10 unchanged sentences
The exchange rates used to translate our foreign subsidiaries’ financial results for the year ended December 31, 2025, compared to the year ended December 31, 2024, reflected, on average, the U.S.
−Removed: dollar strengthened against the Canadian dollar and the Euro by 9% and 6%, respectively.
−Removed: Exchange rates had a nominal impact on our consolidated net revenues and an adverse impact of (1%) on our Adjusted EBITDA from continuing operations in the year ended December 31, 2024, as compared to a nominal impact on our consolidated net revenues and Adjusted EBITDA from continuing operations, respectively, in the year ended December 31, 2023.
−Removed: We cannot be certain that fluctuations in foreign currency exchange rates, particularly the strengthening of the U.S.
+Added: dollar weakened against the Canadian dollar and the Euro by 5% and 11%, respectively.
+Added: Exchange rates had a positive impact of 1% and of 2% on our consolidated net revenues and Adjusted EBITDA from continuing operations, respectively, in the year ended December 31, 2025, as compared to a nominal impact on our consolidated net revenues and an adverse impact of 1% on our Adjusted EBITDA from continuing operations in the year ended December 31, 2024.
+Added: We cannot be certain that fluctuations in foreign currency exchange rates, particularly of the U.S.
dollar against major currencies, such as the Euro, the Canadian dollar, the British pound, or the currencies of large developing countries, would not materially adversely affect our business, financial condition, and results of operations.
We use short-term foreign currency derivative contracts that are not designated as hedges to mitigate the impact of foreign exchange fluctuations on consolidated earnings.
−Removed: As of December 31, 2024, we held foreign currency derivative contracts, with a total notional amount of $148.4 million to manage the effect of exchange fluctuations on certain intercompany transactions and intercompany loans and interest that are denominated in foreign currencies.
+Added: As of December 31, 2025, we had foreign currency derivative contracts with a total notional amount of $265.1 million to manage the effects of exchange fluctuations on certain intercompany transactions and intercompany loans and interest denominated in foreign currencies.
We do not use derivative financial instruments for trading or speculative purposes.
−Removed: At the end of 2024, we implemented a hedging program to manage the potential changes in value associated with the amounts payable on raw material purchases that are denominated in foreign currencies to minimize the impact of the changes in foreign currencies.
−Removed: We have foreign currency derivative contracts, which qualify as cash flow hedges, with a total notional amount of $163.3 million as of December 31, 2024.
−Removed: We record gains and losses for these contracts in other comprehensive (loss) income to the extent that these hedges are effective and until we recognize the underlying transactions in net earnings, at which time we recognize these gains and losses in cost of sales on our consolidated statements of operations.
+Added: At the end of 2024, we implemented a hedging program to manage variability in cash flows associated with the amounts payable on raw material purchases denominated in foreign currencies.
+Added: Gains and losses on foreign currency derivative contracts that qualify as cash flow hedges are recorded in AOCL, to the extent the hedges are effective, and are reclassified into in cost of sales on our consolidated statements of operations when the underlying transactions affect net earnings.
+Added: This cash flow hedging program continued during 2025 and concluded with no outstanding cash flow hedge derivative contracts as of December 31, 2025.
By using derivative financial instruments to hedge exposures to foreign currency fluctuations, we are exposed to credit risk and market risk.
18 unchanged sentences
We purchase from multiple geographically diverse companies to mitigate the adverse impact of higher prices for our raw materials.
−Removed: Also, from time to time, we enter into derivatives to hedge commodity price fluctuations that are immaterial to the consolidated financial statements.
+Added: Also, from time to time, we enter into derivatives to hedge commodity price fluctuations.
Refer to Note 23 – Derivative Financial Instruments to our consolidated financial statements included in this Form 10-K for more information about our derivative asset and liabilities.
4 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.