3 unchanged sentences
When economically practical, we may enter into new fuel hedges, renew contracts, or engage in other strategies to mitigate market risk.
−Removed: As of September 30, 2025, we had no fuel hedges in place.
+Added: As of March 31, 2026, we had no fuel hedges in place.
While we charge fuel recovery fees to a majority of our customers, we are unable to charge such fees to all customers.
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: Offsetting these changes in fuel expense would result in changes in our fuel
+Added: 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.
2 unchanged sentences
We also are susceptible to increases in fuel recovery fees from our vendors.
−Removed: Our fuel costs were $349 million during the nine months ended September 30, 2025, or 3% of revenue, compared to $360 million, or 3% of revenue, during the comparable period in 2024.
+Added: Our fuel costs were $124 million during the three months ended March 31, 2026, or 3.0% of revenue, compared to $114 million, or 2.8% of revenue, during the comparable period in 2025.
Commodities Price Risk
2 unchanged sentences
In prior periods, we have entered into derivative instruments such as swaps and costless collars designated as cash flow hedges to manage our exposure to changes in prices of these commodities.
−Removed: As of September 30, 2025, we had no recycling commodity hedges in place.
+Added: As of March 31, 2026, we had no recycling commodity hedges in place.
At current volumes and mix of materials, we believe a $10 change in the price of recycled commodities would change both annual revenue and operating income by approximately $13 million.
−Removed: Revenue from recycling processing and commodity sales during the nine months ended September 30, 2025 and 2024 was $328 million and $311 million, respectively.
+Added: Revenue from recycling processing and commodity sales during the three months ended March 31, 2026 and 2025 was $112 million and $108 million, respectively.
Interest Rate Risk
3 unchanged sentences
We do not use financial instruments for trading purposes and are not a party to any leveraged derivatives.
−Removed: As of September 30, 2025, we had $1,941 million of principal floating rate debt.
+Added: As of March 31, 2026, we had $2.8 billion of principal floating rate debt.
If interest rates increased or decreased by 100 basis points on our floating rate debt, annualized interest expense and net cash payments for interest would increase or decrease by approximately $28 million.
2 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.