10 unchanged sentences
Our purchase price forms the basis for the price charged to the customer for the precious metal content and, therefore, the current cost is matched to the selling price, and the price exposure is minimized.
−Removed: We are charged a consignment fee by the financial institutions that own the precious metals.
+Added: We are charged a consignment fee by the precious metal consignors that own the precious metals.
This fee is a function of the market price of the metal, the quantity of metal we have on hand, and the rate charged by the institution.
4 unchanged sentences
Customers may also elect to provide their own material for us to process on a toll basis as opposed to purchasing our material.
−Removed: The available capacity of our existing credit lines to consign precious metals is a function of the quantity and price of the metals on hand.
−Removed: As prices increase, a given quantity of metal will utilize a larger proportion of the existing credit lines.
−Removed: A significant prolonged increase in metal prices could result in our credit lines being fully utilized, and, absent securing additional credit line capacity from financial institutions, could require us to purchase precious metals rather than consign them, require customers to supply their own metal, and/or force us to turn down additional business opportunities.
+Added: The available capacity of our existing consignment lines to consign precious metals is a function of the quantity and price of the metals on hand.
+Added: As prices increase, a given quantity of metal will utilize a larger proportion of the existing consignment lines.
+Added: A significant prolonged increase in metal prices could result in our consignment lines being fully utilized, and, absent securing additional consignment line capacity from precious metal consignors, could require us to purchase precious metals rather than consign them, require customers to supply their own metal, and/or force us to turn down additional business opportunities.
If we were in a significant precious metal ownership position, we might elect to use derivative financial instruments to hedge the potential price exposure.
The cost to finance and potentially hedge the purchased inventory may also be higher than the consignment fee.
−Removed: The financial statement impact of the risk from rising metal prices impacting our credit availability cannot be estimated at the present time.
+Added: The financial statement impact of the risk from rising metal prices impacting our consignment availability cannot be estimated at the present time.
In certain circumstances, we may elect to fix the price of precious metals for a customer for a stated quantity over a specified period of time.
10 unchanged sentences
Lower of cost or net realizable value.
−Removed: In our manufacturing processes, we use various metals that are not widely used by others or actively traded and, therefore, there is no established efficient market for derivative financial instruments that could be
−Removed: used to effectively hedge the related price exposures.
+Added: In our manufacturing processes, we use various metals that are not widely used by others or actively traded and, therefore, there is no established efficient market for derivative financial instruments that could be used to effectively hedge the related price exposures.
For certain applications, our pricing practice with respect to these metals is to establish the selling price based upon our cost to purchase the material, limiting our price exposure.
7 unchanged sentences
We may also use interest rate swaps to fix the interest rate on variable rate obligations, as we deem appropriate.
−Removed: There were no interest rate derivatives outstanding as of December 31, 2021.
+Added: As of December 31, 2022 the fair value of our interest rate swap asset was $7.9 million.
+Added: In February 2023 we amended the terms of the interest rate swap to hedge the change in 1-month USD-SOFR.
+Added: See Note R for further discussion.
Excess cash is typically invested in high quality instruments that mature in 90 days or less.
19 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.