12 unchanged sentences
Historically, the supply and cost of hardwood for railroad crossties have been subject to availability and price pressures.
−Removed: We may not be able to obtain wood raw materials at economical prices in the future.
+Added: We may not be able to obtain wood raw materials at economical prices in the future or be able to pass on higher raw material costs to our customers.
The availability of scrap copper is a critical element in our production of copper-based wood preservation chemicals for our PC business.
1 unchanged sentence
We may not be able to obtain scrap copper at prices that match underlying pricing commitments to our customers.
−Removed: Pentachlorophenol has a significant market share for the treatment of utility poles in the United States and is a treatment preservative, in addition to chromated copper arsenate and creosote, that we use to treat utility poles.
−Removed: The only North American manufacturer of pentachlorophenol has announced that it will cease production by the end of 2021.
−Removed: Over the next 10 months, end-users of treated utility poles who require the use of pentachlorophenol-treated utility poles will have to adopt other available treatment systems for their electrical transmission and distribution networks.
−Removed: We may lose market share if our customers select a treatment system that we do not offer.
+Added: Pentachlorophenol had a significant market share for the treatment of utility poles in the United States and was a treatment preservative, in addition to chromated copper arsenate and creosote, that we used to treat utility poles.
+Added: In 2021, the only North American manufacturer of pentachlorophenol ceased production.
+Added: End-users of treated utility poles who required the use of pentachlorophenol-treated utility poles have adopted or are in the process of adopting other available treatment systems for their electrical transmission and distribution networks.
+Added: Although we have converted a substantial number of customers to alternative treatment systems, we may lose market share if some of our customers select, or subsequently switch to, a treatment system that we do not offer.
The primary raw material used by our CMC business is coal tar, a by-product of furnace coke production.
2 unchanged sentences
This could cause a significant increase in our operating expenses and we may be unable to pass some or all of these costs on to our customers.
−Removed: Koppers Holdings Inc.
−Removed: 2020 Annual Report
In certain circumstances coal tar may also be used as an alternative to fuel.
In the past, increases in energy prices have resulted in higher coal tar costs which we have attempted to pass through to our customers.
−Removed: If these increased costs cannot be passed through to our customers, it could result in margin reductions for our coal tar-based products.
+Added: If these increased costs cannot be passed through to our customers, it could result in reduced profitability for our coal tar-based products.
Our price realizations and profit margins for phthalic anhydride have historically fluctuated with the price of orthoxylene and its relationship with phthalic anhydride;
−Removed: however, during periods of excess supplies of phthalic anhydride, margins may be reduced despite high levels for orthoxylene prices.
+Added: however, during periods of excess supplies of phthalic anhydride, profitability may be reduced despite high levels for orthoxylene prices.
+Added: Koppers Holdings Inc.
+Added: 2021 Annual Report
Our price realizations and profit margins for phthalic anhydride, naphthalene and carbon black feedstock have historically fluctuated with the market price of crude oil, market prices for chemicals derived from crude oil, such as orthoxylene, or market indices derived from crude oil.
−Removed: We import certain raw materials that are used in our products that are, or may become, subject to tariffs and trade restrictions.
+Added: We import certain raw materials that are used in our products that are, or may become, subject to tariffs, trade restrictions or supply chain disruptions.
+Added: We experienced supply chain disruptions during 2021 with respect to key chemicals that we utilize in our business and items necessary for the completion of key capital improvement projects.
+Added: For example, in the third and fourth quarters of 2021, our PC and utility and industrial products businesses were negatively impacted when late deliveries of chromic acid, which is used in a key wood treatment chemical, resulted in lost sales and higher costs to serve customers with limited supply.
+Added: We may continue to experience such disruptions and those disruptions could have a material impact on our results of operations.
If the costs of raw materials increase significantly and we are unable to offset the increased costs with higher selling prices, our profitability will decline.
2 unchanged sentences
Our substantial leverage could adversely affect our ability to raise additional capital to fund our operations, limit our ability to react to changes in the economy or our industry, expose us to interest rate risk associated with our variable rate debt and prevent us from meeting our obligations under the Senior Notes due 2025 (the “2025 Notes”) and the Credit Facility as described in Note 15 of the Notes to Consolidated Financial Statements.
−Removed: A high level of indebtedness could have adverse consequences to us, including:
+Added: Our high level of debt can result and in the past has resulted in a substantial portion of cash flow from operations being dedicated to the payment of principal and interest on our debt, thereby reducing our ability to use our cash flow to fund our operations, including paying our vendors within agreed upon terms, capital expenditures, and business opportunities.
+Added: A high level of indebtedness could have other adverse consequences to us, including:
making it more difficult for us to make payments on our debt;
increasing our vulnerability to general economic and industry conditions;
−Removed: requiring a substantial portion of cash flow from operations to be dedicated to the payment of principal and interest on our debt, thereby reducing our ability to use our cash flow to fund our operations, capital expenditures, and future business opportunities;
exposing us to the risk of increased interest rates as certain of our borrowings under our Credit Facility are at variable rates;
23 unchanged sentences
We have pledged substantially all of our assets as collateral under our Credit Facility.
−Removed: If the lenders under our Credit Facility accelerate the repayment of borrowings, we cannot assure you that we will have sufficient assets to repay our Credit Facility, as well as our unsecured indebtedness, including notes.
+Added: If the lenders under our Credit Facility accelerate the repayment of borrowings, we cannot assure you that we will have sufficient assets to repay our Credit Facility, as well as our unsecured indebtedness, including the 2025 Notes.
We may not be able to generate sufficient cash to service all of our indebtedness, including the 2025 Notes, and may be forced to take other actions to satisfy our obligations under our indebtedness, which may not be successful.
1 unchanged sentence
We cannot assure you that we will maintain a level of cash flows from operating activities sufficient to permit us to pay the principal, premium, if any, and interest on our indebtedness, including the 2025 Notes.
−Removed: If our cash flows and capital resources are insufficient to fund our debt service obligations, we may be forced to reduce or delay investments and capital expenditures, to sell assets, to seek additional capital, or to restructure or refinance our indebtedness, including the 2025 Notes.
+Added: If our cash flows and capital resources are insufficient to fund our debt service obligations, we may be forced to reduce or delay investments and capital expenditures, delay payments to vendors, sell assets, seek additional capital, or restructure or refinance our indebtedness, including the 2025 Notes.
These alternative measures may not be successful and may not permit us to meet our scheduled debt service obligations.
5 unchanged sentences
We use LIBOR as a reference rate in our Credit Facility such that the interest due to our creditors pursuant to our Credit Facility is calculated using LIBOR and our Credit Facility contains a stated minimum value for LIBOR.
−Removed: On July 27, 2017, the United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that it intends to phase out LIBOR.
+Added: The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that it will phase out LIBOR benchmark settings for U.S.
+Added: Dollar borrowings on June 30, 2023.
Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S.
financial institutions, is focused on replacing U.S.
−Removed: dollar LIBOR with a new index calculated by short-term repurchase agreements, backed by Treasury securities – Secured Overnight Financing Rate (“SOFR”).
+Added: dollar LIBOR with one or more new indexes, including one index calculated by short-term repurchase agreements, backed by Treasury securities – Secured Overnight Financing Rate (“SOFR”).
SOFR is observed and backward looking, which stands in contrast with LIBOR under the current methodology, which is an estimated forward-looking rate and relies, to some degree, on the expert judgment of submitting panel members.
+Added: Another index, the Bloomberg Short-Term Bank Yield Index (“BSBY”) is also being considered by a number of money center and regional banks as a replacement for LIBOR.
+Added: Federal Reserve, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation have stated that they will not endorse a specific replacement for LIBOR-based loans and that financial institutions will be allowed to use any reference rate that such institution determines to be appropriate for its funding model and customer needs.
Given that SOFR is a secured rate backed by government securities, it will be a rate that does not take into account bank credit risk (as is the case with LIBOR).
SOFR is therefore likely to be lower than LIBOR and is less likely to correlate with the funding costs of financial institutions.
−Removed: Whether or not SOFR attains market traction as a LIBOR replacement tool remains in question.
−Removed: As such, the future of LIBOR at this time is uncertain, however it is expected that LIBOR will be phased out before the end of 2023.
−Removed: If LIBOR ceases to exist, we will renegotiate our credit agreements that utilize LIBOR as a factor in determining the interest rate to replace LIBOR with the new standard that is established.
+Added: In addition, some banks which are using SOFR are imposing an additional adjustment to be added to SOFR to cause it to better track historic LIBOR rates.
+Added: BSBY, on the other hand, is calculated using systemic bank credit spreads based on average yields at which large, global banks access U.S.
+Added: Dollar senior unsecured marginal wholesale funding.
+Added: It is calculated and published by Bloomberg L.P.
+Added: on a daily basis based on a variety of information available to Bloomberg L.P.
+Added: When LIBOR ceases to exist, we will renegotiate our credit agreements that utilize LIBOR as a factor in determining the interest rate to replace LIBOR with the new standard that is established.
+Added: Koppers Holdings Inc.
+Added: 2021 Annual Report
+Added: In December 2021 , we amended our Credit Facility to replace LIBOR based interest rates used in calculating interest in formerly LIBOR based loans denominated in Pounds Sterling and Euros.
+Added: The new rates will be calculated using specified successor index rates for each currency to replace the previous LIBOR based rate structure.
Demand for our products is cyclical and we may experience prolonged depressed market conditions for our products.
1 unchanged sentence
The principal use of our wood preservation chemicals is in the manufacture of treated lumber, which is used mainly for residential applications, such as wood decking, and also industrial applications, such as the treating of railroad crossties and utility poles.
−Removed: Therefore, a decline in remodeling and construction could reduce demand for wood preservation chemicals for residential applications and a decline in the capital spending requirements for railroads and utility companies could reduce demand for wood preservation chemicals for industrial applications.
−Removed: Koppers Holdings Inc.
−Removed: 2020 Annual Report
+Added: Therefore, a decline in remodeling and construction could reduce demand for wood preservation chemicals for residential applications and a decline in the capital spending practices for railroads and utility companies could reduce demand for wood preservation chemicals for industrial applications.
The principal consumers of our carbon pitch are primary aluminum smelters.
3 unchanged sentences
We are dependent on major customers for a significant portion of our net sales, and the loss of one or more of our major customers could result in a significant reduction in our profitability as a whole or the profitability of a particular product.
−Removed: Although no one customer accounted for more than eight percent of our net sales for the year ended December 31, 2020, our top ten customers accounted for approximately 39 percent of our net sales.
+Added: Although no one customer accounted for more than seven percent of our net sales for the year ended December 31, 2021, our top ten customers accounted for approximately 38 percent of our net sales.
The loss of a significant customer could have a material adverse effect on our business, cash flow and financial condition.
7 unchanged sentences
The limited warranties generally provide for replacement of properly treated-wood (treated-wood only) or refund of the purchase price for the treated-wood product that prematurely fails due to fungal decay or termite attack.
−Removed: From time to time, we (or our customers) receive claims under these warranties or other claims relating to alleged failures of treated-wood products.
+Added: We (or our customers) receive claims under these warranties or other claims relating to alleged failures of treated-wood products.
Our profitability could be adversely affected if the amount of warranty claims against us or our customers significantly increase.
23 unchanged sentences
other matters relating to environmental protection and various health and safety matters.
−Removed: We have incurred, and expect to continue to incur, significant costs to comply with environmental laws and regulations as a result of remedial obligations.
+Added: We have incurred, and expect to continue to incur, significant costs to comply with environmental laws and regulations as a result of remediation obligations.
We could incur significant costs, including cleanup costs, fines, civil and criminal sanctions and claims by third parties for property damage and personal injury, as a result of violations of or liabilities under environmental laws and regulations.
9 unchanged sentences
We also are involved in various litigation and proceedings relating to environmental matters and toxic tort claims.
+Added: Koppers Holdings Inc.
+Added: 2021 Annual Report
Future climate change regulation could result in increased operating costs and reduced demand for our products.
3 unchanged sentences
These include actions which could require reductions in our greenhouse gas emissions or establish a carbon tax.
−Removed: Koppers Holdings Inc.
−Removed: 2020 Annual Report
Heavy energy-using installations in the European Union operate under the EU Emissions Trading System (EU ETS), a cap and trade system on emissions.
11 unchanged sentences
In the future, we may not be able to obtain coverage at current levels, and our premiums may increase significantly on coverage that we maintain.
−Removed: Adverse weather conditions or natural disasters may reduce our operating results.
+Added: Adverse weather conditions or natural disasters, including conditions associated with or exacerbated by climate change, may reduce our operating results.
Our quarterly operating results fluctuate due to a variety of factors that are outside our control, including inclement weather conditions, which in the past have caused a decline in our operating results.
5 unchanged sentences
If a major wildfire, hurricane or other natural disaster were to disrupt the supply of our raw materials or damage or destroy our facilities or manufacturing equipment, we may experience potential impacts ranging from production and shipping delays to lost profits and revenues.
+Added: Global climate change may exacerbate the frequency and intensity of adverse weather conditions or natural disasters, such as wildfires, hurricanes, tornadoes, drought, water shortages, rainfall, unseasonably warm winter months, or other weather events, many of which have increased in severity in recent years, in geographic areas where our products are manufactured, distributed, sold and used and where our supply chains are located, and our sales and operating results may be affected to a greater degree than we have previously experienced.
+Added: Such weather conditions could pose physical risks to our facilities and critical infrastructure in the United States and abroad, disrupt the operation of our supply chain and third-party vendors, and may impact our operating results.
Beazer East and Beazer Limited may not continue to meet their obligations to indemnify us.
15 unchanged sentences
Arbitration decisions under the Indemnity are final and binding on the parties.
−Removed: Without Beazer continuing to assume the financial responsibility under the Indemnity, the obligation to pay the costs and assume the liabilities relating to these matters would have a significant impact on our net income.
+Added: Without Beazer continuing to assume the financial responsibility under the Indemnity, the obligation to pay the costs and assume the liabilities relating to these matters would have a significant impact on our net income, liquidity and cash flows.
Furthermore, we could be required to record a contingent liability on our balance sheet with respect to environmental matters covered by the Indemnity, which could result in our having significant negative net worth.
Finally, the Indemnity does not afford us indemnification against environmental costs and liabilities attributable to acts or omissions occurring after the closing of the acquisition of assets from Beazer East under the asset purchase agreement, nor is the Indemnity applicable to liabilities arising in connection with other acquisitions by us after that closing.
−Removed: Litigation against us could be costly and time-consuming to defend, and due to the nature of our business and products, we may be liable for damages arising out of our acts or omissions, which may have a material adverse effect on us.
+Added: Litigation and other proceedings against us could be costly and time-consuming to defend, and due to the nature of our business and products, we may be liable for damages arising out of our acts or omissions, which may have a material adverse effect on us.
We are and have been a defendant in a significant number of lawsuits in which the plaintiffs claim they have suffered a variety of illnesses (including cancer) and/or property damage as a result of exposure to coal tar pitch, pavement sealer, benzene, wood treatment chemicals and other chemicals.
1 unchanged sentence
We also are involved in various litigation and proceedings relating to environmental matters.
−Removed: Any litigation or regulatory enforcement action that may arise could result in substantial costs and may divert management’s attention and resources away from the day-to-day operation of our business.
+Added: Any litigation, investigation or regulatory enforcement action that may arise in these or other contexts could result in substantial costs and may divert management’s attention and resources away from the day-to-day operation of our business.
We are indemnified for certain product liability exposures under the Indemnity with Beazer East related to products sold prior to the closing of the acquisition of assets from Beazer East.
3 unchanged sentences
Furthermore, we could be required to record a contingent liability on our balance sheet with respect to such matters, which could result in us having significant negative net worth.
+Added: Koppers Holdings Inc.
+Added: 2021 Annual Report
Intellectual property rights are important to our business.
11 unchanged sentences
The failure of our patents or confidentiality agreements to protect our processes, apparatuses, technology, trade secrets or proprietary know-how could have a material adverse effect on our business, cash flow and financial condition.
−Removed: Koppers Holdings Inc.
−Removed: 2020 Annual Report
We may be required to recognize impairment charges for our long-lived assets.
14 unchanged sentences
Violations of these laws and regulations may result in civil or criminal penalties, including fines.
−Removed: Our United Kingdom operations may be affected by the United Kingdom’s departure from the European Union, known as Brexit.
−Removed: For example, Brexit could lead to legal uncertainty and potentially divergent national laws and regulations as the United Kingdom determines which European Union laws to replace or replicate.
−Removed: For example, some of our operations are subject to the European Union’s General Data Protection Regulation (“GDPR”), which became effective in May 2018.
−Removed: The GDPR creates a range of new compliance obligations for companies that process personal data of European Union residents and increases financial penalties for non-compliance.
−Removed: We process personal data of our employees who are European Union residents and will continue dedicating financial resources and management time to GDPR compliance.
+Added: For example, some of our operations are subject to the United Kingdom’s and European Union’s General Data Protection Regulation (“GDPR”), which became effective in May 2018.
+Added: The GDPR imposes a range of compliance obligations for companies that process personal data of United Kingdom and European Union residents and includes financial penalties for non-compliance.
+Added: We process personal data of our employees who are United Kingdom or European Union residents and will continue dedicating financial resources and management time to GDPR compliance.
We bear the cost of compliance with the GDPR and are subject to fines and penalties in the event of a breach of the GDPR, which could have an adverse impact on our business, financial condition or results of operations.
6 unchanged sentences
laws and regulations relating to foreign trade and investment.
+Added: Geopolitical events and the risk of related government actions affecting our business and our customers or raw material suppliers may adversely impact our business, results of operations and cash flows.
+Added: Geopolitical events, such as systemic political or economic instability, civil unrest, outbreak of war or expansion of hostilities or acts of terrorism, whether occurring in the United States or abroad, could disrupt our operations or the operations of one or more of our raw material suppliers, or could severely damage or destroy one or more of our facilities located in the affected areas, which could in turn adversely affect our ability to obtain raw materials from our suppliers or transport products to our customers.
+Added: These factors could also cause consumer confidence and spending to decrease or result in increased volatility in the United States and global financial markets and economy.
+Added: Further, the United States government, other governments or international organizations could impose additional sanctions that could restrict us from doing business directly or indirectly in or with certain countries or parties, which could include raw material suppliers or customers.
+Added: For example, our European-based CMC business receives a substantial portion of its coal tar requirements from the Russian Federation and Ukraine.
+Added: Geopolitical events impacting these countries, or our ability to source raw materials from these countries, could adversely affect those business segments.
+Added: Any such occurrence could have a material adverse effect on our operating results, financial condition, cash flows and liquidity.
Labor disputes could disrupt our operations and divert the attention of our management and may cause a decline in our production and a reduction in our profitability.
11 unchanged sentences
In addition, our obligations for other post-retirement benefit obligations are unfunded and total $9.8 million at December 31, 2021.
−Removed: During the years ended December 31, 2020 and December 31, 201 9 , we contributed $ 4.3 million and $ 4.
−Removed: 5 million, respectively, to our post-retirement benefit plans.
+Added: During the years ended December 31, 2021 and December 31, 2020, we contributed $2.8 million and $4.3 million, respectively, to our post-retirement benefit plans.
Management expects that any future obligations under our post-retirement benefit plans that are not currently funded will be funded from our future cash flow from operations.
4 unchanged sentences
The actual costs to close a manufacturing facility may exceed our original cost estimate and may have a material adverse effect on our financial condition, cash flow from operations and results from operations.
+Added: Koppers Holdings Inc.
+Added: 2021 Annual Report
We may be subject to information technology systems failures, network disruptions and breaches of data security , which could harm our relationships with our customers and third-party business partners, subject us to negative publicity and litigation and cause substantial harm to our business.
12 unchanged sentences
Any of these could have a material adverse effect on our financial condition, results of operations and cash flows.
−Removed: Koppers Holdings Inc.
−Removed: 2020 Annual Report
Health concerns arising from the outbreak of a health epidemic or pandemic, including the currently ongoing COVID-19 pandemic, may have an adverse effect on our business, operating results and financial condition.
3 unchanged sentences
These same uncertainties exist with respect to any other health epidemic or pandemic that may arise in the future.
−Removed: Any resulting financial distress of our customers due to deterioration in economic conditions could result in reduced sales and decreased collectability of accounts receivable, which would negatively impact our results of operations.
+Added: Any resulting financial distress of our customers due to deterioration in economic conditions could result in reduced sales and decreased collectability of accounts receivable, which would negatively impact our results of operations, cash flows and liquidity.
The COVID-19 pandemic or any other health epidemic or pandemic also could have a material impact on our ability to obtain the raw materials and parts that we need in order to manufacture our products as our suppliers face disruptions in their businesses or closures.
−Removed: If our suppliers fail to meet our manufacturing needs, it could delay our production and shipments to customers and negatively affect our operations.
+Added: If our suppliers fail to meet our manufacturing needs, it could delay our production and shipments to customers and negatively affect our operations, cash flows and liquidity.
+Added: From time to time, U.S.
and international governmental responses to the COVID-19 pandemic have included “shelter in place”, “stay at home” and similar types of orders.
3 unchanged sentences
Furthermore, to the extent that any of these exemptions do not extend to our key suppliers and customers, this also would adversely impact us in turn.
−Removed: In addition, our operations or the operations of our customers or suppliers could be disrupted if any of our or their employees were suspected of having contracted COVID-19 or any similar significant virus since such an occurrence could require us or our business partners to quarantine some number of employees, take actions to disinfect facilities or otherwise cause operations to be idled.
+Added: In addition, our operations or the operations of our customers or suppliers could be disrupted if any of our or their employees were suspected of having contracted COVID-19 or any similar significant virus since such an occurrence could require us or our business partners to quarantine some number of employees or otherwise cause operations to be idled.
The ultimate impact of the current COVID-19 pandemic on general economic conditions, our business and our ability to generate cash flow and profits cannot be quantified given the uncertainties existing with respect to the extent and timing of the potential future spread or mitigation of COVID-19 and the imposition or relaxation of protective measures.
1 unchanged sentence
Risks Related to Our Common Stock
−Removed: We have not declared a dividend since November 2014.
−Removed: We are not required to pay dividends, and our shareholders are not guaranteed, and do not have contractual rights, to receive dividends.
+Added: Prior to February 2022, we had not declared a dividend since November 2014.
+Added: On February 23, 2022, the board of directors declared a quarterly dividend of five cents per common share, payable on April 4, 2022 to shareholders of record as of March 18, 2022.
+Added: However, we are not required to pay dividends, and our shareholders are not guaranteed, and do not have contractual rights, to receive dividends.
Our board of directors may decide at any time, in its discretion, to change or revoke our dividend policy.
−Removed: We currently intend to use the annual cash savings from not paying a dividend to preserve financial flexibility while funding our strategic growth initiatives and debt repayments.
Any determination to pay dividends in the future will be at the discretion of our board of directors and will depend upon results of operations, financial condition, contractual restrictions, restrictions imposed by applicable law and other factors our board of directors deems relevant.
16 unchanged sentences
Our Articles of Incorporation provide that our shareholders do not have the right to cumulative votes in the election of directors.
+Added: Koppers Holdings Inc.
+Added: 2021 Annual Report
Our Articles of Incorporation do not permit shareholder action without a meeting by consent except for the unanimous consent of all holders of our common stock.
21 unchanged sentences
We believe that the most significant competitive factor for our products is selling price.
−Removed: Koppers Holdings Inc.
−Removed: 2020 Annual Report
Our products may be rendered obsolete or less attractive by changes in regulatory, legislative or industry requirements.
9 unchanged sentences
Although we believe our tax estimates are reasonable, the final results of any tax examination or related litigation could be materially different from our related historical income tax provisions and accruals.
−Removed: Adverse developments in an audit, examination or litigation related to previously filed tax returns, or in the relevant jurisdiction’s tax laws, regulations, administrative practices, principles and interpretations could have a material effect on our results of operations and cash flows in the period or periods for which that development occurs, as well as for prior and subsequent periods.
−Removed: Our strategy to selectively pursue complementary acquisitions may present unforeseen integration obstacles or costs.
+Added: Adverse developments in an audit, examination or litigation related to previously filed tax returns, or in the relevant jurisdiction’s tax laws, regulations, administrative practices, principles and interpretations could have a material effect on our results of operations and cash flows in the period or periods for which that development occurs, as well as for subsequent periods.
+Added: Our strategy to selectively pursue complementary acquisitions may present unforeseen obstacles, risks or costs.
Our business strategy includes the potential acquisition of businesses and entering into joint ventures and other business combinations that we expect would complement and expand our existing products and the markets where we sell our products.
19 unchanged sentences
changes in accounting standards, policies, guidance, interpretations or principles;
−Removed: adverse conditions in the financial markets or general economic conditions, including those resulting from war, incidents of terrorism and responses to such events;
+Added: adverse conditions in the financial markets or general economic conditions, including those resulting from war, pandemic, incidents of terrorism and responses to such events;
sales of common stock by us, members of our management team or a significant shareholder;
changes in stock market analyst recommendations or earnings estimates regarding our common stock or other comparable companies;
−Removed: changes in our current dividend policy.
+Added: changes in our current dividend policy or the elimination, reduction or suspension of our dividend.
+Added: Koppers Holdings Inc.
+Added: 2021 Annual Report
We cannot predict the extent to which investor interest in our company will continue to support an active trading market for our common stock on the New York Stock Exchange (the “NYSE”) or otherwise or how liquid that market will continue to be.
23 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.