1 unchanged sentence
Tredegar has exposure to the volatility of interest rates, polyethylene and polypropylene resin prices, Terephthalic Acid (“PTA”) and Monoethylene Glycol (“MEG”) prices, aluminum ingot and scrap prices, energy prices, foreign currencies and emerging markets.
−Removed: See Liquidity and Capital Resources regarding interest rate exposures related to borrowings under the Credit Agreement.
+Added: See Liquidity and Capital Resources above regarding interest rate exposures related to borrowings under the Credit Agreement.
Profit margins in Aluminum Extrusions are sensitive to fluctuations in aluminum ingot and scrap prices as well as natural gas prices (natural gas is the principal energy source used to operate its casting furnaces).
24 unchanged sentences
Given the nature of these products as commodities, pricing is derived from Asian pricing indexes.
−Removed: The volatility of the average quarterly prices for polyester fibers in Asia, which is
−Removed: representative of polyester resin (a primary raw material for Flexible Packaging Films) pricing trends, is shown in the chart below:
+Added: The volatility of the average quarterly prices for polyester fibers in Asia, which is representative of polyester resin (a primary raw material for Flexible Packaging Films) pricing trends, is shown in the chart below:
Quarterly averages computed by Tredegar using monthly data from CMAI Global Index data.
1 unchanged sentence
Quarterly averages computed by Tredegar using monthly data from CMAI Global Index data.
−Removed: The Company sells to customers in foreign markets through its foreign operations and through exports from U.S.
−Removed: The percentage of sales for manufacturing operations related to foreign markets for the first nine months of 2021 and 2020 are as follows:
−Removed: Tredegar Corporation
−Removed: Percentage of Net Sales Related to Foreign Markets*
−Removed: Nine Months Ended September 30,
−Removed: Operations Exports
−Removed: Canada 2 % — % 2 % — %
−Removed: Europe 1 — 1 —
−Removed: Latin America 1 13 — 13
−Removed: Asia 7 — 11 —
−Removed: Total 11 % 13 % 14 % 13 %
−Removed: * The percentages for foreign markets are relative to Tredegar’s consolidated net sales.
Tredegar attempts to match the pricing and cost of its products in the same currency and generally views the volatility of foreign currencies and the corresponding impact on earnings and cash flow as part of the overall risk of operating in a global environment (for additional information, see trends for the Brazilian Real and Chinese Yuan in the charts on the following page).
8 unchanged sentences
Operating Costs”) are quoted or priced in Brazilian Real.
−Removed: This mismatch, together with a variety of economic variables impacting currency exchange rates, causes volatility that could negatively or positively impact EBITDA from ongoing operations for Flexible Packaging Films.
+Added: This mismatch, together
+Added: with a variety of economic variables impacting currency exchange rates, causes volatility that could negatively or positively impact EBITDA from ongoing operations for Flexible Packaging Films.
The Company estimates annual net costs of R$150 million for the net mismatch translation exposure between Terphane Ltda.’s U.S.
5 unchanged sentences
See Note 8 for more information on outstanding hedging contracts and this hedging program.
−Removed: Tredegar estimates that the change in the value of foreign currencies relative to the U.S.
−Removed: Dollar for PE Films had a favorable impact on EBITDA from ongoing operations in PE Films of $0.3 million in the third quarter of 2021 compared with the third quarter of 2020 and a favorable impact of $0.1 million the first nine months of 2021 compared with the first nine months of 2020.
+Added: Tredegar estimates that the impact on PE Films EBITDA from ongoing operations from the change in the value of foreign currencies relative to the U.S.
+Added: Dollar was flat in the first quarter of 2022 compared with the first quarter of 2021.
Trends for the Brazilian Real and Chinese Yuan exchange rates relative to the U.S.
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.