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Changes in these factors cause fluctuations in our earnings and cash flows.
+Added: Italicized discussions throughout Item 7A of this Form 10-K indicate discussions of market risks in 2020.
We evaluate and manage exposure to these market risks as follows:
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Our estimated net earnings exposure for foreign currency exchange rates was not material at year end.
−Removed: We have not historically hedged our foreign currency risk given that exposure to date has not been m aterial.
−Removed: In 2020, changes in foreign currency exchange rates reduced our reported net sales by $5.7 with the estimated effect on our net earnings being immaterial.
+Added: We have not historically hedged our foreign currency risk given that exposure to date has not been material.
+Added: During 2021, changes in foreign currency exchange rates increased our reported net sales by $37.4 with the estimated effect on our net earnings being immaterial.
+Added: During 2020, changes in foreign currency exchange rates decreased our reported net sales by $5.7 with the estimated effect on our net earnings being immaterial.
Commodity steel pricing – We buy and sell various types of steel products;
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We are exposed to the impacts of commodity steel pricing and our related ability to pass through the impacts to our end customers.
+Added: During 2021, the price of steel as reflected in many market indexes increased, which contributed to cost inflation in our steel-based products.
+Added: Based on our ability to pass these higher costs on, the estimated effect on our net earnings was immaterial in 2021.
During 2020, the price of commodity steel as reflected in many market indexes fell sharply early in the year as business activity declined in response to actions to address the COVID-19 pandemic, recovered sharply as business activity rebounded, and finished 2020 above the preceding year end levels.
−Removed: During 2019, the price of commodity steel as reflected in many market indexes declined.
Commodity energy prices – We have market risk for changes in prices of oil, gasoline, diesel fuel, natural gas, and electricity.
−Removed: Prices for gasoline and diesel were mostly lower over the course of 2020 as business activity declined in response to actions to address the COVID-19 pandemic.
−Removed: As a result, we experienced lower fuel costs through most of 2020.
−Removed: In 2019, prices for gasoline and diesel were stable in the early part of the year, but began to decline in the latter part of the year with slowing economic activity.
−Removed: As a result, we experienced stable fuel costs through 2019.
+Added: During 2021, the price of energy as reflected in many market indexes increased as economic activity improved, which contributed to higher costs for fuel in our vehicles and utilities at our facilities.
+Added: In 2021, our estimated net earnings exposure for commodity energy prices was immaterial.
+Added: During 2020, prices for energy were mostly lower as business activity declined in response to actions to address the COVID-19 pandemic.
+Added: As a result, we experienced lower costs for fuel for our vehicles and utilities for our facilities.
Fossil fuels are also often a key feedstock for chemicals and plastics that comprise a key raw material for many products that we sell.
−Removed: Although fuel prices were lower through much of 2020, we experienced stable, not lower, prices for products with high chemical or plastic content.
−Removed: Stable fuel costs in 2019 resulted in stable product costs.
+Added: During 2021, prices for fossil fuels were generally higher which caused us to experience higher prices for products with high chemical or plastic content.
+Added: In 2021, our estimated net earnings exposure for materials for which fossil fuels are feedstock was immaterial.
+Added: During 2020, although fossil fuel prices were generally lower we experienced stable, not lower, prices for products with high chemical or plastic content.
We believe that over time these risks are mitigated in part by our ability to pass freight and product costs to our customers, the efficiency of ou r trucking distribution network, and the ability, over time, to manage our occupancy costs related to the heating and cooling of our facilities through better efficiency.
−Removed: In 2020, our estimated net earnings exposure for commodity energy prices was immaterial.
Interest rates - Loans under our Credit Facility bear interest at floating rate s tied to LIBOR (or, if LIBOR is no longer available, at a replacement rate to be determined by the administrative agent for the Credit Facility and consented to by us).
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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.