QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
−Removed: We are exposed to many market risk factors, including changes in the cost of raw materials, as well as interest and foreign currency rates.
+Added: We are exposed to market risk factors, including interest rates, foreign currency rates, and changes in the cost of raw materials.
These risk factors may affect our results of operations, cash flows, and financial position.
6 unchanged sentences
At December 31, 2025, we had total long-term debt of $883 million.
−Removed: All of the long-term debt is at fixed rates except for $77 million outstanding under the revolving credit facility and $250 million outstanding under the term loan agreement.
−Removed: There was no interest rate risk at the end of the year associated with the fixed rate debt.
+Added: All of the long-term debt is at fixed rates except for $288 million outstanding under the revolving credit facility.
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 $1 million.
16 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.