1 unchanged sentence
We invest cash balances in excess of operating requirements in short-term securities, generally with maturities of 90 days or less.
−Removed: In addition, our unsecured credit agreement provides for borrowings which bear interest at variable rates based on LIBOR plus a spread or the prime rate.
+Added: In addition, our bank line of credit provides for borrowings which bear interest at variable rates based on the greatest of (i) the prime rate (3.25% at December 31, 2021), (ii) the federal funds effective rate plus 0.50% per annum and (iii) the one-month London Interbank Offered Rate, or LIBOR, plus 1.00% per annum, provided that the rate shall at no time be less than 0% 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 credit agreement exposes earnings to changes in short-term interest rates since interest rates on the underlying obligations are variable.
+Added: Our bank of line credit exposes earnings to changes in short-term interest rates since interest rates on the underlying obligations are variable.
Our average outstanding borrowings during 2021 was minimal.
Accordingly, the change in earnings resulting from a hypothetical 10% increase or decrease in interest rates is not material.
+Added: Inflation generally affects us by increasing our cost of labor and research, manufacturing and development costs.
+Added: We believe that inflation has not had a material effect on our financial statements included elsewhere in this Annual Report on Form 10-K.
+Added: However, our operations may be subject to inflation in the future.
Consolidated Financial Statements and Supplementary Data
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.