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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.
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The derivative instruments that we may use for this purpose are primarily natural gas fixed price swaps, basis swaps and options.
−Removed: These derivatives settle using primarily a NYMEX futures price index, which represent the basis for fair value at any given time.
+Added: 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 September 30, 2020, we had natural gas fixed price swaps and basis swaps covering certain periods through March 2021.
−Removed: As of September 30, 2020 and December 31, 2019, we had open derivative contracts for 20.5 million MMBtus and 41.1 million MMBtus, respectively.
−Removed: A $1.00 per MMBtu increase in the forward curve prices of natural gas at September 30, 2020 would result in a favorable change in the fair value of these derivative positions of $16 million, and a $1.00 per MMBtu decrease in the forward curve prices of natural gas would change their fair value unfavorably by $16 million.
+Added: As of March 31, 2021, we had natural gas derivative contracts covering certain periods through March 2022.
+Added: As of March 31, 2021 and December 31, 2020, we had open derivative contracts for 0.5 million MMBtus and 34.1 million MMBtus, respectively.
+Added: A $1.00 per MMBtu increase in the forward curve prices of natural gas at March 31, 2021 would result in a favorable change in the fair value of these derivative positions of approximately $1 million, and a $1.00 per MMBtu decrease in the forward curve prices of natural gas would change their fair value unfavorably by approximately $1 million.
From time to time we may purchase nitrogen products on the open market to augment or replace production at our facilities.
Interest Rates
−Removed: As of September 30, 2020, we had six series of senior notes totaling $4.00 billion of principal outstanding with maturity dates of December 1, 2021, June 1, 2023, December 1, 2026, March 15, 2034, June 1, 2043 and March 15, 2044.
+Added: As of March 31, 2021, we had five series of senior notes totaling $3.75 billion of principal outstanding with maturity dates of June 1, 2023, December 1, 2026, March 15, 2034, June 1, 2043 and March 15, 2044.
The senior notes have fixed interest rates.
−Removed: As of September 30, 2020, the carrying value and fair value of our senior notes was approximately $3.96 billion and $4.58 billion, respectively.
+Added: As of March 31, 2021, the carrying value and fair value of our senior notes was approximately $3.71 billion and $4.22 billion, respectively.
Borrowings under the 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 the Revolving Credit Agreement as of September 30, 2020, or December 31, 2019.
−Removed: Maximum borrowings under the Revolving Credit Agreement during the nine months ended September 30, 2020 were $500 million.
−Removed: The weighted-average annual interest rate of borrowings under the Revolving Credit Agreement during the nine months ended September 30, 2020 was 2.05%.
−Removed: There were no borrowings under the Prior Credit Agreement during the nine months ended September 30, 2019.
+Added: There were no borrowings outstanding under the Revolving Credit Agreement as of March 31, 2021, or December 31, 2020, or during the three months ended March 31, 2021.
+Added: We had $500 million of borrowings outstanding under the Revolving Credit Agreement as of March 31, 2020.
+Added: Maximum borrowings under the Revolving Credit Agreement during the three months ended March 31, 2020 were $500 million.
+Added: The weighted-average annual interest rate of borrowings under the Revolving Credit Agreement during the three months ended March 31, 2020 was 2.05%.
Foreign Currency Exchange Rates
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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.