14 unchanged sentences
We estimate that a $0.10 per pound decrease in the LME market price of zinc as of December 31, 2020 and December 31, 2019, with all other variables held constant, would have resulted in an unrealized mark-to-market loss of $0.3 million and $1.0 million, respectively, with corresponding changes to the net fair value of our Alloying Metals hedges.
−Removed: We estimate that a $0.10 per pound decrease in the Commodity Exchange, Inc.
−Removed: market price of copper as of December 31, 2019 and December 31, 2018 , with all other variables held constant, would have resulted in an unrealized mark-to-market loss of $0.6 million and $0.3 million , respectively, with corresponding changes to the net fair value of our Alloying Metals hedges.
+Added: We estimate that a $0.10 per pound decrease in the COMEX market price of copper as of December 31, 2020 and December 31, 2019, with all other variables held constant, would have resulted in an unrealized mark-to-market loss of $0.3 million and $0.6 million, respectively, with corresponding changes to the net fair value of our Alloying Metals hedges.
We are exposed to risk of fluctuating prices for natural gas and electricity.
2 unchanged sentences
We estimate that a $1.00 per mmbtu decrease in natural gas prices as of December 31, 2020 and December 31, 2019 would have resulted in an unrealized mark-to-market loss of $6.6 million and $8.6 million, respectively, with corresponding changes to the net fair value of our natural gas derivative positions.
−Removed: We estimate that a $5.00 per Mwh decrease in electricity prices as of December 31, 2019 and December 31, 2018 , would have resulted in an unrealized mark-to-market loss of $2.4 million and $1.1 million , respectively, with corresponding changes to the net fair value of our electricity derivative positions.
+Added: We estimate that a $5.00 per Mwh decrease in electricity prices as of December 31, 2020 and December 31, 2019, would have resulted in an unrealized mark-to-market loss of $2.4 million as of each period, respectively, with corresponding changes to the net fair value of our electricity derivative positions.
Foreign Currency
1 unchanged sentence
We estimate that a 10% change in the Canadian dollar exchange rate as of December 31, 2020 and December 31, 2019 would have resulted in an annual operating cost impact of $1.7 million and $1.8 million, respectively.
−Removed: Additionally, as of December 31, 2019, we had cash commitments outstanding for equipment purchases denominated in euros, of which we have hedged our exposure to currency exchange rate fluctuations by entering into foreign currency forward contracts with settlement dates designed to line up with the timing of scheduled payments to the foreign equipment manufacturers.
−Removed: Our foreign currency derivative instruments are non-designated hedges;
−Removed: therefore, periodic gains and losses related to market value adjustments are recorded within Other expense, net.
−Removed: See Note 8 of Notes to Consolidated Financial Statements included in this Report for additional information relating to these foreign currency forward contracts.
−Removed: As of December 31, 2019, we hedged our equipment purchase transactions denominated in euros using forward contracts with settlement dates through January 2020.
−Removed: We estimate that a 10% decrease in the December 31, 2019 exchange rate of euros to US dollars would have resulted in an unrealized mark-to-market loss of $0.1 million .
KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES
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.