8 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: Management's Discussion and Analysis
−Removed: The following table sets forth information relating to our open commodity derivative contracts as of June 30, 2020 ($ in millions):
−Removed: Total Outstanding
−Removed: Notional Contract Volume by
−Removed: Year of Maturity
−Removed: Contract Description
−Removed: Notional Contract Volume
+Added: The following table sets forth information relating to our open commodity derivative contracts as of September 30, 2020 ($ in millions):
+Added: Total Outstanding Notional Contract Volume by Year of Maturity
+Added: Contract Description Fair Value Notional Contract Volume 2020 2021 2022 2023
Contracts not designated as hedging instruments:
Crude oil price swaps - long (1)
+Added: $ (5.5) 30,394,000 13,565,000 16,829,000 — —
Crude oil price swaps - short (1)
+Added: (7.2) 30,457,000 13,808,000 16,649,000 — —
Inventory, refined product and crack spread swaps - long (1)
+Added: 2.4 65,615,000 13,130,000 22,885,000 22,200,000 7,400,000
Inventory, refined product and crack spread swaps - short (1)
+Added: (13.2) 65,762,000 13,397,000 22,765,000 22,200,000 7,400,000
Natural gas swaps - long (2)
+Added: 2.7 3,237,500 3,237,500 — — —
Natural gas swaps - short (2)
+Added: (2.2) 9,942,500 9,942,500 — — —
RIN commitment contracts - long (3)
+Added: 2.8 34,700,000 34,700,000 — — —
RIN commitment contracts - short (3)
+Added: (26.0) 24,500,000 24,500,000 — — —
+Added: Total $ (46.2) 264,608,000 126,280,000 79,128,000 44,400,000 14,800,000
Contracts designated as cash flow hedging instruments:
Crude oil price swaps - long (1)
+Added: $ — — — — — —
Crude oil price swaps - short (1)
Inventory, refined product and crack spread swaps - long (1)
+Added: (1.5) 45,000 45,000 — — —
Inventory, refined product and crack spread swaps - short (1)
+Added: 2.7 45,000 45,000 — — —
+Added: Total $ 1.2 90,000 90,000 — — —
(1) Volume in barrels
1 unchanged sentence
(3) Volume in RINs
+Added: Management's Discussion and Analysis
Interest Risk Management Activities
−Removed: 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 .
−Removed: 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 .
+Added: We have market exposure to changes in interest rates relating to our outstanding floating rate borrowings, which totaled approximately $2,186.7 million as of September 30, 2020.
+Added: The annualized impact of a hypothetical one percent change in interest rates on our floating rate debt as of September 30, 2020 would be to change interest expense by approximately $21.9 million.
Commodity Derivatives Trading Activities
2 unchanged sentences
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.
−Removed: These contracts had remaining durations of less than one year as of June 30, 2020 .
−Removed: Management's Discussion and Analysis
−Removed: The following table sets forth information relating to commodity derivative contracts held for trading purposes as of June 30, 2020 :
−Removed: Contract Description
−Removed: Less than 1 year
+Added: These contracts had remaining durations of less than one year as of September 30, 2020.
+Added: The following table sets forth information relating to commodity derivative contracts held for trading purposes as of September 30, 2020:
+Added: Contract Description Less than 1 year
Over the counter forward sales contracts
8 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.