6 unchanged sentences
Interest rates on our variable-rate debt are based on the market rate for the lender’s prime rate, SOFR or LIBOR.
−Removed: At June 30, 2022, we had $902.6 million in debt, $367.4 million of which had variable interest rates.
+Added: At September 30, 2022, we had $703.2 million in debt, $265.1 million of which had variable interest rates.
A 10% increase in interest rates would affect our interest cost by approximately $1.9 million per year.
12 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 six months ended June 30, 2022, revenues included net gains of $8.5 million and $2.5 million, respectively, and cost of goods sold included net gains of $0.2 million and net losses of $62.2 million, respectively, associated with derivative financial instruments.
+Added: During the three and nine months ended September 30, 2022, revenues included net gains of $3.5 million and $6.0 million, respectively, and cost of goods sold included net losses of $6.3 million and $68.5 million, respectively, 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 June 30, 2022, 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 September 30, 2022, which is as follows (in thousands):
Commodity Estimated Total Volume
22 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.