6 unchanged sentences
Except as set forth below, there were no material changes from the risk factors disclosed in our 2025 Form 10-K.
−Removed: Our business and customers are sensitive to adverse economic cycles and a prolonged deterioration of global market and economic conditions could have a material adverse effect on our business, financial condition, results of operations and cash flow .
−Removed: From time to time, our business is affected by cyclical factors such as inflation, currency exchange rates, global energy policy and costs, regulatory policies (including tariffs), global market conditions and economic downturns in specific industries.
−Removed: Certain sales are sensitive to the level of activity in the agricultural, mining, automotive and housing industries.
−Removed: Therefore, substantial changes in these macroeconomic factors could adversely affect our operating results, liquidity, financial condition and capital resources.
−Removed: A slowdown of, or persistent weakness in, economic activity caused by a deterioration of global market and economic conditions could adversely affect our business in the following ways, among others:
−Removed: conditions in the credit markets could impact the ability of our customers and their customers to obtain sufficient credit to support their operations;
−Removed: the failure of our customers to fulfill their purchase obligations could result in increases in bad debts and affect our working capital;
−Removed: and the failure of certain key suppliers could increase our exposure to disruptions in supply or to financial losses.
−Removed: We also may experience declining demand and falling prices for some of our products due to our customers’ reluctance to replenish inventories.
−Removed: The overall impact of a global economic downturn or reduced overall global trade on us is difficult to predict, and our business could be materially adversely impacted.
−Removed: In addition, conditions in the international market for nitrogen fertilizer significantly influence our operating results.
−Removed: The international market for fertilizers is influenced by such factors as the relative value of the U.S.
−Removed: currency and its impact on the importation of fertilizers, foreign agricultural policies, the existence of, or changes in, import or foreign currency exchange barriers in certain foreign markets and other regulatory policies (including tariffs) of foreign governments, as well as the U.S.
−Removed: laws and policies affecting foreign trade and investment.
−Removed: For example, the U.S.
−Removed: government recently announced and, in some cases, implemented tariffs on certain products from various countries, which resulted in certain affected countries imposing or threatening to impose retaliatory or reciprocal tariffs on products from the U.S., including agricultural products such as corn.
−Removed: The trade policies and tariff initiatives of the current Presidential administration could adversely affect certain markets within which we operate.
−Removed: Specifically, the imposition of tariffs on agricultural products, including any retaliatory or reciprocal tariffs imposed by other countries, could impact the selling prices of our products or the cost of imported components or equipment used in our capital activities.
−Removed: In addition, such policies could lead to reduced demand for agricultural and consumer products, increase input costs for our customers, and disrupt supply chains.
−Removed: The ultimate impact of changing trade policies on our business will depend on various factors, including the magnitude, duration and nature of tariffs.
−Removed: While we actively monitor these developments, we may not be able to fully mitigate the adverse impact of potential tariff initiatives or other trade-related disruptions.
+Added: Geopolitical conditions, including political turmoil and volatility, regional conflicts, terrorism and war have negatively affected and could negatively affect United States and foreign companies, the financial markets, the industries where we operate, our operations and our profitability and could increase the volatility of our stock price .
+Added: Geopolitical events, including political turmoil, regional conflicts, instability and terrorist attacks in the United States and elsewhere have in the past, and can in the future negatively affect our operations and could increase the volatility of our stock price.
+Added: For example, Russia’s invasion of Ukraine and the ongoing conflict in the Middle East, including the military conflict between Iran and the United States, have impacted our financial results.
+Added: These conflicts have had an effect on commodity prices and fertilizer supply, and there is no guarantee that such conflicts will not draw military intervention from other countries or further retaliation, which, in turn, could lead to a much larger conflict.
+Added: Furthermore, such military conflicts and the resulting geopolitical instability have caused, and may continue to cause, (i) disruptions to international shipping routes (including through the Strait of Hormuz and other critical transit corridors), (ii) disruptions in global energy markets and significant fluctuations in the prices of oil, natural gas and fertilizer and (iii) substantial disruption to global financial markets, leading to heightened investor uncertainty, reduced risk tolerance and increased market volatility.
+Added: It is possible that production volumes, supply chain and trade routes for our products that are traded globally, and the markets we currently serve, could be further adversely affected, which, in turn, could materially, adversely affect our business operations and financial performance.
+Added: In addition, the market prices of our common stock have recently experienced, and may continue to experience, volatility.
+Added: Further, like other companies with major industrial facilities, we may be targets of terrorist activities.
+Added: Many of our plants and facilities store significant quantities of ammonia and other materials that can be dangerous if mishandled.
+Added: Any damage to infrastructure facilities, such as electric generation, transmission and distribution facilities, or injury to employees, who could be direct targets or indirect casualties of an act of terrorism, may affect our operations.
+Added: Any disruption of our ability to produce or distribute our products could result in a significant decrease in revenues and significant additional costs to replace, repair or insure our assets, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.
Unregistered Sales of Equ ity Securities and Use of Proceeds
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.