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: While interest rate changes have slowed in 2024 and 2023, with interest rates declining in 2024 and the federal funds rate changing by 100-basis points or less, the 400-basis point federal funds rate increase in 2022 demonstrates significant changes can occur in a short period of time and interest rate change is a risk to us.
+Added: Our primary exposure to market risk is interest rate risk, specifically long-term United States ("U.S.") 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.
We attempt to limit our exposure to interest rate risk by managing the mix of our long-term fixed-rate borrowings and short-term borrowings under our Credit Facility.
−Removed: We are also exposed to a lesser extent to foreign currency exchange risk for funds held in our Canadian operating and restricted cash accounts.
−Removed: While there is risk of fluctuations in the foreign exchange rate between the Canadian dollar and United States dollar, our exposure is limited given the size of our Canadian operations and the minimal amount of cash held in Canadian bank accounts.
−Removed: A weakening or strengthening of the United States dollar to the Canadian dollar by 2x the current conversion rate, would not cause the value of the funds held in Canadian operating and restricted cash accounts to change significantly.
+Added: We are also exposed to commodity prices and potential tariffs on goods purchased from outside the U.S.
+Added: Our exposure is mitigated as a significant majority of our purchases, both operating and for our construction projects, are from U.S.
+Added: based suppliers.
+Added: Finally, we are also exposed to a lesser extent to foreign currency exchange risk for funds held in our Canadian operating and restricted cash accounts.
+Added: While there is risk of fluctuations in the foreign exchange rate between the Canadian dollar and U.S.
+Added: dollar, our exposure is limited given the size of our Canadian operations and the minimal amount of cash held in Canadian bank accounts.
+Added: A weakening or strengthening of the U.S.
+Added: dollar to the Canadian dollar by 2x the current conversion rate, would not cause the value of the funds held in Canadian operating and restricted cash accounts to change significantly.
We do not currently utilize derivative financial instruments for trading or speculative purposes.
24 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.