2 unchanged sentences
Our major market risk exposure of our financial instruments is changing interest rates in the United States and fluctuations in SOFR.
−Removed: We intend to manage interest rate risk through the use of a combination of fixed and floating rate debt.
+Added: We seek to manage interest rate risk through the use of a combination of fixed and variable rate debt.
The carrying value of our variable rate debt approximates fair value because interest rates are variable and, accordingly, approximates current market rates for instruments with similar risk and maturities.
The fair value of our debt is determined as of the balance sheet date and is subject to change.
−Removed: We have historically entered into multiple swap agreements designated as cash flow hedges to manage exposure to fluctuations in interest rates on our variable rate debt.
+Added: In the past, we have entered into swap agreements designated as cash flow hedges to help manage exposure to fluctuations in interest rates on our variable rate debt.
The table below provides information about certain of our market-sensitive financial instruments and constitutes a forward-looking statement.
7 unchanged sentences
The fixed and variable rate debt amounts above exclude the remaining non-cash discounts, premiums and adjustments to fair value totaling $129 million.
−Removed: As of December 31, 2024, we had $2,160 million of principal floating rate debt.
+Added: As of December 31, 2025, we had $2.6 billion of principal variable rate debt.
If interest rates increased or decreased by 100 basis points on our variable rate debt, annualized interest expense and net cash payments for interest would increase or decrease by approximately $26 million.
7 unchanged sentences
At current consumption levels, we believe a twenty-cent per gallon change in the price of diesel fuel would change our fuel costs by approximately $26 million per year.
−Removed: Offsetting these changes in fuel expense would result in changes in our fuel recovery fee charged to our customers.
+Added: Changes in fuel expense would be offset by changes in our fuel recovery fee charged to our customers.
At current participation rates, we believe a twenty-cent per gallon change in the price of diesel fuel would change our fuel recovery fee by approximately $42 million per year.
1 unchanged sentence
An increase in the price of petrochemicals could increase the cost of those products,
+Added: T a b l e o f C o n t e n t s
which would increase our operating and capital costs.
8 unchanged sentences
Revenue from recycling processing and commodity sales during the years ended December 31, 2025 and 2024 was $433 million and $409 million, respectively.
+Added: T a b l e o f C o n t e n t s
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.