14 unchanged sentences
Comparatively, a hypothetical 10 percent adverse change in the average Chinese renminbi and euro to U.S.
−Removed: dollar exchange rates during the year ended December 31, 2021 would have decreased our net sales and income before income taxes for the year ended December 31, 2021, by approximately $22 million or two percent and $9 million or five percent, respectively.
−Removed: Concentration of credit risk
+Added: dollar exchange rates during the year ended December 31, 2022 would have decreased our net sales and income before income taxes for the year ended December 31, 2022, by approximately $19 million or one percent and $7 million or two percent, respectively.
Concentration of credit risk
11 unchanged sentences
Crude tall oil price risk
−Removed: Our results of ope rations are directly affected by the cost of our raw materials, particularly crude tall oil ("CTO"), which represents approximately 14 percent of consolidated cost of sales and 22 percent of our full company raw materials purchases for the year ended December 31, 2022.
+Added: Our results of ope rations are directly affected by the cost of our raw materials, particularly CTO, which represents approximately 26 percent of consolidated cost of sales and 51 percent of our full company raw materials purchases for the year ended December 31, 2023.
Pricing for CTO is driven by the limited supply of the product and competing demands for its use, both of which drive pressure on its price.
Our gross profit and margins could be adversely affected by increases in the cost of CTO if we are unable to pass the increases on to our customers.
−Removed: Based on average pricing during the year ended December 31, 2022, a hypothetical unhedged, unfavorable 10 percent increase in the market price for CTO would have increased our cost of sales for the year ended December 31, 2022, by approximately $11 million or one percent, which we may or may not have been able to pass on to our customers.
+Added: Based on average pricing during the year ended December 31, 2023, a hypothetical unhedged, unfavorable 10 percent increase in the market price for CTO would have increased our cost of sales for the year ended December 31, 2023, by approximately $31.6 million or three percent, which we may not have been able to pass on to our customers.
Comparatively, based on average pricing during the year ended December 31, 2022 , a hypothetical unhedged, unfavorable 10 percent increase in the market price for CTO would have increased our cost of sales for the year ended December 31, 2022 by approximately $13.4 million or one percent .
Natural gas price risk
−Removed: Natural gas, both direct and indirect, is our largest form of energy costs constituting approximately seven percent of our cost of goods sold for the year ended December 31, 2022.
+Added: Natural gas, both direct and indirect, is our largest form of energy costs constituting approximately five percent of our cost of goods sold for the year ended December 31, 2023.
Increases in natural gas costs, unless passed on to our customers, would adversely affect our results of operations.
12 unchanged sentences
For the year ended December 31, 2023, a hypothetical 100 basis point increase in the variable interest rate component of our borrowings would increase our annual interest expense by approximately $8 million or 10 percent.
−Removed: Comparatively, for the year ended December 31, 2021, a hypothetical 100 basis point increase in the variable interest rate component of our borrowings would have increased our annual interest expense by approximately $3 million or seven percent.
−Removed: During the year we had floating-to-fixed interest rate swaps with a combined notional amount of $166.2 million to manage the variability of cash flows in the interest rate payments associated with our existing LIBOR-based interest payments, effectively converting $166.2 million of our floating rate debt to a fixed rate.
+Added: Comparatively, for the year ended December 31, 2022, a hypothetical 100 basis point increase in the variable interest rate component of our borrowings would have increased our annual interest expense by approximately $8 million or 11 percent.
+Added: During 2022, we had floating-to-fixed interest rate swaps with a combined notional amount of $166.2 million to manage the variability of cash flows in the interest rate payments associated with our existing LIBOR-based interest payments, effectively converting $166.2 million of our floating rate debt to a fixed rate.
Per the terms of these instruments, we received floating rate interest payments ba sed upon the three-month U.S.
3 unchanged sentences
Upon termination of the interest rate swap instruments, we reclassified a $1.7 million gain from AOCI into Interest income on the consolidated statement of operations.
−Removed: The fair value of outstanding interest rate instruments at December 31, 2022 and 2021 was an asset (liability) of zero and $(4.0) million, respectively.
+Added: The fair value of outstanding interest rate instruments at December 31, 2023 and 2022 was an asset (liability) of zero.
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.