2 unchanged sentences
Commodity Prices
−Removed: 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.
+Added: Our gross margin, cash flows and estimates of future cash flows related to nitrogen-based products are sensitive not only to selling prices of our products, but also to changes in market prices of natural gas and other raw materials except to the extent the prices we pay for those inputs 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 $32, $22, $14 and $15, respectively.
5 unchanged sentences
As of December 31, 2023, we had natural gas derivative contracts covering certain periods through March 2024.
−Removed: As of December 31, 2022 and 2021, we had open derivative contracts for 66.3 million MMBtus and 60.0 million MMBtus, respectively.
−Removed: A $1.00 per MMBtu increase in the forward curve prices of natural gas at December 31, 2022 would result in a favorable change in the fair value of these derivative positions of $39 million, and a $1.00 per MMBtu decrease in the forward curve prices of natural gas would change their fair value unfavorably by $39 million.
+Added: As of December 31, 2023 and 2022, we had open natural gas derivative contracts for 49.0 million MMBtus and 66.3 million MMBtus, respectively.
+Added: A $1.00 per MMBtu increase in the forward curve prices of natural gas at December 31, 2023 would result in a favorable change in the fair value of these derivative positions of approximately $48 million, and a $1.00 per MMBtu decrease in the forward curve prices of natural gas would change their fair value unfavorably by approximately $49 million.
From time to time, we may purchase nitrogen products on the open market to augment or replace production at our facilities.
3 unchanged sentences
As of December 31, 2023, the carrying value and fair value of our senior notes was approximately $2.97 billion and $2.89 billion, respectively.
−Removed: 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 December 31, 2022 or 2021, or during 2022 or 2021.
+Added: Borrowings under the Prior Revolving Credit Agreement bore current market rates of interest, and we were subject to interest rate risk on such borrowings.
+Added: Borrowings under the New Revolving Credit Agreement bear current market rates of interest, and we are subject to interest rate risk on such borrowings.
+Added: As of and during the years ended December 31, 2023 and 2022, there were no borrowings outstanding under either the Prior Revolving Credit Agreement or the New Revolving Credit Agreement.
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.