7 unchanged sentences
During 2021, the Federal Reserve lowered the federal funds rate, and at December 31, 2021, the rate was 0.07%.
−Removed: The residential construction market accounted for approximately 24% of the Company’s aggregates shipments in 2020.
+Added: The residential construction market accounted for approximately 25% of the Company’s organic aggregates shipments in 2021.
Aside from these inherent risks from within its operations, the Company’s earnings are also affected by changes in short-term interest rates.
Variable-Rate Borrowing Facilities
−Removed: At December 31, 2020, the Company had a $700 million Revolving Facility and a $400 million Trade Receivable Facility.
+Added: At December 31, 2021, the Company had an $800.0 million Revolving Facility and a $400.0 million Trade Receivable Facility.
Borrowings under these facilities bear interest at a variable interest rate.
3 unchanged sentences
The Company’s results of operations are affected by its pension expense.
−Removed: Assumptions that affect pension expense include the discount rate and, for the defined benefit pension plans only, the expected long-term rate of return on assets.
+Added: Assumptions that affect pension expense include the discount rate and, for the qualified defined benefit pension plan only, the expected long-term rate of return on assets.
Therefore, the Company has interest rate risk associated with these factors.
14 unchanged sentences
While increases in cement pricing may negatively impact the profitability of the ready mixed concrete operations, the cement business would benefit, although the positive impact may not reflect a direct correlation to the impact to the ready mix business.
+Added: SOAR to a Sustainable Future
Form 10-K ♦ Page 69
−Removed: A World-Class Organization Built for Success
Part II ♦ Item 8 – Financial Statements and Supplementary Data
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.