Quantitative and Qualitative Disclosures about Market Risk
−Removed: We do not hold any derivative instruments and do not engage in any hedging activities.
−Removed: We have operations only within the United States and therefore do not have foreign currency exposure.
+Added: We have operations principally within the U.S.
+Added: and therefore have only minimal foreign currency exposure.
We are exposed to market risks in the ordinary course of our business, including the effects of interest rate changes.
3 unchanged sentences
The fair value of our cash and cash equivalents would not be significantly affected by either an increase or decrease in interest rates due mainly to the short-term nature of these instruments.
−Removed: We have exposure to changes in interest rates due to our significant cash balance, which totaled $5.1 billion at December 31, 2024.
−Removed: Assuming an annual average cash balance of $5.1 billion, a hypothetical 1% change in the interest rate would impact our net interest income by $51 million.
+Added: As of December 31, 2025, we had no outstanding borrowings under our asset-based revolving lines of credit and outstanding borrowings, net of unamortized debt issuance costs, of $827.8 million under our Term Loan Facility and $2.23 billion under our Notes.
+Added: Borrowings under our ABL Facility and Term Loan Facility incur interest on a floating rate basis while borrowings represented by our Notes incur interest on a fixed rate basis.
+Added: As of December 31, 2025, our weighted-average effective interest rate on debt instruments with variable rates was 5.72%.
+Added: A 10% increase or decrease in interest rates would not have a material effect on our interest income or expense.
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.