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.
+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 Cellulose Commodities and High-Yield Pulp operating segments’ 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.
−Removed: Our cellulose specialties product prices are impacted by market supply and demand, raw material and processing costs, changes in global currencies and other factors.
+Added: Our Cellulose Specialties operating segment’s product prices are impacted by market supply and demand, raw material and processing costs, changes in global currencies and other factors.
Certain key input costs, such as wood fiber, chemicals and energy, may experience significant price fluctuations, also impacted by market shifts, fluctuations in capacity and other demand and supply dynamics.
3 unchanged sentences
Variable Interest Rates
−Removed: As of September 28, 2024 and December 31, 2023, we had $250 million and $255 million, respectively, of variable rate debt subject to interest rate risk.
−Removed: At these borrowing levels, a hypothetical one percent change in interest rates would have resulted in a $2 million annual change in interest expense for each of these periods.
+Added: At March 29, 2025 and December 31, 2024, we had $707 million and $702 million, respectively, of variable rate debt subject to interest rate risk.
+Added: At these borrowing levels, a hypothetical one percent change in interest rates would result in a $7 million annual change in interest expense.
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.
−Removed: The estimated fair value of our fixed-rate debt at September 28, 2024 and December 31, 2023 was $532 million and $498 million, respectively, compared to its respective $538 million and $540 million carrying values.
+Added: The estimated fair value of our fixed rate debt at March 29, 2025 and December 31, 2024 was $76 million and $75 million, respectively, compared to a $75 million carrying value at each period end.
We use quoted market prices to estimate the fair value of our fixed rate debt.
Generally, the fair market value of fixed rate debt will increase as interest rates fall and decrease as interest rates rise.
−Removed: In October 2024, we secured variable-rate term loan financing of $700 million, which will be used in the fourth quarter, together with cash on hand, to redeem the respective $453 million and $246 million outstanding principal balances of the 2026 Notes and 2027 Term Loan.
−Removed: The 2029 Term Loan bears interest at an annual rate equal to three-month Term SOFR plus 7 percent.
−Removed: For this new debt, a hypothetical one percent change in interest rates would result in a $7 million annual change in interest 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.