10 unchanged sentences
The Investment Funds hold investments that are reported at fair value as of the reporting date, which include securities owned, securities sold, not yet purchased and derivatives as reported in our consolidated balance sheets.
−Removed: Based on their respective balances as of December 31, 2021, we estimate that in the event of a 10% adverse change in the fair value of these investments, the fair values of securities owned, securities sold, not yet purchased and derivatives, based on the price impact on notional value, would decrease by approximately $895 million, $534 million and $1.2 billion, respectively.
+Added: Based on their respective balances as of December 31, 2022, we estimate that in the event of a 10% adverse change in the fair value of these investments, the fair values of securities owned, securities sold, not yet purchased and derivatives, based on the price impact on notional value, would decrease by approximately $672 million, $650 million and $968 million, respectively.
However, as of December 31, 2022, we estimate that the impact to our share of the net gain (loss) from investment activities reported in our consolidated statements of operations would be less than the change in fair value since we have an investment of approximately 46% in the Investment Funds, and the non-controlling interests in income would correspondingly offset approximately 54% of the change in fair value.
1 unchanged sentence
Commodity Price Risk
−Removed: CVR Refining, as a manufacturer of refined petroleum products, and CVR Partners, as a manufacturer of nitrogen fertilizer products, all of which are commodities, have exposure to market pricing for products sold in the future.
+Added: CVR Energy, as a manufacturer of refined petroleum products, and CVR Partners, as a manufacturer of nitrogen fertilizer products, all of which are commodities, have exposure to market pricing for products sold in the future.
In order to realize value from our Energy segment’s processing capacity, a positive spread between the cost of raw materials and the value of finished products must be achieved (i.e., gross margin or crack spread).
3 unchanged sentences
In addition, the petroleum business seeks to reduce the variability of commodity price exposure by engaging in hedging strategies and transactions that will serve to protect gross margins as forecasted in the annual operating plan.
−Removed: With regard to its hedging activities, CVR
−Removed: Refining may enter into, or has entered into, derivative instruments which serve to:
+Added: With regard to its hedging activities, CVR Energy may enter into, or has entered into, derivative instruments which serve to:
lock in or fix a percentage of the anticipated or planned gross margin in future periods when the derivative market offers commodity spreads that generate positive cash flows;
16 unchanged sentences
Fluctuations in foreign currency exchange rates can therefore create volatility in the results of operations and may adversely affect Viskase’s financial condition.
−Removed: Viskase recorded translation gains (losses) in accumulated other comprehensive loss of $(5) million and $3 million for the years ended December 31, 2021 and 2020, respectively, and recorded translation (losses) gains in earnings of $(14) million and $(5) million for the years ended December 31, 2021 and 2020, respectively.
+Added: Viskase recorded translation losses in accumulated other comprehensive loss of $4 million and $5 million for the years ended December 31, 2022 and 2021, respectively, and recorded translation (losses) gains in earnings of $(3) million and $(14) million for the years ended December 31, 2022 and 2021, respectively.
We and the Investment Funds are subject to certain inherent risks through our investments.
7 unchanged sentences
Compliance Program Price Risk
−Removed: As a producer of transportation fuels from petroleum, our Energy segment’s petroleum business is required to blend biofuels into the product it produces or to purchase RINs in the open market in lieu of blending to meet the mandates established by the EPA.
−Removed: CVR Refining is exposed to market risk related to volatility in the price of RINs needed to comply with the Renewable Fuel Standards.
−Removed: To mitigate the impact of this risk on our Energy segment’s results of operations and cash flows, CVR Refining purchased RINs when prices are deemed favorable.
+Added: As a producer of transportation fuels from petroleum, our Energy segment’s obligated-party subsidiaries are required to blend biofuels into the transportation fuels they produce or to purchase RINs in the open market in lieu of blending to meet the mandates established by the EPA, unless such blending obligations are waived by the EPA.
+Added: CVR Energy’s obligated-party subsidiaries are exposed to market risk related to volatility in the price of RINs needed to comply with the Renewable Fuel Standards.
See Note 17, “Commitments and Contingencies,” to the consolidated financial statements for further discussion about compliance with the Renewable Fuel Standards.
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.