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Foreign Currency Sensitivity
−Removed: Our inventory purchases from RTI and Clipper are denominated in euros.
+Added: Our inventory purchases from RTI are denominated in euros.
Accordingly, we have exposure to potentially adverse movements in the euro exchange rate.
−Removed: In addition, RTI provides a
−Removed: contractual hedge against catastrophic currency fluctuation in our agreement.
−Removed: We do not use derivative financial instruments for speculative trading purposes, nor do we hedge our foreign currency exposure in a manner that offsets the effects of
−Removed: changes in foreign exchange rates.
+Added: In addition, RTI provides a contractual hedge against catastrophic currency fluctuation in our agreement.
+Added: We do not use derivative financial instruments for speculative trading purposes, nor do we hedge our foreign currency exposure in a manner that offsets the effects of changes in foreign exchange rates.
We regularly review our foreign currency risk and hedging programs and may as part of that review determine at any time to change our hedging policy.
−Removed: During 2023, we executed various foreign
−Removed: exchange contracts for the purchase of €20.1 million and sale of €15.2 million with maturity dates ranging from July 2023 to September 2024.
−Removed: At December 31, 2023, we had foreign currency contracts outstanding for the purchase of €15.2 million and
−Removed: sale of €15.2 million.
+Added: During 2024, we executed various foreign exchange contracts for the purchase of €3.6 million and sale of €3.6 million with maturity dates ranging from October 2024 to June 2025.
+Added: At December 31, 2024, we had foreign currency contracts outstanding for the purchase of €2.1 million and sale of €2.1 million.
A 10% change in the euro to U.S.
−Removed: dollars exchange rate would change pre-tax income by approximately $2.6 million per year.
+Added: dollars exchange rate would change our pre-tax income by approximately $1.5 million per year.
At December 31, 2024 and 2023, we had bank deposits, including MSA escrows, in excess of federally insured limits of approximately $47.4 million and $119.0 million, respectively.
−Removed: has chosen to invest a portion of the MSA escrows, from time to time, in U.S.
+Added: The Company has chosen to invest a portion of the MSA escrows, from time to time, in U.S.
Government securities including Treasury notes and Treasury bonds.
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and also have sales of Zig-Zag ® premium cigarette papers in Canada.
+Added: In 2024, we had one customer that accounted for 10.2% of our net sales.
In 2023and 2022, we had no customers that accounted for more than 10% of our net sales.
−Removed: We perform periodic credit
−Removed: evaluations of our customers and generally do not require collateral on trade receivables.
+Added: We perform periodic credit evaluations of our customers and generally do not require collateral on trade receivables.
Historically, we have not experienced significant losses due to customer credit issues.
Interest Rate Sensitivity
−Removed: In February 2021, we issued the Senior Secured Notes in an aggregate principal amount of $250 million.
−Removed: In July 2019, we issued Convertible Senior Notes in an aggregate principal amount of
−Removed: $172.5 million, which after total repurchases of $54 million, results in an outstanding principal balance of $118.5 million.
−Removed: We carry the Senior Secured Notes and Convertible Senior Notes at face value.
−Removed: Since the Senior Secured Notes and
−Removed: Convertible Senior Notes bear interest at a fixed rate, we have no financial statement risk associated with changes in interest rates.
−Removed: However, the fair value of the Senior Secured Notes and Convertible Senior Notes change when the market price
−Removed: of our stock fluctuates, or interest rates change.
−Removed: In November 2023, the ABL Borrower entered into the 2023 ABL Facility to refinance a portion of the Convertible Senior Notes at or before maturity.
−Removed: The 2023 ABL Facility is subject to a
−Removed: floating rate.
+Added: In February 2021, we issued the 2026 Notes in an aggregate principal amount of $250 million.
+Added: In February 2025, we issued the 2032 Notes in an aggregate principal amount of $300 million and utilized a portion of the proceeds to retire the 2026 Notes.
+Added: We carry the 2032 Notes at face value.
+Added: Since the 2032 Notes bear interest at a fixed rate, we have no financial statement risk associated with increases in interest rates.
+Added: However, the fair value of the 2023 Notes changes when the market price of our stock fluctuates, or interest rates change.
+Added: Our remaining debt instrument is the 2023 ABL Facility, which has no borrowing outstanding.
+Added: The 2023 ABL Facility is subject to a floating rate.
Accordingly, if we make borrowings under the 2023 ABL Facility, we will be exposed to fluctuations in interest rates.
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.