1 unchanged sentence
Market risk is the potential loss arising from adverse changes in market rates and prices.
−Removed: We are primarily exposed to interest rate and commodity price risk.
+Added: We are primarily exposed to commodity price and interest rate risk.
Commodity Price Risk
8 unchanged sentences
Holding other variables constant, a ten percent change in energy prices would have had an approximate $0.9 million impact on the fair value of these instruments.
−Removed: Our Manufacturing segment businesses are exposed to market risk arising from changes in commodity prices for certain raw material inputs, including steel, aluminum, and polystyrene and other plastics resins.
−Removed: We manage commodity price risk by passing changes in the cost of these input materials through to our customers.
−Removed: If our efforts to manage commodity price risk are unsuccessful, the operating revenues and earnings of our Manufacturing segment could be impacted.
−Removed: Our Plastics segment businesses are exposed to market risk arising from changes in prices for PVC resin, the primary raw material commodity used to manufacture PVC pipe.
−Removed: The PVC pipe industry as a whole is highly sensitive to volatility in PVC resin prices, with frequent adjustments to PVC pipe sale prices to reflect volatility in PVC resin costs.
−Removed: Historically, when resin prices are rising or stable, sales volumes have been higher.
−Removed: In contrast, when resin prices are falling, sales volumes have been lower.
−Removed: Due to the commodity nature of PVC resin and dynamic supply and demand factors worldwide, gross profit margins can fluctuate significantly from period to period.
+Added: Our Manufacturing and Plastics segment businesses are exposed to market risk arising from changes in commodity prices for certain raw material inputs, including steel, aluminum and PVC and other plastic resins.
+Added: We manage commodity price risk by attempting to pass changes in the cost of these input materials through to our customers.
+Added: If our efforts to manage commodity price risk are unsuccessful, the operating revenues and earnings of our Manufacturing and Plastics segment could be impacted.
We do not engage in any hedging activities within our Manufacturing and Plastics segments to manage our commodity price risk.
10 unchanged sentences
We maintain a ratio of fixed-rate debt to total debt within a certain range.
−Removed: It is our policy to enter into interest rate transactions and other financial instruments only to the extent considered necessary to meet our stated objectives.
+Added: It is our policy to enter into interest rate transactions and other financial
+Added: instruments only to the extent considered necessary to meet our stated objectives.
We do not enter into interest rate transactions for speculative or trading purposes.
−Removed: T able of Contents
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.