1 unchanged sentence
Tredegar has exposure to the volatility of interest rates, polyethylene and polypropylene resin prices, PTA and 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 regarding interest rate exposures related to borrowings under the ABL Facility.
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).
2 unchanged sentences
There is no assurance of the Company’s ability to pass through higher raw material and energy costs to its customers.
+Added: The purchase price of raw materials fluctuates on a monthly basis;
+Added: therefore, Aluminum Extrusions pricing policies generally allow the Company to pass the underlying index cost of aluminum and certain alloys through to the vast majority of our customers so that we remain substantially neutral to metal pricing.
In the normal course of business, Aluminum Extrusions enters into fixed-price forward sales contracts with certain customers for the sale of fixed quantities of aluminum extrusions at scheduled intervals.
10 unchanged sentences
The 4th quarter 2019 average rate of $0.51 per pound is shown on a pro forma basis as if the non-market adjustment was made in the fourth quarter of 2019.
+Added: In January 2023, IHS reflected a 41 cents per pound non-market adjustment based on their estimate of the growth of discounts in the prior periods.
+Added: The 4th quarter 2022 average rate of $0.60 per pound is shown on a pro forma basis as if the non-market adjustment was made in the fourth quarter of 2022.
The price of resin is driven by several factors, including supply and demand and the price of oil, ethylene and natural gas.
3 unchanged sentences
In response to unprecedented cost increases and supply issues for polyethylene and polypropylene resin, Tredegar Surface Protection implemented a quarterly resin cost pass-through mechanism, effective July 1, 2021, for all products and customers not previously covered by such arrangements.
−Removed: Pricing on the remainder of the business is based upon raw material costs and supply/demand dynamics within the markets that the Company competes.
+Added: Pricing on the remainder of the business is based upon raw material costs and supply/demand dynamics within the markets in which the Company competes.
Polyester resins, MEG and PTA used in flexible packaging films produced in Brazil are primarily purchased domestically, with other sources available mostly from Asia and the U.S.
7 unchanged sentences
Tredegar Corporation
−Removed: Percentage of Net Sales and Total Assets Related to Foreign Markets*
+Added: Percentage of Consolidated Net Sales and Total Assets Related to Foreign Markets
2023 2022 2021
13 unchanged sentences
Total 7 13 17 8 13 15 11 12 13
−Removed: * The percentages for foreign markets are relative to Tredegar’s consolidated net sales and total assets .
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).
5 unchanged sentences
Dollars and are impacted by local economic conditions and local and global competitive dynamics.
−Removed: Flexible Packaging Films is exposed to foreign exchange translation risk (its functional currency is the Brazilian Real) because almost 90% of the sales of Flexible Packaging Films business unit in Brazil (“Terphane Ltda.”) and substantially all of its related raw material costs are quoted or priced in U.S.
−Removed: Dollars while its variable conversion, fixed conversion and sales, general and administrative costs before depreciation and
−Removed: amortization (collectively “Terphane Ltda.
+Added: Flexible Packaging Films is exposed to foreign exchange translation risk (its functional currency is the Brazilian Real) because almost 90% of the sales of Terphane Ltda.
+Added: and substantially all of its related raw material costs are quoted or priced in U.S.
+Added: Dollars while its variable conversion, fixed conversion and sales, general and administrative costs before depreciation and amortization (collectively “Terphane Ltda.
Operating Costs”) are quoted or priced in Brazilian Real.
8 unchanged sentences
Tredegar estimates that the change in the value of foreign currencies relative to the U.S.
−Removed: Dollar on PE Films had a favorable impact on EBITDA from ongoing operations in PE Films of $1.1 million in 2022 compared to 2021.
+Added: Dollar on PE Films had an unfavorable impact on EBITDA from ongoing operations in PE Films of $0.6 million in 2023 compared to 2022.
Trends for the Brazilian Real and Chinese Yuan are shown in the chart below:
4 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.