3 unchanged sentences
At times, we enter into the following instruments/transactions in order to manage our market-indexed pricing risk:
−Removed: commodity derivative contracts which we use to manage our price exposure to our inventory positions, future purchases of crude oil and ethanol, future sales of
−Removed: Management's Discussion and Analysis
−Removed: refined products or to fix margins on future production;
+Added: commodity derivative contracts which we use to manage our price exposure to our inventory positions, future purchases of crude oil and ethanol, future sales of refined products or to fix margins on future production;
and future commitments to purchase or sell RINs at fixed prices and quantities, which are used to manage the costs associated with our RINs obligations and meet the definition of derivative instruments under ASC 815, Derivatives and Hedging ("ASC 815").
2 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 June 30, 2021 ($ in millions):
+Added: The following table sets forth information relating to our open commodity derivative contracts as of September 30, 2021 ($ in millions):
Total Outstanding Notional Contract Volume by Year of Maturity
9 unchanged sentences
(53.6) 73,011,000 13,811,000 44,400,000 14,800,000
−Removed: Natural gas swaps - long (2)
−Removed: Natural gas swaps - short (2)
RIN commitment contracts - long (2)
4 unchanged sentences
(1) Volume in barrels
−Removed: (2) Volume in MMBTU
(2) Volume in RINs
Interest Risk Management Activities
−Removed: We have market exposure to changes in interest rates relating to our outstanding floating rate borrowings, which totaled approximately $1,594.7 million as of June 30, 2021.
−Removed: The annualized impact of a hypothetical one percent change in interest rates on our floating rate debt as of June 30, 2021 would be to change interest expense by approximately $15.9 million.
+Added: We have market exposure to changes in interest rates relating to our outstanding floating rate borrowings, which totaled approximately $1,553.5 million as of September 30, 2021.
+Added: The annualized impact of a hypothetical one percent change in interest rates on our floating rate debt as of September 30, 2021 would be to change interest expense by approximately $15.5 million.
+Added: Management's Discussion and Analysis
Commodity Derivatives Trading Activities
1 unchanged sentence
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 all had remaining durations of less than one year as of June 30, 2021, and are classified as held for trading and are recognized at fair value with changes in fair value recognized in the income statement.
−Removed: The following table sets forth information relating to commodity derivative contracts held for trading purposes as of June 30, 2021:
+Added: These contracts all had remaining durations of less than one year as of September 30, 2021, and are classified as held for trading and are recognized at fair value with changes in fair value recognized in the income statement.
+Added: The following table sets forth information relating to trading commodity derivative contracts held for trading purposes as of September 30, 2021:
Contract Description Less than 1 year
8 unchanged sentences
(1) Volume in barrels
−Removed: Management's Discussion and Analysis
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.