8 unchanged sentences
We do not engage in foreign currency speculation.
−Removed: The Company enters into economic hedges utilizing foreign currency forward contracts with maturities of up to three months to manage the exposure to fluctuations in foreign currency exchange rates arising primarily from foreign-denominated receivables and payables.
+Added: The Company enters into economic hedges utilizing foreign currency forward contracts with maturities of generally up to three months but not greater than one year to manage the exposure to fluctuations in foreign currency exchange rates arising primarily from foreign-denominated receivables and payables.
The Company had the following outstanding forward contracts as of December 31, 2025 and 2024 (in thousands):
2 unchanged sentences
Derivatives Not Designated as Hedging Instruments:
−Removed: Singapore Dollar 40,000 $ 29,457 1.36 1.36 39,700 $ 30,136 1.32 1.32
−Removed: Euro 25,000 26,029 0.9605 0.9605 40,000 44,302 0.9029 0.9029
−Removed: Chinese Renminbi 95,000 12,990 7.31 7.31 50,000 7,025 7.12 7.12
Mexican Peso 160,000 $ 8,881 18.02 18.02 220,000 $ 10,701 20.56 20.56
Hungarian Forint 2,500,000 7,600 328.95 328.95 2,360,000 5,951 396.59 396.59
+Added: Korean Won 9,000,000 6,239 1,442.50 1,442.50 — — — —
British Pound 4,000 5,383 0.7432 0.7432 3,200 4,008 0.7983 0.7983
+Added: Indian Rupee 400,000 4,436 90.17 90.17 — — — —
+Added: Chinese Renminbi 20,000 2,865 6.98 6.98 95,000 12,990 7.31 7.31
Japanese Yen 400,000 2,563 156.04 156.04 2,000,000 12,789 156.52 156.52
+Added: Singapore Dollar (1)
+Added: — — — — 40,000 29,457 1.36 1.36
+Added: Euro — — — — 25,000 26,029 0.9605 0.9605
Swiss Franc — — — — 2,200 2,432 0.9047 0.9047
Canadian Dollar — — — — 2,000 1,390 1.44 1.44
+Added: (1) In January 2026, the Company entered into a forward contract for the Singapore Dollar with a notional value of S$34 million and a USD equivalent of $27 million, with a high and low rate of 1.24.
A change in foreign currency exchange rates could materially impact the fair value of these contracts;
4 unchanged sentences
Furthermore, our failure to identify new exposures and hedge them in an effective manner may result in material foreign currency gains or losses.
−Removed: Table of Content
The Company’s functional currency/reporting currency exchange rate exposures result from revenues and expenses that are denominated in currencies other than the U.S.
11 unchanged sentences
Interest Rate Risk
−Removed: The Company’s investment portfolio of debt securities includes corporate bonds, treasury notes, asset-backed securities, and sovereign bonds.
+Added: The Company’s investment portfolio of debt securities includes corporate bonds, treasury notes, and asset-backed securities.
Debt securities with original maturities greater than three months are designated as available-for-sale and are reported at fair value.
−Removed: As of December 31, 2024, the fair value of the Company’s portfolio of debt securities amounted to $400,854,000, with amortized cost amounts totaling $405,758,000, maturities that do not exceed six years, and a yield to maturity of 3.8%.
+Added: As of December 31, 2025, the fair value of the Company’s portfolio of debt securities amounted to $379,376,000, with amortized cost amounts totaling $376,589,000, maturities that do not exceed five years, and a yield to maturity of 4.19%.
Differences between the fair value and principal amounts of the Company’s portfolio of debt securities are primarily attributable to discounts and premiums arising at the acquisition date, as well as unrealized gains and losses as of the balance sheet date.
Management currently intends to hold these securities to full value recovery at maturity.
−Removed: In July 2023, the Company’s investment policy was modified to reduce effective maturities of newly-purchased securities to up to five years.
−Removed: As of December 31, 2024, the Company held investments with maturities in excess of the five-year limit that were approved as pre-existing exceptions to the new policy.
+Added: It is the Company’s policy to invest in debt securities with maturities that do not exceed five years.
As of December 31, 2025, 72% of the investment portfolio had effective maturity dates of less than three years.
−Removed: Given the relatively short maturities and investment-grade quality of the Company’s portfolio of debt securities as of December 31, 2024, we do not expect a sharp rise in interest rates to have a material adverse effect on the fair value of these instruments.
+Added: Given the relatively short maturities and investment-grade quality of the Company’s portfolio of debt securities as of
+Added: December 31, 2025, we do not expect a sharp rise in interest rates to have a material adverse effect on the fair value of these instruments.
As a result, the Company does not currently hedge these interest rate exposures.
9 unchanged sentences
Asset-backed securities 4,256 4,219 4,182 4,144 4,107
−Removed: Sovereign bonds 1,011 1,000 990 980 969
$ 386,113 $ 382,745 $ 379,376 $ 376,006 $ 372,638
−Removed: Table of Content
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.