QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
−Removed: We are exposed to market risk associated with interest rates, foreign currency and commodity fluctuations.
−Removed: We occasionally utilize derivative instruments as part of our overall financial risk management policy, but do not use derivative instruments for speculative or trading purposes.
+Added: The Company is exposed to market risk associated with interest rates, foreign currency and commodity fluctuations.
+Added: The Company occasionally utilizes derivative instruments as part of its overall financial risk management policy, but does not use derivative instruments for speculative or trading purposes.
In 2025, 2024 and 2023, the Company utilized U.S.
1 unchanged sentence
The contracts have been designated as net investment hedges and have various maturity dates.
−Removed: See Note 16 to the consolidated financial statements in Item 8.
−Removed: The Company entered into forward foreign currency exchange contracts during 2024, 2023 and 2022 primarily to hedge against value changes in foreign currency.
+Added: In addition, the Company entered into forward foreign currency exchange contracts during 2025, 2024 and 2023 primarily to hedge value changes in foreign currency.
There were no material contracts outstanding at December 31, 2025.
−Removed: Forward foreign currency exchange contracts are described in Note 19 to the consolidated financial statements in Item 8.
−Removed: We believe we may experience continuing losses from foreign currency fluctuations.
−Removed: However, we do not expect currency translation, transaction or hedging contract losses to have a material adverse effect on our financial condition, results of operations or cash flows.
+Added: The Company entered into interest rate lock contracts in 2025 to hedge the variability in the benchmark interest rate for the 2025 issuance of long-term fixed rate debt.
+Added: The contracts were designated as cash flow hedges and settled in 2025.
+Added: See Notes 1, 16 and 19 to the consolidated financial statements in Item 8 for further information on the use of derivative instruments.
+Added: The Company believes it may experience losses from foreign currency translation and transactions, interest rate movement and commodity price fluctuations.
+Added: However, the Company does not expect foreign currency translation or transactions, interest rate movement, commodity price fluctuations or hedging contract losses to have a material adverse effect on the Company’s financial condition, results of operations or cash flows.
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.