Quantitative and Qualitative Disclosure About Market Risk
−Removed: 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 bank line of credit provides for borrowings which bear interest at variable rates based on the greatest of (i) the prime rate (7.50% at December 31, 2022), (ii) the federal funds effective rate plus 0.50% per annum and (iii) the one-month LIBOR, plus 1.00% per annum, provided that the rate shall at no time be less than 0% per annum.
+Added: We invest cash balances in excess of operating requirements in cash equivalents and short-term investments, generally with maturities of less than one year.
+Added: In addition, our credit facility provides for borrowings which bear interest at the greatest of (i) the prime rate (8.50% at December 31, 2023), (ii) the federal funds effective rate plus 0.50% per annum and (iii) the daily BSBY Rate 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 bank of line credit exposes earnings to changes in short-term interest rates since interest rates on the underlying obligations are variable.
−Removed: Our average outstanding borrowings during 2022 was minimal.
−Removed: Accordingly, the change in earnings resulting from a hypothetical 10% increase or decrease in interest rates is not material.
+Added: 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.
+Added: Our average outstanding borrowings during 2023 were minimal, and as such a hypothetical 10% increase or decrease in interest rates is not material.
+Added: 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.
+Added: However, the change in earnings resulting from a hypothetical 10% increase or decrease in interest rates is not material.
Inflation generally affects us by increasing our cost of labor and research, manufacturing and development costs.
1 unchanged sentence
However, our operations may be subject to inflation in the future.
−Removed: Consolidated Financial Statements and Supplementary Data
+Added: Financial Statements and Supplementary Data
The information required by this Item is included in this Report beginning at page F-1.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
−Removed: Not applicable.
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.