6 unchanged sentences
The current U.S.
−Removed: presidential administration has implemented tariffs on imports from a number of countries, and has proposed or announced tariffs on goods from numerous additional countries and other trade policies intended to restrict imports, which may further increase the cost and the scarcity of our products.
−Removed: Additionally, we incur costs related to shipping charges, duties, harbor fees, and sundry other expenses involved in the movement of product for sale in North America and our other global locations.
+Added: presidential administration has implemented tariffs on imports from a number of countries which have increased the cost of our products.
+Added: Additionally, we incur costs related to shipping charges, duties, harbor fees, a nd sundry other expenses involved in the movement of product for sale in North America and our other global locations.
These costs are embedded in our product values and significant fluctuations can affect our product gross profit.
1 unchanged sentence
We endeavor to offset these impacts in our business by appropriately considering them in our pricing and operational models.
−Removed: We estimate the effect on our net income related to tariffs and import shipping cost s were immaterial in the first six months of 2025;
+Added: We estimate the effect on our net income related to tariffs and import shipping cost s were immaterial in the first nine months of 2025;
however, our tariff exposure may become more impactful in subsequent quarters as our lower tariff inventory is depleted and replaced with inventory that is subject to new and expanded tariffs.
2 unchanged sentences
We are exposed to the impacts of commodity steel pricing and our related ability to pass through the impacts to our end customers.
−Removed: During the first six months of 2025, the price of steel as reflected in many market indexes most relevant to our business was lower than the prior year period.
+Added: During the first nine months of 2025, the price of steel as reflected in many market indexes most relevant to our business was higher than the prior year period.
Due to our long supply chain, changes in the cost of steel can take a number of quarters to be reflected in our financial results.
Further, the cost of the raw material is generally a smaller part of the total value of the steel products that we sell, which can also diminish the impact of cost changes for the raw material.
−Removed: We estimate the effect on our net income related to commodity steel prices was immaterial in the first six months of 2025.
+Added: We estimate the effect on our net income related to commodity steel prices was immaterial in the first nine months of 2025.
Commodity energy prices – We have market risk for changes in prices of oil, gasoline, diesel fuel, natural gas, and electricity, largely due to our consumption of fuel in our vehicles and utility costs at our facilities.
−Removed: As reflected in many market indexes, energy prices during the first six months of 2025 w ere below the prior year period.
−Removed: Total direct fuel consumption is a relatively smaller cost to us and, as a result, we estimate the effect on our net income related to commodity energy prices was immaterial in the first six months of 2025.
+Added: As reflected in many market indexes, energy prices during the first nine months of 2025 were below the prior year period.
+Added: T otal direct fuel consumption is a relatively smaller cost to us and, as a result, we estimate the effect on our net income related to commodity energy prices was immaterial in the first nine months of 2025.
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: During the first six months of 2025, prices for fossil fuels were generally at or slightly below the prior year period.
−Removed: The cost of the raw material is generally a smaller part of the total value of the products that we sell, which can diminish the impact of cost changes for the raw material.
−Removed: As a result, we estimate the effect on our net income related to materials for which fossil fuels are a feedstock was immaterial in the first six months of 2025.
+Added: During the first nine months of 2025, prices for fossil fuels were below the prior year period.
+Added: T he cost of the raw material is generally a smaller part of the total value of the products that we sell, which can diminish the impact of cost changes for the raw material.
+Added: As a result, we estimate the effect on our net income related to materials for which fossil fuels are a feedstock was immaterial in the first nine months of 2025.
Foreign currency exchange rates – Foreign currency fluctuations can affect our operations in countries other than the U.S., and/or the value of income and assets denominated in foreign currencies.
4 unchanged sentences
As a result, we have not historically hedged our foreign currency risk.
−Removed: The dollar strengthened in the first six months of 2025 relative to other foreign currencies in which we operate.
−Removed: However, the effect of these changes in foreign currencies to our net income was immaterial in the first six months of 2025.
−Removed: Interest rates - Loans under our Credit Facility bear interest at floating rates.
+Added: The dollar strengthened in the first nine months of 2025 relative to other foreign currencies in which we operate.
+Added: However, the effect of these changes in foreign currencies to our net income was immaterial in the first nine months of 2025.
+Added: Interest rates - Loans under our Credit Facility be ar interest at floating rates.
As a result, changes in such rates can affect our operating results and liquidity to the extent we do not have effective interest rate swap arrangements in place.
1 unchanged sentence
therefore, we have not historically used interest rate swap arrangements to hedge the variable interest rates under our Credit Facility.
−Removed: A one percentage point increase to our floating rate debt in the first six months of 2025 would have resulted in approximately $0.3 of additional interest expense.
+Added: A one percentage point increase to our floating rate debt in the first nine months of 2025 would have resulted in approximately $0.4 of additional interest expense.
A description of our Credit Facility is contained in Note 6 of the Notes to Condensed Consolidated Financial Statements.
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.