Quantitative and Qualitative Disclosures About Market Risk
−Removed: We maintain an investment portfolio of various holdings, types, and maturities.
−Removed: As of June 25, 2023, our mutual funds are classified as trading securities.
−Removed: Investments classified as trading securities are recorded at fair value based upon quoted market prices.
−Removed: Any material differences between the cost and fair value of trading securities are recognized as other income (expense), net in our Consolidated Statement of Operations.
−Removed: All of our other investments are classified as available-for-sale and consequently are recorded in the Consolidated Balance Sheets at fair value with unrealized gains or losses reported as a separate component of accumulated other comprehensive income, net of tax.
Interest Rate Risk
−Removed: Fixed-Income Securities
−Removed: Our investments in various interest-earning securities carry a degree of market risk for changes in interest rates.
−Removed: At any time, a sharp rise in interest rates could have a material adverse impact on the fair value of our fixed-income investment portfolio.
−Removed: Conversely, declines in interest rates could have a material adverse impact on interest income for our investment portfolio.
−Removed: We target to maintain a conservative investment policy, which focuses on the safety and preservation of our capital by limiting default risk, market risk, reinvestment risk, and concentration risk.
−Removed: As of June 25, 2023, our fixed income securities total $37.6 million.
−Removed: Market changes with hypothetical parallel shifts in the yield curve of plus or minus 50 basis points (“BPS”), 100 BPS, and 150 BPS, with a minimum interest rate of zero BPS, are not significant.
−Removed: We mitigate default risk by investing in high credit quality securities and by positioning our portfolio to respond appropriately to a significant reduction in a credit rating of any investment issuer or guarantor.
−Removed: The portfolio includes only marketable securities with active secondary or resale markets to achieve portfolio liquidity and maintain a prudent amount of diversification.
Long-Term Debt
4 unchanged sentences
We do not carry the Notes at fair value but present the fair value of the principal amount of our Notes for disclosure purposes.
−Removed: Equity Price Risk
−Removed: Publicly Traded Securities
−Removed: The values of our investments in publicly traded securities, including mutual funds related to our obligations under our deferred compensation plans, are subject to market price risk.
−Removed: As of June 25, 2023, our publicly traded securities total $106.7 million.
−Removed: Potential fluctuations in the price of each security in the portfolio of plus or minus 10%, 15%, or 25% are not significant.
Foreign Currency Exchange (“FX”) Risk
4 unchanged sentences
dollar transactions or cash flows.
−Removed: Lam Research Corporation 2023 10-K 36
We enter into foreign currency forward contracts to minimize the short-term impact of exchange rate fluctuations on certain foreign currency denominated monetary assets and liabilities, primarily cash, third-party accounts receivable, accounts payable, and intercompany receivables and payables.
10 unchanged sentences
Lam Research Corporation 2024 10-K 36
+Added: Table of Content
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.