3 unchanged sentences
Our objective is to minimize the economic impact of these market risks.
−Removed: We may use derivatives in accordance with policies and procedures approved by the Finance & Strategic Planning Committee of our Board of Directors.
−Removed: See Note 11—Derivative Instruments to our Financial Statements for further information.
+Added: We may use derivatives in accordance with policies and procedures approved by the Finance and Strategic Planning Committee of our Board of Directors.
Foreign Currency
3 unchanged sentences
We do not utilize financial instruments for trading or other speculative purposes.
−Removed: The prices, sales volumes and margins of the commodity products of our High Purity Cellulose segment and all the products of the High-Yield Pulp segment have historically been cyclically affected by economic and market shifts, fluctuations in capacity and changes in foreign currency exchange rates.
−Removed: These products have less distinguishing qualities from producer to producer and competition is based primarily on price, which is determined by market supply relative to demand.
+Added: The prices, sales volumes and margins of our High Purity Cellulose operating segment’s commodity products and all the High-Yield Pulp operating segment’s products have historically been cyclically affected by economic and market shifts, fluctuations in capacity and changes in foreign currency exchange rates.
+Added: These products have fewer distinguishing qualities from producer to producer and competition is based primarily on price, which is determined by market supply relative to demand.
The overall levels of demand for the products we manufacture, and consequently our sales and profitability, reflect fluctuations in end user demand.
5 unchanged sentences
Variable Interest Rates
−Removed: As of December 31, 2023, we had $255 million of variable rate debt subject to interest rate risk.
−Removed: In the third quarter of 2023 we issued variable rate term loan financing of $250 million, which was used with cash on hand to redeem the $318 million outstanding principal balance of our fixed rate 2024 Notes.
−Removed: At this borrowing level, a hypothetical one percent change in interest rates would have resulted in a $2 million annual change in interest expense.
−Removed: At December 31, 2022, we had $4 million of variable rate debt subject to interest rate risk, for which a hypothetical one percent change in rates would have resulted in an immaterial change in interest expense for the period.
−Removed: The fair market value of our long-term fixed interest rate debt is also subject to interest rate risk when the debt becomes due or if we do not hold the debt until maturity.
+Added: At December 31, 2024, we had $702 million of variable rate debt subject to interest rate risk.
+Added: In the fourth quarter of 2024, we secured variable-rate term loan financing of $700 million, which was used, together with cash on hand, to redeem the respective $453 million and $245 million outstanding principal balances of the fixed-rate 2026 Notes and the variable-rate 2027 Term Loan.
+Added: The 2029 Term Loan bears interest at an annual rate equal to three-month Term SOFR plus an initial applicable margin of 7 percent.
+Added: At this new borrowing level, a hypothetical one percent change in interest rates would result in a $7 million annual change in interest expense.
+Added: At December 31, 2023, we had $255 million of variable rate debt subject to interest rate risk, for which a hypothetical one percent change in interest rates would have resulted in a $2 million annual change in interest expense.
+Added: The fair market value of our long-term fixed interest rate debt may also be subject to interest rate risk when the debt becomes due or if we do not hold the debt until maturity.
The estimated fair value of our fixed-rate debt at December 31, 2024 and 2023 was $75 million and $498 million, respectively, compared to their respective $75 million and $540 million principal amounts.
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.