11 unchanged sentences
We manage investment interest rate market risk primarily by managing portfolio maturity.
−Removed: The fair value of our long-term held-to-maturity investment portfolio may be affected by changes in interest rates.
Operating in international markets involves exposure to possible volatile movements in currency exchange rates.
−Removed: In the third quarter of 2023 we began the wind down of our international Minerals Services operations which operated in Mexico and Canada.
−Removed: Our Materials Segment continues to have international operations in Canada.
−Removed: We also have affiliates that operate in Latin America (see Note 10 of “Notes to the Consolidated Financial Statements”).
+Added: Our Materials Segment has an insignificant amount of operations in Canada and we also have affiliates that operate in Latin America (see Note 10 of “Notes to the Consolidated Financial Statements” for further information on our affiliates).
As of December 31, 2024, we do not have any outstanding foreign currency option contracts.
3 unchanged sentences
The applicable margin is based on our Consolidated Leverage Ratio (as defined in our Credit Agreement), calculated quarterly.
−Removed: As of December 31, 2023, there was $100 million drawn on the Revolver.
+Added: As of December 31, 2024, there was nothing drawn on the Revolver.
See Note 14 of “Notes to the Consolidated Financial Statements” for further discussion on the 3.25 % Convertible Notes, 3.75% Convertible Notes and Credit Agreement.
3 unchanged sentences
Weighted average interest rate 4.34 % — % — % — % — % — % 4.34 %
−Removed: Credit Agreement Revolver Loan $ — $ — $ — $ 100,000 $ — $ — $ 100,000
−Removed: Effective interest rate (1) 7.46 % 7.46 % 7.46 % 7.46 % — % — % 7.46 %
−Removed: Credit Agreement Term Loan $ 7,500 $ 7,500 $ 7,500 $ 127,500 $ — $ — $ 150,000
−Removed: Effective interest rate (2) 6.65 % 6.65 % 6.65 % 6.65 % — % — % 6.65 %
3.75% Convertible Notes $ — $ — $ — $ 373,750 $ — $ — $ 373,750
2 unchanged sentences
Coupon rate 3.25 % 3.25 % 3.25 % 3.25 % 3.25 % 3.25 % 3.25 %
−Removed: (1) The effective interest rate was calculated using one-month SOFR plus 10 basis points plus the applicable margin.
−Removed: (2) The effective interest rate was calculated using a blended rate based on the fixed rate associated with the cash flow hedge (see Note 8 of “Notes to the Consolidated Financial Statements”) of 3.73% plus 10 basis points plus applicable margin and the one-month SOFR plus 10 basis points plus the applicable margin for the remaining amount of the Term Loan not covered by the hedge.
The estimated fair value of our cash and cash equivalents approximates the principal amounts reflected above based on the generally short maturities of these financial instruments.
−Removed: The fair value of the 3.75% Convertible Notes was approximately $475.6 million as of December 31, 2023.
−Removed: The fair value of 2.75% Convertible Notes was approximately $51.0 million and $281.4 million as of December 31, 2023 and 2022, respectively.
+Added: The fair value of the 3.75 % Convertible Notes was approximately $738.7 million and $475.6 million as of December 31, 2024 and 2023, respectively.
+Added: The fair value of 3.25 % Convertible Notes was approximately $491.6 million as of December 31, 2024.
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.