1 unchanged sentence
These disclosures should be read in conjunction with the condensed consolidated financial statements, "Management's Discussion and Analysis of Financial Condition and Results of Operations," and other information presented herein, as well as in the "Quantitative and Qualitative Disclosures About Market Risk" section contained in our Annual Report on Form 10-K, as filed on February 28, 2020 .
−Removed: Management's Discussion and Analysis
Price Risk Management Activities
5 unchanged sentences
Gains or losses on commodity derivative contracts accounted for as cash flow hedges are recognized in other comprehensive income on the condensed consolidated balance sheets and, ultimately, when the forecasted transactions are completed, in net revenues or cost of materials and other in the condensed consolidated statements of income.
−Removed: The following table sets forth information relating to our open commodity derivative contracts as of March 31, 2020 ($ in millions):
+Added: Management's Discussion and Analysis
+Added: The following table sets forth information relating to our open commodity derivative contracts as of June 30, 2020 ($ in millions):
Total Outstanding
21 unchanged sentences
Interest Risk Management Activities
−Removed: We have market exposure to changes in interest rates relating to our outstanding floating rate borrowings, which totaled approximately $1,917.7 million as of March 31, 2020 .
−Removed: The annualized impact of a hypothetical one percent change in interest rates on our floating rate debt as of March 31, 2020 would be to change interest expense by approximately $19.2 million .
+Added: We have market exposure to changes in interest rates relating to our outstanding floating rate borrowings, which totaled approximately $2,169.3 million as of June 30, 2020 .
+Added: The annualized impact of a hypothetical one percent change in interest rates on our floating rate debt as of June 30, 2020 would be to change interest expense by approximately $21.7 million .
Commodity Derivatives Trading Activities
In the first half of 2018, we began entering into active trading positions in a variety of commodity derivatives, which include forward physical contracts, swap contracts, and futures contracts.
−Removed: These contracts are classified as held for trading and are recognized at fair value with
+Added: These contracts are classified as held for trading and are recognized at fair value with changes in fair value recognized in the income statement.
+Added: These trading activities are undertaken by using a range of contract types in combination to create incremental gains by capitalizing on crude oil supply and pricing seasonality.
+Added: These contracts had remaining durations of less than one year as of June 30, 2020 .
Management's Discussion and Analysis
−Removed: changes in fair value recognized in the income statement.
−Removed: Trading activities are undertaken by using a range of contract types in combination to create incremental gains by capitalizing on crude oil supply and pricing seasonality.
−Removed: These contracts had remaining durations of less than one year as of March 31, 2020 .
−Removed: The following table sets forth information relating to commodity derivative contracts held for trading purposes as of March 31, 2020 :
+Added: The following table sets forth information relating to commodity derivative contracts held for trading purposes as of June 30, 2020 :
Contract Description
10 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.