2 unchanged sentences
We do not hold any market risk sensitive instruments for trading purposes.
−Removed: Our primary exposure to market risk is interest rate risk, specifically long-term U.S.
−Removed: treasury rates and the applicable spreads in the high-yield investment market, short-term and long-term SOFR rates, and their potential impact on our long-term debt.
−Removed: We are also exposed to commodity prices and potential tariffs on goods purchased from outside the United States ("US").
+Added: Our primary exposure to market risk is interest rate risk, specifically long-term United States ("US") treasury rates and the applicable spreads in the high-yield investment market, short-term and long-term SOFR rates, and their potential impact on our long-term debt.
+Added: We are also exposed to commodity prices and potential tariffs on goods purchased from outside the US.
Our exposure is mitigated as a significant majority of our purchases, both operating and for our construction projects, are from US based suppliers.
3 unchanged sentences
We do not currently utilize derivative financial instruments for trading or speculative purposes.
−Removed: As of March 31, 2025, our long-term variable-rate borrowings represented appro ximately 46.3% of tot al long-term debt.
−Removed: Based on March 31, 2025 debt levels, a 100 basis point change in the interest rate would cause our annual interest costs on variable-rate borrowings to change by approximately $16.4 million.
+Added: As of June 30, 2025, our long-term variable-rate borrowings represented appro ximately 47.0% of tot al long-term debt.
+Added: Based on June 30, 2025 debt levels, a 100 basis point change in the interest rate would cause our annual interest costs on variable-rate borrowings to change by approximately $16.9 million.
We believe there have been no other material changes in our exposure to market risks as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 21, 2025.
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.