2 unchanged sentences
When we make the decision to manage our market exposure, our objective is generally to avoid losses from adverse price changes, realizing we will not obtain the gains of beneficial price changes.
+Added: Management's Discussion and Analysis
Price Risk Management Activities
1 unchanged sentence
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;
−Removed: 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 Accounting Standards Codification ("ASC") 815, Derivatives and Hedging ("ASC 815").
+Added: 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").
In accordance with ASC 815, all of these commodity contracts and future purchase commitments are recorded at fair value, and any change in fair value between periods has historically been recorded in the profit and loss section of our condensed consolidated financial statements.
1 unchanged sentence
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, excluding our trading derivative contracts (which are discussed separately below), as of September 30, 2024 ($ in millions):
+Added: The following table sets forth information relating to our open commodity derivative contracts, excluding our trading derivative contracts (which are discussed separately below), as of March 31, 2025 ($ in millions):
Total Outstanding Notional Contract Volume by Year of Maturity
9 unchanged sentences
(10.4) 5,975,850 5,975,850 —
−Removed: Natural gas swaps - long (3)
−Removed: (0.4) 2,002,500 1,255,000 747,500
−Removed: Natural gas swaps - short (3)
−Removed: 0.2 2,002,500 1,255,000 747,500
RINs commitment contracts - long (2)
1.2 28,815,458 28,815,458 —
−Removed: Total $ (3.6)
(1) Volume in barrels.
1 unchanged sentence
(3) Volume in MMBtu.
−Removed: Management's Discussion and Analysis
Interest Rate Risk
−Removed: We have market exposure to changes in interest rates relating to our outstanding floating rate borrowings, which totaled approximately $1,393.3 million as of September 30, 2024.
+Added: We have market exposure to changes in interest rates relating to our outstanding floating rate borrowings, which totaled approximately $1,633.7 million as of March 31, 2025.
We help manage this risk through interest rate swap agreements that we may periodically enter into in order to modify the interest rate characteristics of our outstanding long-term debt.
1 unchanged sentence
We expect that any interest rate derivatives held would reduce our exposure to short-term interest rate movements.
−Removed: As of September 30, 2024, we had one floating-to-fixed interest rate derivative agreement in place for a notional amount of $500.0 million, which all mature in November 2027.
−Removed: The estimated fair value of our interest rate derivative liability was $5.2 million as of September 30, 2024.
−Removed: The annualized impact of a hypothetical one percent change in interest rates on our floating rate debt, after considering the interest rate swap, outstanding as of September 30, 2024 would be to change interest expense by approximately $8.9 million.
+Added: As of March 31, 2025, we had one floating-to-fixed interest rate derivative agreement in place for a notional amount of $500.0 million, which matures in November 2027.
+Added: The estimated fair value of our interest rate derivative liability was $0.2 million as of March 31, 2025.
+Added: The annualized impact of a hypothetical one percent change in interest rates on our floating rate debt, after considering the interest rate swap, outstanding as of March 31, 2025 would be to change interest expense by approximately $11.3 million.
We also have interest rate exposure in connection with our Inventory Intermediation Agreement under which we pay a time value of money charge based on Secured Overnight Financing Rate.
3 unchanged sentences
These contracts are classified as held for trading and are recognized at fair value with changes in fair value recognized in the income statement.
−Removed: We had no outstanding trading commodity derivative contracts as of September 30, 2024.
+Added: We had no outstanding trading commodity derivative contracts as of March 31, 2025.
Controls and Procedures
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.