7 unchanged sentences
As of December 31, 2025, there was no outstanding balance on the revolving credit facility.
−Removed: In order to reduce the variability of cash flows from interest payments related to a portion of Quad’s variable-rate debt, the Company entered into two $75.0 million interest rate collars in February 2023 and a $50.0 million interest rate swap in April 2024, and has classified $200.0 million of the Company’s variable rate debt as fixed rate debt.
+Added: In order to reduce the variability of cash flows from interest payments related to a portion of Quad’s variable-rate debt, the Company has four interest rate swaps totaling $130.0 million and a $75.0 million interest rate collar, and has, therefore, classified $205.0 million of the Company’s variable rate debt as fixed rate debt.
Including the impact of the $205.0 million interest rate hedges of variable rate to fixed rate debt, Quad had variable rate debt outstanding of $156.9 million at a current weighted average interest rate of 7.1% and fixed rate debt and finance leases outstanding of $214.3 million at a current weighted average interest rate of 6.9% as of December 31, 2025.
13 unchanged sentences
This assumption may overstate or understate the impact of changing exchange rates on individual assets and liabilities denominated in a foreign currency.
−Removed: The Company’s hedging operations have historically not been material, and gains or losses from these operations have not been material to the Company’s results of operations, financial position or cash flows.
+Added: The Company’s hedging operations have historically not been material;
+Added: however, to minimize the impact of foreign currency movements on the note receivable related to the sale of the European operations, the Company entered into foreign currency exchange contracts designated as cash flow hedges during the year ended December 31, 2025.
+Added: Foreign currency gains or losses from these international operations have not been material to the Company’s results of operations, financial position or cash flows.
The Company does not use derivative financial instruments for trading or speculative purposes.
28 unchanged sentences
Raw materials for the ink manufacturing process are purchased externally from a variety of vendors.
−Removed: The price and availability of ink and ink components may be adversely affected by the availability of component raw materials, labor and transportation.
+Added: The price and availability of ink and ink components may be adversely affected by the availability of component raw materials, labor and transportation, as well as by tariffs and trade restrictions.
The Company may not be able to fully pass on to clients the impact of higher electric and natural gas energy prices on its manufacturing costs, and increases in energy prices result in higher manufacturing costs for certain of its operations.
5 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.