4 unchanged sentences
If we do not effectively manage the risks associated with this currency risk, our revenue, cash flows and financial condition could be adversely affected.
−Removed: Although during 2019, we recorded a foreign exchange gain of $321,000, during 2021 and 2020 we recorded net foreign exchange loss of $434,000 and $411,000, respectively, included as part of other income, net in our consolidated statements of operations.
+Added: Although during 2022, we recorded a foreign exchange gain of $1.6 million, during 2021 and 2020 we recorded net foreign exchange loss of $434,000 and $411,000, respectively, included as part of other income, net in our consolidated statements of operations.
We incur foreign currency transaction exchange gains and losses due to operations in general.
16 unchanged sentences
While we may apply this program to other currencies, such as the Chinese renminbi, our hedging position is partial and may not exist at all in the future.
−Removed: It may not succeed in minimizing our foreign currency fluctuation
+Added: It may not succeed in minimizing our foreign currency fluctuation risks.
Our primary objective in holding these instruments is to reduce the volatility of earnings and cash flows associated with changes in foreign currency.
9 unchanged sentences
Interest Rate
−Removed: Cash and cash equivalents
−Removed: Investments in marketable debt
+Added: Cash, cash equivalents and restricted cash
+Added: Investments in marketable debt securities
The primary objective of our investment activities is to preserve principal while maximizing income without significantly increasing risk.
7 unchanged sentences
The credit risk in our accounts receivable is mitigated by our credit evaluation process and the geographical dispersion of sales transactions.
−Removed: No customer accounted for more than 10% of our accounts receivable as of December 31, 2021 and two customers accounted for 11% and 10% of our accounts receivable as of December 31, 2020.
+Added: Two customers accounted for more than 10% of our accounts receivable as of December 31, 2022 and no customer accounted for more than 10% of our accounts receivable as of December 31, 2021.
As part of our supply chain strategy, we maintain minority investments in privately-held raw material companies located in China either invested directly by us and our subsidiaries or through our consolidated joint venture companies.
2 unchanged sentences
We monitor our investments for impairment and record reductions in carrying value when events or changes in circumstances indicate that the carrying value may not be recoverable.
−Removed: We own 25% of a germanium mining company.
−Removed: In 2019, we wrote down our investment in this company to zero resulting in an impairment charge of $1.1 million.
Reasons for other than temporary declines in value include whether the related company would have insufficient cash flow to operate for the next twelve months, significant changes in the operating performance and changes in market conditions.
1 unchanged sentence
Our minority investments under the equity method as of December 31, 2022 and 2021 totaled $14.6 million and $10.2 million, respectively.
+Added: Inflation Risk
+Added: While the historical impact of inflation is difficult to accurately measure due to the imprecise nature of the estimates required, we do not believe the effects of inflation on our consolidated results of operations and financial condition have been material.
+Added: However, there can be no assurance that our consolidated results of operations and financial condition will not be materially impacted by inflation in the future, including by heightened levels of inflation currently experienced globally.
+Added: Nonetheless, if our costs were to become subject to significant inflationary pressures, we may not be able to fully offset such higher costs.
+Added: Our inability or failure to do so could harm our business, consolidated results of operations or financial condition.
Consolidated Financial Statements and Supplement ary Data
2 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.