations associated with the Euro under our power price swaps described above (the "FX swaps").
+Added: We have entered into financial contracts to hedge the risk of fluctuations associated with the ISK and Euro under our casthouse currency hedges.
Natural Economic Hedges
18 unchanged sentences
Foreign exchange contracts (2)
−Removed: 0.1 7.3 0.6 16.0
Total $ 4.4 $ 7.9 $ (0.2) $ 15.9
−Removed: (1) Commodity contracts reflect our outstanding LME forward financial sales contracts, fixed for floating swaps, and HFO price swaps.
+Added: (1) Commodity contracts reflect our outstanding LME and MWP forward financial sales contracts, fixed for floating swaps, HFO price swaps and Indiana Hub power price swaps.
(2) Foreign exchange contracts reflect our outstanding FX swaps and the casthouse currency hedges.
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.