7 unchanged sentences
A 10% increase in interest rates would affect our interest cost by approximately $0.8 million per year.
−Removed: At September 30, 2020, we had $526.0 million in debt, $262.0 million of which had variable interest rates.
+Added: At March 31, 2021, we had $773.4 million in debt, $235.2 million of which had variable interest rates.
For additional information related to our debt, see Note 8 – Debt included as part of the notes to consolidated financial statements and Note 12 – Debt included as part of the notes to consolidated financial statements included in our annual report on Form 10-K for the year ended December 31, 2020.
11 unchanged sentences
Our results are impacted by a mismatch of gains or losses associated with the derivative instrument during a reporting period when the physical commodity purchases or sale has not yet occurred.
−Removed: During the three and nine months ended September 30, 2020, revenues included net losses of $21.1 million and net gains of $17.5 million, respectively, and cost of goods sold included net losses of $1.2 million and net gains of $11.0 million, respectively, associated with derivative financial instruments.
+Added: During the three months ended March 31, 2021, revenues included net losses of $56.0 million and cost of goods sold included net gains of $18.5 million associated with derivative financial instruments.
Ethanol Production Segment
1 unchanged sentence
To reduce commodity price risk caused by market fluctuations, we enter into exchange-traded futures and options contracts that serve as economic hedges.
−Removed: Our exposure to market risk, which includes the impact of our risk management activities resulting from our fixed-price purchase and sale contracts and derivatives, is based on the estimated net income effect resulting from a hypothetical 10% change in price for the next 12 months starting on September 30, 2020, which is as follows (in thousands):
+Added: Our exposure to market risk, which includes the impact of our risk management activities resulting from our fixed-price purchase and sale contracts and derivatives, is based on the estimated net income effect resulting from a hypothetical 10% change in price for the next 12 months starting on March 31, 2021, which is as follows (in thousands):
Estimated Total Volume
17 unchanged sentences
Our daily net commodity position consists of inventories related to purchase and sale contracts and exchange-traded contracts .
−Removed: The fair value of our position was approximately $1.1 million for grain at September 30, 2020.
+Added: The fair value of our position was approximately $0.4 million for grain at March 31, 2021.
Our market risk at that date, based on the estimated net income effect resulting from a hypothetical 10% change in price, was approximately $27 thousand.
4 unchanged sentences
Management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
−Removed: Under the supervision and participation of our chief executive officer and chief financial officer, management carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2020 as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act and concluded that our disclosure controls and procedures were effective.
+Added: Under the supervision and participation of our chief executive officer and chief financial officer, management carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2021 as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act and concluded that our disclosure controls and procedures were effective.
Changes in Internal Control over Financial Reporting
7 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.