2 unchanged sentences
Interest rate risk .
−Removed: Certain interest rates are variable and fluctuate with current market conditions.
−Removed: Our investments have limited exposure to market risk.
−Removed: We maintain a portfolio of cash, cash equivalents and short-term investments, consisting primarily of money market funds and term deposits, commercial paper, U.S.
−Removed: government and agency securities, term deposits, and corporate bonds.
−Removed: None of these investments have a maturity date in excess of one year.
−Removed: Because of the short-term nature of these instruments, a sudden change in market interest rates would not be expected to have a material impact on our financial condition or results of operations.
+Added: Certain of our financial instruments are subject to interest rate risk due to variable interest rates that fluctuate with market conditions.
+Added: However, our exposure to market risk from interest rate fluctuations is limited.
+Added: We maintain a portfolio of cash, cash equivalents, and short-term and long-term investments, which primarily includes bank deposits, money market funds, certificates of deposit, commercial paper, corporate bonds, and U.S.
+Added: Treasury and agency securities.
+Added: The majority of these investments mature within one year, although some corporate bonds have maturities approaching, but not exceeding, two years.
+Added: Due to the short-term to intermediate-term nature of these instruments, we do not expect that a sudden change in market interest rates would have a material impact on our financial condition or results of operations.
We are also exposed to market risk as a result of increases or decreases in the amount of interest expense we must pay on our borrowings on our bank credit facilities.
7 unchanged sentences
In addition, our subsidiaries may have assets or liabilities denominated in a currency other than their functional currency, which results in foreign exchange transaction gains and losses due to changes in the value of the functional currency versus the currency the assets and liabilities are denominated in.
−Removed: In 2024 we incurred a loss on foreign exchange transactions of $5.5 million as compared to a gain of $1.4 million in 2023.
−Removed: As our Chinese and South Korean subsidiaries have net U.S.
−Removed: dollar denominated liabilities, the depreciation of the Chinese yuan and South Korean won relative to the U.S.
−Removed: dollar contributed to most of the foreign exchange loss in 2024, partially offset by gain
−Removed: on the depreciation of the Euro as our German subsidiary has net U.S.
−Removed: dollar denominated assets.
+Added: In 2025, we incurred a loss on foreign exchange transactions of $9.4 million as compared to a loss of $5.5 million in 2024.
+Added: As our German and Italian subsidiaries have net U.S.
+Added: dollar denominated assets, the appreciation of the euro relative to the U.S.
+Added: dollar contributed to a significant portion of the foreign exchange loss in 2025.
+Added: In addition, our Indian and Chinese subsidiaries have U.S.
+Added: dollar-denominated liabilities, and the strengthening of the U.S.
+Added: dollar relative to the Indian rupee and Chinese yuan at certain times during the year also contributed to the foreign exchange loss during the year, though to a lesser extent.
Management attempts to minimize these exposures by partially or fully off-setting foreign currency denominated assets and liabilities at our subsidiaries that operate in different functional currencies.
3 unchanged sentences
However, it is difficult to predict foreign currency movements accurately.
−Removed: At December 31, 2024, our material foreign currency exposure is net U.S.
+Added: At December 31, 2025, our material foreign currency exposure consists of net U.S.
dollar denominated assets at subsidiaries where the euro is the functional currency, and U.S.
−Removed: dollar denominated liabilities where the Chinese yuan and the South Korean won is the functional currency.
+Added: dollar denominated liabilities where the Chinese yuan and Indian rupee is the functional currency.
dollar denominated assets are comprised of cash, third party receivables and inter-company receivables offset by third party and inter-company U.S.
7 unchanged sentences
A 5% change in the relative exchange rate of the U.S.
+Added: dollar to the Chinese
+Added: yuan applied to the net U.S.
+Added: dollar liability balances as of December 31, 2025, would result in a foreign exchange loss of $0.7 million if the U.S.
+Added: dollar appreciated and a $0.8 million foreign exchange gain if the U.S.
+Added: dollar depreciated.
+Added: A 5% change in the relative exchange rate of the U.S.
+Added: dollar to the Indian rupee applied to the net U.S.
+Added: dollar liability balances as of December 31, 2025, would result in a foreign exchange loss of $0.2 million if the U.S.
+Added: dollar appreciated and a $0.2 million foreign exchange gain if the U.S.
+Added: dollar depreciated.
+Added: A 5% change in the relative exchange rate of the U.S.
+Added: dollar to the euro applied to the net U.S.
+Added: dollar asset balances as of December 31, 2024, would result in a foreign exchange gain of $1.1 million if the U.S.
+Added: dollar appreciated and a $1.2 million foreign exchange loss if the U.S.
+Added: dollar depreciated.
+Added: A 5% change in the relative exchange rate of the U.S.
dollar to the Chinese yuan applied to the net U.S.
13 unchanged sentences
Changes in the translated value of assets and liabilities due to changes in functional currency exchange rates relative to the U.S.
−Removed: dollar result in foreign currency translation adjustments that are a component of other comprehensive income or loss on the Consolidated Statements of Comprehensive (Loss) Income.
+Added: dollar result in foreign currency translation adjustments that are a component of other comprehensive income or loss on the Consolidated Statements of Comprehensive Income (Loss).
Foreign currency derivative instruments can also be used to hedge exposures and reduce the risks of certain foreign currency transactions;
5 unchanged sentences
This information is incorporated by reference from pages F-1
−Removed: through F- 31
of this report.
1 unchanged sentence
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.