Quantitative and Qualitative Disclosures About Market Risk
−Removed: We are exposed to market risks, primarily from changes in interest rates, currency exchange rates, energy commodity prices and commercial energy rates.
+Added: We are exposed to market risks, primarily from changes in interest rates and currency exchange rates.
From time to time, we enter into transactions that have been authorized according to documented policies and procedures in order to manage these risks.
10 unchanged sentences
• investments in and intercompany loans to our foreign subsidiaries and our share of the earnings of those subsidiaries, to the extent denominated in currencies other than the U.S.
−Removed: Our exposure to changes in energy commodity prices and commercial energy rates results primarily from the purchase or sale of refined oil products and the purchase of natural gas and electricity for use in our manufacturing operations.
−Removed: Interest rate risk management.
−Removed: We have previously entered into agreements with financial institutions that were intended to limit our exposure to additional interest expense due to increases in variable interest rates.
−Removed: These instruments effectively capped our interest rate exposure.
−Removed: As of December 31, 2024 or 2023, we did not have any outstanding interest rate swap contracts.
Currency rate management.
4 unchanged sentences
Forward exchange contracts and purchased currency options are carried at fair value.
−Removed: Our outstanding foreign currency derivatives represented net unrealized pre-tax gains of $0.1 million at both December 31, 2024 and 2023.
−Removed: Energy commodity management.
−Removed: We previously entered into commodity derivative contracts to effectively fix some or all of our exposure to refined oil products.
−Removed: As of December 31, 2024 and 2023, there were no commodity derivative contracts outstanding.
+Added: Our outstanding foreign currency derivatives were in net unrealized pre-tax gain positions of $0.2 million and $0.1 million as of December 31, 2025 and 2024, respectively.
Sensitivity analysis.
2 unchanged sentences
As of December 31, 2025, a 10% appreciation or depreciation in the value of the U.S.
−Removed: dollar against foreign currencies from the prevailing market rates would result in a corresponding decrease of $0.6 million or a corresponding increase of $0.6 million , respectively, in the fair value of the foreign currency hedge portfolio.
+Added: dollar against foreign currencies from the prevailing market rates would have impacted the fair value of our foreign currency hedge portfolio $1.5 million .
+Added: A hypothetical increase or decrease in interest rates of 100 basis points would have impacted our interest expense by $1.8 million in 2025.
For further information related to the financial instruments described above, see Note 1, “Business and Summary of Significant Accounting Policies” and Note 8, “Fair Value Measurements and Derivative Instruments” in the Notes to the Consolidated Financial Statements for additional information.
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.