7 unchanged sentences
These contracts are primarily transacted through our FCM on regulated commodity futures exchanges but may include over-the-counter derivative instruments when deemed appropriate.
−Removed: These contracts are recorded at fair values based on quotes listed on regulated commodity exchanges or the market prices of the underlying products listed on the exchanges, except that certain contracts that are accounted for as normal purchase and normal sales transactions.
+Added: These contracts are recorded at fair values based on quotes listed on regulated commodity exchanges or the market prices of the underlying products listed on the exchanges, except that certain contracts are accounted for as normal purchase and normal sales transactions.
For commodities where there is no liquid derivative contract, risk is managed through the use of forward sales contracts, other pricing arrangements and, to some extent, futures contracts in highly correlated commodities.
11 unchanged sentences
These limits are defined for each commodity and business unit, and business units may include both trader and management limits as appropriate.
−Removed: The limits policy is overseen at a high level by our corporate compliance team, with day-to-day monitoring procedures being implemented within each individual business unit to ensure any limits overage is explained and exposures reduced, or a temporary limit increase is established if needed.
−Removed: The position limits are reviewed at least annually with our senior leadership and Board of Directors.
+Added: The limits policy is overseen at a high level by our corporate compliance team, with day-to-day monitoring procedures being implemented within each individual business unit to ensure any limits overage is explained
+Added: and exposures reduced, or a temporary limit increase is established if needed.
+Added: The position limits are reviewed at least annually with our senior leadership and the Board of Directors.
We monitor current market conditions and may expand or reduce our net position limits or procedures in response to changes in those conditions.
1 unchanged sentence
We evaluate counterparty exposure by reviewing contracts and adjusting the values to reflect potential nonperformance.
−Removed: Risk of nonperformance by counterparties includes the inability to perform because of a counterparty's financial condition and the risk that the counterparty will refuse to perform on a contract during periods of price fluctuations where contract prices are significantly different than the current market prices.
+Added: Risk of nonperformance by counterparties includes the inability to perform because of a counterparty's financial condition and the risk that the counterparty will refuse to perform on a contract during periods of price fluctuations where contract prices are significantly different from the current market prices.
We manage these risks by entering into fixed-price purchase and sales contracts with preapproved producers and by establishing appropriate limits for individual suppliers.
4 unchanged sentences
Although we have established policies and procedures, we make no assurances that historical nonperformance experience will carry forward to future periods.
−Removed: A 10% adverse change in market prices would not materially affect our results of operations, since we use commodity futures and forward contracts of economic hedges of price risk and since our operations have effective economic hedging requirements as a general practice.
+Added: Based on our net fair market value calculation as of August 31, 2021, a 10% adverse change in market prices would not materially affect our results of operations.
+Added: While we use commodity futures and forward contracts as economic hedges of price risk and our operations have effective economic hedging requirements as a general practice, we cannot ensure that these risk management activities will offset all of the financial impact resulting from an adverse change in market prices.
Factors that could impact the effectiveness of our hedging activities include the accuracy of our forecasts, the volatility of the commodity markets and the availability of hedging instruments.
The utilization of derivatives and hedging activities is described more fully in Note 15, Derivative Financial Instruments and Hedging Activities , and Note 16, Fair Value Measurements , of the notes to our consolidated financial statements included in this Annual Report on Form 10-K.
−Removed: Table of Content s
Interest Rate Risk
−Removed: Debt used to finance inventories and receivables is represented by short-term notes payable, so our blended interest rate for all such notes approximates current market rates.
+Added: Debt used to finance our working capital needs is represented by short-term notes payable, so our blended interest rate for all such notes approximates current market rates.
The table below provides information about our outstanding debt that is sensitive to changes in interest rates.
1 unchanged sentence
Expected Maturity Date Total Fair Value
−Removed: Asset (Liability)
2022 2023 2024 2025 2026 Thereafter
7 unchanged sentences
Average interest rate 3.0 % 4.5 % 3.0 % 4.2 % 4.8 % 4.3 % 4.3 % —
−Removed: Variable rate long-term debt $ — $ — $ — $ — $ 366,000 $ — $ 366,000 $ (384,364)
−Removed: Average interest rate (a)
−Removed: — — — — range — range —
−Removed: (a) Borrowings under the agreement bear interest at a base rate (or LIBOR) plus an applicable margin, or at a fixed rate of interest determined and quoted by the administrative agent under the agreement in its sole and absolute discretion from time to time.
−Removed: The applicable margin is based on our leverage ratio and ranges between 1.50% and 2.00% for LIBOR-based loans and between 0.50% and 1.00% for base rate loans.
Foreign Currency Risk
4 unchanged sentences
From time to time, we enter into foreign currency hedge contracts to minimize the impact of currency fluctuations on our transactional exposures.
−Removed: The notional amounts of our foreign exchange derivative contracts were $1.2 billion and $894.7 million as of August 31, 2020 and 2019, respectively.
−Removed: Table of Content s
+Added: The notional amount of our foreign exchange derivative contracts was $1.2 billion as of both August 31, 2021 and 2020.
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.