1 unchanged sentence
Investment and Interest Rate Fluctuation Risk
−Removed: We are exposed to interest rate risks related to our investment portfolio and outstanding debt.
+Added: We are exposed to interest rate risks primarily related to our investment portfolio and the outstanding debt, as changes in prevailing interest rates may affect the fair value of investments and the cost of future financing activities.
The primary objectives of our investment activities are to preserve principal, provide liquidity and maximize income without significantly increasing risk.
2 unchanged sentences
To minimize this risk, we maintain our portfolio of cash, cash equivalents, investments and marketable equity securities in a variety of securities, including commercial paper, corporate debt securities, U.S.
−Removed: government and agency securities, certificates of deposit and term deposits, money market funds, municipal bonds and marketable equity securities.
+Added: government and agency securities, certificates of deposit and term deposits, money market funds and marketable equity securities.
The risk associated with fluctuating interest rates is limited to our investment portfolio.
−Removed: A 10% decrease in interest rates would have resulted in a decrease of $15.5 million in our interest income in 2024, and would have resulted in an insignificant decrease in our interest income in 2023 and 2022.
+Added: A 10% decrease in interest rates would have resulted in a decrease of $16.2 million, $15.5 million and $12.0 million in our interest income for 2025, 2024, and 2023, respectively.
Foreign Currency Exchange Risk
20 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.