1 unchanged sentence
Interest Rate Risk
−Removed: Our cash and short term investment balances as of December 31, 2020 are related to our investment portfolio which consists largely of debt instruments of high quality corporate issuers.
+Added: Our cash and short term investment balances as of December 31, 2021 and 2020 are related to our investment portfolio which consists largely of debt instruments of high quality corporate issuers.
Due to the short-term nature of these investments, we have assessed that there is no material exposure to interest rate risk arising from our investments.
Fixed rate investments and borrowings may have their fair market value adversely impacted from changes in interest rates.
−Removed: At December 31, 2020, we do not hold any material asset-backed investment securities and in 2020, we did not realize any losses related to asset-backed investment securities.
−Removed: Based upon our overall interest rate exposure as of December 31, 2020, a change of 10 percent in interest rates, assuming the amount of our investment portfolio and overall economic environment remains constant, would not have a material effect on interest income.
−Removed: The primary objective of our investment activities is to preserve the principal while at the same
−Removed: time maximizing yields without significantly increasing the risk.
+Added: Based upon our overall interest rate exposure as of December 31, 2021, a change of 10% in interest rates, assuming the amount of our investment portfolio and overall economic environment remains constant, would not have a material effect on interest income.
+Added: The primary objective of our investment activities is to preserve the principal while at the same time maximizing yields without significantly increasing the risk.
To achieve this objective, we maintain our portfolio of cash equivalents and investments in instruments that meet high credit quality standards, as specified in our investment policy.
4 unchanged sentences
Realized gains and losses and interest income related to short term investments were immaterial during all periods presented.
−Removed: Our cash balance as of December 31, 2019 consisted of cash held in an operating account that earns nominal interest income.
−Removed: We are exposed to market risk related to fluctuations in interest rates and bond market prices.
−Removed: Our primary exposure to market risk is interest income sensitivity, which is affected by changes in the general level of U.S.
−Removed: interest rates.
−Removed: However, because of the nature of our cash holdings, a sudden change in market interest rates would not be expected to have a material impact on our financial condition or results of operation.
Foreign Currency
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.