QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
−Removed: We are exposed to many market risk factors, including fluctuations in marketable securities prices, as well as interest and foreign currency rates, and changes in the cost of raw materials.
+Added: We are exposed to many market risk factors, including changes in the cost of raw materials, as well as interest and foreign currency rates.
These risk factors may affect our results of operations, cash flows, and financial position.
4 unchanged sentences
This analysis does not consider other possible effects that could impact our business.
−Removed: Marketable Securities Price Risk
−Removed: At December 31, 2021, we had marketable securities with a carrying value of approximately $376 million.
−Removed: A hypothetical 10% decrease in the trading prices of the securities would have resulted in a $38 million decrease in the fair market value of our marketable securities.
Interest Rate Risk
3 unchanged sentences
At December 31, 2022, we had $361 million outstanding variable rate debt under our revolving credit facility.
−Removed: Holding all other variables constant, if the variable portion of the interest rates hypothetically increased 10%, the effect on our earnings and cash flow would have been less than $200 thousand.
+Added: Holding all other variables constant, if the variable portion of the interest rates hypothetically increased 10%, the effect on our earnings and cash flow would have been additional interest expense of $2 million.
A hypothetical 100 basis point decrease in interest rates, holding all other variables constant, would have resulted in a change of $41 million in fair value of our debt at December 31, 2022.
11 unchanged sentences
War, armed hostilities, terrorist acts, civil unrest, inclement weather events, or other incidents may also cause a sudden, sharp, or prolonged change in our demand for and the cost of our raw materials.
−Removed: If we experience such increases in the cost of our raw materials, we may not be able to pass them
−Removed: along to our customers in the form of price increases for our products.
+Added: If we experience such increases in the cost of our raw materials, we may not be able to pass them along to our customers in the form of price increases for our products.
The inability to do so would have a negative impact on our operating profit.
1 unchanged sentence
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.