5 unchanged sentences
We monitor our hedge positions by regularly evaluating the positions at market and by performing sensitivity analyses over the unhedged variable rate debt positions.
−Removed: At September 30, 2025, our derivative instruments included four interest rate swap agreements that effectively fix the interest rate on the applicable notional amounts of our variable rate debt as follows (dollars in thousands of U.S.
+Added: At March 31, 2026, our derivative instruments included one interest rate swap agreement that effectively fixes the interest rate on the applicable notional amounts of our variable rate debt as follows (dollars in thousands of U.S.
Interest Rate
1 unchanged sentence
Effective Date (b)
−Removed: 1-month Term SOFR
−Removed: November 2022
−Removed: 1-month Term SOFR
−Removed: November 2022
−Removed: 1-month Term SOFR
−Removed: November 2022
December 2018
3 unchanged sentences
(a) Plus applicable margin.
−Removed: (b) In October 2022, we amended the reference rate in all of our outstanding interest rate swap contracts to replace One-Month LIBOR with One-Month Term SOFR and certain credit spread adjustments.
−Removed: We did not record any gains or losses upon the conversion of the reference rates in these interest rate swap contracts, and we believe these amendments will not have a material impact on our Condensed Consolidated Financial Statements.
+Added: (b) In October 2022, we amended the reference rate in our outstanding interest rate swap contract to replace One-Month LIBOR with One-Month term SOFR and certain credit spread adjustments.
+Added: We did not record any gains or losses upon the conversion of the reference rates in this interest rate swap contract, and we believe this amendment will not have a material impact on our Condensed Consolidated Financial Statements.
Under derivatives and hedging guidance, the interest rate swap agreements are considered cash flow hedges for a portion of our variable rate debt, and we apply hedge accounting to account for these instruments.
4 unchanged sentences
Fair value sensitivity is not necessarily indicative of the ultimate cash flow or earnings effect we would recognize from the assumed market rate movements.
−Removed: We are exposed to cash flow risk due to changes in interest rates with respect to the unhedged floating rate balances owed at September 30, 2025 and December 31, 2024, of $1.399 billion and $1.364 billion, respectively, including floating rate debt under our Revolving Credit Agreement.
−Removed: A one percentage point increase in interest rates on our variable-rate debt at September 30, 2025 and December 31, 2024, would decrease our annual pre-tax income by approximately $14.0 million and $13.6 million, respectively.
−Removed: All of our remaining debt instruments are at fixed rates, or effectively fixed under the interest rate swap agreements described above;
+Added: We are exposed to cash flow risk due to changes in interest rates with respect to the unhedged floating rate balances owed at March 31, 2026 and December 31, 2025, of $1.876 billion and $2.182 billion, respectively, including floating rate debt under our Revolving Credit Agreement.
+Added: A one percentage point increase in interest rates on our variable-rate debt at March 31, 2026 and December 31, 2025, would decrease our annual pre-tax income by approximately $18.8 million and $21.8 million, respectively.
+Added: All of our remaining debt instruments are at fixed rates, or effectively fixed under the interest rate swap agreement described above;
therefore, changes in market interest rates under these instruments would not significantly impact our cash flows or results of operations, subject to counterparty default risk.
1 unchanged sentence
Because of the volume of fuel we purchase each year, a significant increase in the price of fuel could adversely affect our business and reduce our operating margins.
−Removed: To manage a portion of this risk, we periodically enter into fuel hedge agreements related to forecasted diesel fuel purchases, and we also enter into fixed price fuel purchase contracts.
−Removed: At September 30, 2025, we had no fuel hedge agreements in place;
−Removed: however, we have entered into fixed price diesel fuel purchase contracts for the nine months ended September 30, 2025 as described below.
+Added: To manage a portion of this risk, we periodically enter into fuel hedge agreements related to forecasted diesel
+Added: fuel purchases, and we also enter into fixed price fuel purchase contracts.
+Added: At March 31, 2026, we had no fuel hedge agreements in place;
+Added: however, we have entered into fixed price diesel fuel purchase contracts for the three months ended March 31, 2026 as described below.
For the year ending December 31, 2026, we expect to purchase approximately 92.0 million gallons of diesel fuel, of which 50.2 million gallons will be purchased at market prices and 41.8 million gallons will be purchased under our fixed price diesel fuel purchase contracts.
3 unchanged sentences
Fair value sensitivity is not necessarily indicative of the ultimate cash flow or earnings effect we would recognize from the assumed market rate movements.
−Removed: During the three month period of October 1, 2025 to December 31, 2025, we expect to purchase approximately 13.0 million gallons of diesel fuel at market prices;
−Removed: therefore, a $0.10 per gallon increase in the price of diesel fuel over the remaining three months in 2025 would decrease our pre-tax income during this period by approximately $1.3 million.
+Added: During the nine month period of April 1, 2026 to December 31, 2026, we expect to purchase approximately 37.6 million gallons of diesel fuel at market prices;
+Added: therefore, a $0.10 per gallon increase in the price of diesel fuel over the remaining nine months in 2026 would decrease our pre-tax income during this period by approximately $3.8 million.
We market a variety of recyclable materials, including compost, cardboard, mixed paper, plastic containers, glass bottles and ferrous and aluminum metals.
1 unchanged sentence
Where possible, to reduce our exposure to commodity price risk with respect to recycled materials, we have adopted a pricing strategy of charging collection and processing fees for recycling volume collected from third parties.
−Removed: In the event of a decline in recycled commodity prices, a 10% decrease in average recycled commodity prices from the average prices that were in effect during the nine months ended September 30, 2025 and 2024, would have had a $18.2 million and $17.5 million impact on revenues, respectively.
+Added: In the event of a decline in recycled commodity prices, a 10% decrease in average recycled commodity prices from the average prices that were in effect during the three months ended March 31, 2026 and 2025, would have had a $5.2 million and $5.9 million impact on revenues, respectively.
We have operations in Canada and, where significant, we have quantified and described the impact of foreign currency translation on components of income, including operating revenue and operating costs.
3 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.