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 March 31, 2026, we had no fuel hedges in place.
+Added: As of June 30, 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.
−Removed: 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
−Removed: recovery fee charged to our customers.
−Removed: 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.
+Added: At current consumption levels, we believe a twenty-cent per gallon change in the price of diesel fuel would change our combined fuel expense and transportation surcharges by approximately $31 million per year.
+Added: We expect fuel recovery fees charged to our customers to offset these changes in expense.
+Added: At current participation rates, we believe a twenty-cent per gallon change in the price of diesel fuel would change our fuel recovery fees by approximately $37 million per year.
Our operations also require the use of certain petrochemical-based products (such as liners at our landfills), the cost of which may vary with the price of petrochemicals.
An increase in the price of petrochemicals could increase the cost of those products, which would increase our operating and capital costs.
−Removed: We also are susceptible to increases in fuel recovery fees from our vendors.
−Removed: 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.
+Added: We are susceptible to increases in fuel surcharges from our vendors.
+Added: Our fuel costs were $295 million during the six months ended June 30, 2026, or 3.5% of revenue, compared to $230 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 March 31, 2026, we had no recycling commodity hedges in place.
+Added: As of June 30, 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 three months ended March 31, 2026 and 2025 was $112 million and $108 million, respectively.
+Added: Revenue from recycling processing and commodity sales during the six months ended June 30, 2026 and 2025 was $234 million and $222 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 March 31, 2026, we had $2.8 billion of principal floating rate debt.
+Added: As of June 30, 2026, we had $1.8 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 $18 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.