Legal Proceedings
−Removed: From time to time, we are subject to various claims and legal proceedings that arise in the ordinary course of business.
−Removed: We accrue for losses related to litigation when a potential loss is probable and the loss can be reasonably estimated in accordance with Financial Accounting Standards Board (“FASB”) requirements.
−Removed: As of December 31, 2022, except as disclosed below, we were not party to any material legal proceedings for which a loss was probable or an amount was accrued.
−Removed: On May 6, 2020, we initiated an arbitration proceeding with the Hong Kong International Arbitration Center against SMIC New Technology Research & Development (Shanghai) Corporation (“SMIC”) due to SMIC’s failure to pay fees due to us under a series of contracts.
−Removed: We seek to recover the unpaid fees, a declaration requiring SMIC to pay fees under the contracts in the future (or a lump sum payment to end the contract), and costs associated with bringing the arbitration proceeding.
+Added: From time to time, the Company is subject to various claims and legal proceedings that arise in the ordinary course of business.
+Added: The Company accrues for losses related to litigation when a potential loss is probable and the loss can be reasonably estimated in accordance with FASB requirements.
+Added: As of December 31, 2023, the Company was not party to any material legal proceedings for which a loss was probable or an amount was accrued.
+Added: On May 6, 2020, the Company initiated an arbitration proceeding with the Hong Kong International Arbitration Center against SMIC New Technology Research & Development (Shanghai) Corporation (“SMIC”) due to SMIC’s failure to pay fees due to the Company under a series of contracts.
+Added: The Company seeks to recover the unpaid fees, a declaration requiring SMIC to pay fees under the contracts in the future (or a lump sum payment to end the contract), and costs associated with bringing the arbitration proceeding.
SMIC denies liability and an arbitration hearing was held in February 2023.
−Removed: The decision is expected within approximately three to six months.
+Added: Final written submissions were submitted by the parties at the end of August 2023.
+Added: A decision is currently expected in 2024.
Mine Safety Disclosures
1 unchanged sentence
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