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, 2023, 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 $290 million, $347 million and $673 million, respectively.
+Added: on their respective balances as of December 31, 2024, 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 $227 million, $137 million and $409 million, respectively.
However, as of December 31, 2024, 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 64% in the Investment Funds, and the non-controlling interests in income would correspondingly offset approximately 36% of the change in fair value.
7 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: Energy 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;
3 unchanged sentences
Our predominant exposure to interest rate risk is related to our operating subsidiaries.
−Removed: Our operating subsidiaries have variable rate debt with a principal amount outstanding aggregating $141 million as of December 31, 2023, primarily at our Food Packaging segment.
+Added: Our operating subsidiaries have variable rate debt primarily with a principal amount outstanding aggregating $483 million as of December 31, 2024, primarily at our Energy and Food Packaging segment.
A 1.0% increase in interest rates would increase interest expense by approximately $5 million on an annualized basis, thus decreasing net income by the same amount.
10 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 a translation gain of $5 million and a loss of $4 million in accumulated other comprehensive loss for the years ended December 31, 2023 and 2022, respectively, and recorded translation losses in earnings of $3 million for each of the years ended December 31, 2023 and 2022.
+Added: Viskase recorded a translation loss of $7 million and a gain of $5 million in accumulated other comprehensive loss for the years ended December 31, 2024 and 2023, respectively, and recorded translation losses in earnings of $9 million and $3 million for the years ended December 31, 2024 and 2023, 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 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
−Removed: blending to meet the mandates established by the EPA, unless such blending obligations are waived by the EPA.
+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.
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.
1 unchanged sentence
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.