6 unchanged sentences
We regularly review the carrying value of our investments and identify and recognize losses, for income statement purposes, when events and circumstances indicate that any declines in the fair values of such investments below our accounting basis are other than temporary.
−Removed: As of December 31, 2022, none of our investments experienced any declines in fair value that are other than temporary.
+Added: As of December 31, 2023, none of our investments experienced any declines in fair value that we believe are other than temporary.
We do not enter into investments for trading or speculative purposes.
2 unchanged sentences
Additionally, we maintain approximately $90.1 million in investment grade corporate and municipal bonds as of December 31, 2023.
−Removed: The remaining amounts of our cash equivalent as of December 31, 2022, are in non-interest bearing accounts.
−Removed: As of December 31, 2021, we had $13.1 million deposited in seven banks located in China, $1.2 million deposited in one bank located in France, and $0.3 million deposited in one bank located in the United Kingdom.
+Added: The remaining amounts of our cash equivalents as of December 31, 2023, are in non-interest bearing accounts.
+Added: As of December 31, 2022, we had $14.1 million deposited in four banks located in China, $0.7 million deposited in one bank located in France, and $0.4 million deposited in one bank located in the United Kingdom.
We also maintained $130.2 million in cash equivalents that include money market accounts as of December 31, 2022.
Additionally, we maintain approximately $15.1 million in investment grade corporate and municipal bonds as of December 31, 2022.
−Removed: The remaining amounts of our cash equivalent as of December 31, 2021, are in non-interest bearing accounts.
+Added: The remaining amounts of our cash equivalents as of December 31, 2022, are in non-interest bearing accounts.
+Added: We maintain significant amounts of cash and cash equivalents at one or more financial institutions that are in excess of federally insured limits.
+Added: Interest bearing and non-interest bearing accounts we hold at banking institutions are guaranteed by the Federal Deposit Insurance Corporation, or FDIC, up to $250,000.
+Added: Substantially all of our cash balances held at banking institutions are in excess of FDIC coverage.
+Added: We consider this to be a normal business risk.
Interest Rate Risk
2 unchanged sentences
Due to the nature of our short-term investments, we believe that we are not subject to any material interest rate risk with respect to our short-term investments.
−Removed: As of December 31, 2022, we had $75.9 million in long-term debt and finance leases outstanding.
−Removed: Of this amount, $13.3 million had variable interest rates which were not locked-in through fixed interest rate swap contracts.
−Removed: The debt with variable interest rate exposure had a weighted-average interest rate of 5.2% at December 31, 2022.
−Removed: An increase in the index underlying these rates of 1% (100 basis points) would increase our annual interest expense on the debt with variable interest rate exposure by approximately $0.1 million per year.
+Added: As of December 31, 2023, we had $590.0 million in long-term debt and finance leases outstanding, all of which have either a fixed interest rate or are locked-in fixed interest rates through swap contracts.
As of December 31, 2022, we had $75.9 million in long-term debt and finance leases outstanding.
7 unchanged sentences
These books are remeasured into the functional currency of USD, using the current or historical exchange rates.
−Removed: The resulting currency remeasurement adjustments and other transactional foreign exchange gains and losses are reflected in our statement of operations.
+Added: The resulting currency remeasurement
+Added: adjustments and other transactional foreign exchange gains and losses are reflected in our statement of operations.
Our French subsidiary, AFP, maintains its books of record in euros.
7 unchanged sentences
We are also exposed to the potential earnings effects from intercompany foreign currency assets and liabilities that arise from normal trade receivables and payables and other intercompany loans.
−Removed: As of December 31, 2022, a 10% unfavorable change in the exchange rate of the U.S.
+Added: As of December 31, 2023, a theoretical 10% unfavorable change in the exchange rate of the U.S.
dollar strengthening against the foreign currencies to which we have exposure would result in approximately $2.2 million reduction of foreign currency gains, and approximately $1.6 million reduction in other comprehensive income.
−Removed: As of December 31, 2021, a 10% unfavorable change in the exchange rate of the U.S.
+Added: As of December 31, 2022, a theoretical 10% unfavorable change in the exchange rate of the U.S.
dollar strengthening against the foreign currencies to which we have exposure would result in approximately $2.6 million reduction of foreign currency gains, and approximately $1.6 million reduction in other comprehensive income.
1 unchanged sentence
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.