6 unchanged sentences
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.
+Added: During 2025, we did not execute any foreign exchange contracts.
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.
−Removed: At December 31, 2024, we had foreign currency contracts outstanding for the purchase of €2.1 million and sale of €2.1 million.
+Added: At December 31, 2025, we had no foreign currency contracts outstanding.
A 10% change in the euro to U.S.
5 unchanged sentences
and also have sales of Zig-Zag ® premium cigarette papers in Canada.
−Removed: In 2024, we had one customer that accounted for 10.2% of our net sales.
−Removed: In 2023and 2022, we had no customers that accounted for more than 10% of our net sales.
+Added: In 2025, we had no customers that accounted for more than 10% of our net sales.
+Added: In 2024 we had one customer that accounted for more than 10% of our net sales and in 2023 we had no customers that accounted for more than 10% of our net sales.
We perform periodic credit evaluations of our customers and generally do not require collateral on trade receivables.
2 unchanged sentences
In February 2025, we issued the 2032 Notes in an aggregate principal amount of $300 million.
−Removed: 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.
We carry the 2032 Notes at face value.
5 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.