6 unchanged sentences
The value of fertilizer product inventory is subject to market risk due to fluctuations in the relevant commodity prices.
−Removed: Prices of nitrogen fertilizer products can be volatile, and we
−Removed: December 31, 2024 | 49
−Removed: believe they are affected by changes in grain prices, demand, natural gas prices, and other factors.
+Added: Prices of nitrogen fertilizer products can be volatile, and we believe they are affected by changes in grain prices, demand, natural gas prices, and other factors.
A $1.00 per MMBtu change in the price of natural gas would change the cost to produce a ton of ammonia and UAN by approximately $14.29 and $5.86, respectively.
3 unchanged sentences
We may be exposed to risk based on changes in interest rates related to our ABL Credit Facility, which bears interest at the daily simple Secured Overnight Financing Rate (“SOFR”) plus a premium.
−Removed: As of and during the years ended December 31, 2024 and 2023, there were no outstanding borrowings under the ABL Credit Facility or other variable rate borrowings.
+Added: As of December 31, 2025, there was no outstanding borrowings under the ABL Credit Facility or other variable rate borrowings.
Further, fixed-rate debt, such as our 2028 Notes, exposes us to changes in the fair value of our debt due to changes in market interest rates, but not our earnings or cash flows.
+Added: December 31, 2025 | 47
Based on the 2028 Notes, a hypothetical 50-basis point fluctuation in market interest rates at December 31, 2025 would have resulted in a change of $25.6 million in fair value disclosure.
2 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.