2 unchanged sentences
Commodity Prices
−Removed: Our net sales, cash flows and estimates of future cash flows related to nitrogen-based fertilizers are sensitive to changes in fertilizer prices as well as changes in the prices of natural gas and other raw materials unless these costs have been fixed or hedged.
+Added: Our net sales, cash flows and estimates of future cash flows related to nitrogen-based products are sensitive to changes in selling prices as well as changes in the prices of natural gas and other raw materials unless these costs have been fixed or hedged.
A $1.00 per MMBtu change in the price of natural gas would change the cost to produce a ton of ammonia, granular urea, UAN (32%) and AN by approximately $33, $22, $14 and $15, respectively.
−Removed: Natural gas is the largest and most volatile component of the manufacturing cost for nitrogen-based fertilizers.
−Removed: We manage the risk of changes in natural gas prices primarily with the use of derivative financial instruments.
−Removed: The derivative instruments that we use are primarily natural gas fixed price swaps, basis swaps and options.
+Added: Natural gas is the largest and most volatile component of the manufacturing cost for nitrogen-based products.
+Added: At certain times, we have managed the risk of changes in natural gas prices through the use of derivative financial instruments.
+Added: The derivative instruments that we may use for this purpose are primarily natural gas fixed price swaps, basis swaps and options.
These derivatives settle using primarily a NYMEX futures price index, which represents the basis for fair value at any given time.
The contracts represent anticipated natural gas needs for future periods and settlements are scheduled to coincide with anticipated natural gas purchases during those future periods.
−Removed: As of December 31, 2019 , we had natural gas fixed price swaps, basis swaps and options covering certain periods through March 2020.
+Added: As of December 31, 2020, we had natural gas fixed price swaps and basis swaps covering certain periods through March 2022.
As of December 31, 2020 and 2019, we had open derivative contracts for 34.1 million MMBtus and 41.1 million MMBtus, respectively.
5 unchanged sentences
As of December 31, 2020, the carrying value and fair value of our senior notes was approximately $3.96 billion and $4.73 billion, respectively.
−Removed: Borrowings under our revolving credit agreement bear current market rates of interest and we are subject to interest rate risk on such borrowings.
−Removed: There were no borrowings outstanding under our revolving credit agreement as of December 31, 2019 or 2018, or during 2019 or 2018.
+Added: Borrowings under the Revolving Credit Agreement bear current market rates of interest and we are subject to interest rate risk on such borrowings.
+Added: There were no borrowings outstanding under the Revolving Credit Agreement as of December 31, 2020 or 2019.
+Added: Maximum borrowings under the Revolving Credit Agreement during 2020 were $500 million.
+Added: The weighted-average annual interest rate of borrowings under the Revolving Credit Agreement during 2020 was 2.05%.
+Added: There were no borrowings under the Prior Credit Agreement or the Revolving Credit Agreement during 2019.
Foreign Currency Exchange Rates
3 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.