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Commodity Prices
−Removed: 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.
−Removed: 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.
+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.
+Added: 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 (assuming a 32% nitrogen content), and AN by approximately $32, $22, $14 and $15, respectively.
Natural gas is the largest and most volatile component of the manufacturing cost for nitrogen-based products.
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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 June 30, 2024, we had natural gas derivative contracts covering certain periods through March 2025.
−Removed: As of June 30, 2024 and December 31, 2023, we had open derivative contracts for 9.0 million MMBtus and 49.0 million MMBtus, respectively.
−Removed: A $1.00 per MMBtu increase in the forward curve prices of natural gas at June 30, 2024 would result in a favorable change in the fair value of these derivative positions of approximately $9 million, and a $1.00 per MMBtu decrease in the forward curve prices of natural gas would change their fair value unfavorably by approximately $9 million.
+Added: As of September 30, 2024, we had natural gas derivative contracts covering certain periods through March 2025.
+Added: As of September 30, 2024 and December 31, 2023, we had open derivative contracts for 17.5 million MMBtus and 49.0 million MMBtus, respectively.
+Added: A $1.00 per MMBtu increase in the forward curve prices of natural gas at September 30, 2024 would result in a favorable change in the fair value of these derivative positions of approximately $17 million, and a $1.00 per MMBtu decrease in the forward curve prices of natural gas would change their fair value unfavorably by approximately $17 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 June 30, 2024, we had four series of senior notes totaling $3.00 billion of principal outstanding with maturity dates of December 1, 2026, March 15, 2034, June 1, 2043, and March 15, 2044.
+Added: As of September 30, 2024, we had four series of senior notes totaling $3.00 billion of principal outstanding with maturity dates of December 1, 2026, March 15, 2034, June 1, 2043, and March 15, 2044.
The senior notes have fixed interest rates.
−Removed: As of June 30, 2024, the carrying value and fair value of our senior notes was approximately $2.97 billion and $2.79 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 June 30, 2024, as of December 31, 2023, or during the six months ended June 30, 2024.
+Added: As of September 30, 2024, the carrying value and fair value of our senior notes was approximately $2.97 billion and $2.95 billion, respectively.
+Added: Borrowings under the Revolving Credit Agreement bear current market rates of interest plus a specified margin, and we are subject to interest rate risk on such borrowings.
+Added: There were no borrowings outstanding under the Revolving Credit Agreement as of September 30, 2024, as of December 31, 2023, or during the nine months ended September 30, 2024.
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.