1 unchanged sentence
Interest Rate Sensitivity
−Removed: We had cash and cash equivalents of $29.4 million at December 31, 2019, which were held for working capital purposes.
+Added: We had cash and cash equivalents of $127.5 million as of December 31, 2020, which were held for working capital purposes.
We do not enter into investments for trading or speculative purposes.
1 unchanged sentence
However, $2.9 million of these funds are held in German bank accounts that were earning negative interest of 0.5% as of December 31, 2020.
+Added: There was also $79.1 million held in German banks that are U.S.
+Added: dollar denominated bank accounts and $44.0 million in U.S.
+Added: bank accounts that are earning nominal interest.
Declines or increases in interest rates, however, will reduce or increase future investment income, respectively, to the extent we have funds available for investment.
8 unchanged sentences
The functional currencies of our foreign subsidiaries are the applicable local currencies.
−Removed: Accordingly, the effects of exchange rate fluctuations on the net assets of these operations are accounted for as translation gains or losses in accumulated other comprehensive income (loss) within stockholders’ equity (deficit).
+Added: Accordingly, the effects of exchange rate fluctuations on the net assets of these operations are accounted for as translation gains or losses in accumulated other comprehensive income (loss) within stockholders’ equity.
Our German subsidiaries are currently a significant portion of our business and, accordingly, a change of 10% in the currency exchange rates, primarily the euro, could have a material impact on their financial position or results of operations.
Although operating in local currencies may limit the impact of currency rate fluctuations on the results of operations of our German subsidiaries, rate fluctuations may impact the consolidated financial position as the assets and liabilities of our foreign operations are translated into U.S.
−Removed: dollars in preparing our condensed consolidated balance sheets.
+Added: dollars in preparing our consolidated balance sheets.
As of December 31, 2020, our German subsidiaries had net current assets (defined as current assets less current liabilities), subject to foreign currency translation risk, of $82.0 million.
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.