1 unchanged sentence
Interest Rate Risk
−Removed: Our earnings and cash flows are subject to fluctuations due to changes in interest rates, principally in connection with our investments in marketable securities, which consist primarily of corporate bonds, direct obligations of the U.S.
−Removed: government and its agencies and other debt securities guaranteed by the U.S.
−Removed: government, and municipal bonds.
+Added: Our earnings and cash flows are subject to fluctuations due to changes in interest rates, principally in connection with our investments in marketable securities, which consist primarily of corporate bonds.
We do not believe we are materially exposed to changes in interest rates related to our investments, and we do not currently use interest rate derivative instruments to manage exposure to interest rate changes of our investments.
11 unchanged sentences
Nonetheless, deterioration of the credit quality of an investment security subsequent to purchase may subject us to the risk of not being able to recover the full principal value of the security.
−Removed: In 2019 , 2018 , and 2017 , we did not record any charges for other-than-temporary impairments of our available-for-sale debt securities.
+Added: In 2020, 2019, and 2018, we did not record any charges for credit-related impairments of our available-for-sale debt securities.
We are subject to credit risk associated with the receivables due from our collaborators, including Bayer, Sanofi, and Teva.
−Removed: We are also subject to credit risk in connection with trade accounts receivable from our product sales.
−Removed: These trade accounts receivable are primarily due from several distributors and specialty pharmacies, who are our customers.
−Removed: We have contractual payment terms with each of our customers, and we monitor our customers' financial performance and credit worthiness so that we can properly assess and respond to any changes in their credit profile.
−Removed: During 2019 , 2018 , and 2017 , we did not recognize any charges for write-offs of accounts receivable related to our marketed products.
+Added: We are also subject to credit risk in connection with trade accounts receivable due from our customers from our product sales.
+Added: We have contractual payment terms with each of our collaborators and customers, and we monitor their financial performance and credit worthiness so that we can properly assess and respond to any changes in their credit profile.
+Added: In 2020, 2019 and 2018, we did not recognize any charges for write-offs and allowances of accounts receivable related to credit risk for our collaborators or customers.
As of December 31, 2020 and 2019, three customers accounted on a combined basis for 93% and 97%, respectively, of our net trade accounts receivables.
Foreign Exchange Risk
−Removed: As discussed further above, Bayer markets EYLEA outside the United States and Sanofi markets Dupixent, Praluent, and Kevzara worldwide, and we share in profits and losses with these collaborators from commercialization of products (including the receipt of a percentage of EYLEA sales in Japan).
+Added: As discussed further above, Bayer and Sanofi market certain products outside the United States, and we share in profits and losses with these collaborators from commercialization of products (including the receipt of a percentage of EYLEA sales in Japan).
In addition, pursuant to the applicable terms of the agreements with our collaborators, we also share in certain worldwide development expenses incurred by our collaborators.
6 unchanged sentences
Changes in the fair value of our equity investments are included in Other income (expense), net on the Consolidated Statements of Income.
−Removed: We recorded $118.3 million of net unrealized gains and $41.9 million of net unrealized losses on equity securities in Other income (expense), net for the years ended December 31, 2019 and 2018 , respectively.
+Added: We recorded $196.0 million of net unrealized gains and $118.3 million of net unrealized gains on equity securities in Other income (expense), net for the years ended December 31, 2020 and 2019, respectively.
+Added: FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
+Added: The financial statements required by this Item are included on pages F-1 through F-47 of this report.
+Added: The supplementary financial information required by this Item is included at page F-47 of this report.
+Added: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
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.