1 unchanged sentence
We invest cash balances in excess of operating requirements in cash equivalents and short-term investments, generally with maturities of less than one year.
−Removed: In addition, our credit facility provides for borrowings which bear interest at the greatest of (i) the prime rate (7.50% at December 31, 2024), (ii) the federal funds effective rate plus 0.50% per annum, and (iii) the daily SOFR Rate plus 1.00% per annum, provided that the rate shall at no time be less than 1.00% per annum.
We believe the effect, if any, of reasonably possible near-term changes in interest rates on our financial position, results of operations, and cash flows should not be material.
−Removed: Our bank of line credit, along with our cash equivalents and short-term investments exposes earnings to changes in short-term interest rates since interest rates on the underlying obligations are variable.
−Removed: Our average outstanding borrowings during 2024 were minimal, and as such a hypothetical 10% increase or decrease in interest rates is not material.
+Added: Our cash equivalents and short-term investments expose earnings to changes in short-term interest rates since interest rates on the underlying obligations are variable.
While the nature of our short-term investments protects us from changes in short-term interest rates, a change in short-term interest rates could affect the fair value of our short-term investments.
7 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.