1 unchanged sentence
Interest Income
−Removed: Our investment portfolio includes cash, cash equivalents, short-term investments and long-term investments.
+Added: Our investment portfolio includes cash, cash equivalents and short-term investments.
Our main investment objectives are the preservation of investment capital and the maximization of after-tax returns on our investment portfolio.
1 unchanged sentence
interest rates.
−Removed: Our investment portfolio holdings as January 1, 2022 and January 2, 2021 yielded less than 100 basis points.
−Removed: A decline in yield to zero basis points on our investment portfolio holdings as of January 1, 2022 and January 2, 2021 would decrease our future annual interest income by approximately $3.6 million and $5.2 million, respectively.
+Added: A 100 basis point decline in yield on our investment portfolio holdings as of December 31, 2022 would decrease our future annual interest income by approximately $11.0 million.
+Added: Our investment portfolio holdings as January 1, 2022 yielded less than 100 basis points.
+Added: A decline in yield to zero basis points on our investment portfolio holdings as of January 1, 2022 would decrease our future annual interest income by approximately $3.6 million.
We believe that our investment policy, which defines the duration, concentration, and minimum credit quality of the allowable investments, meets our investment objectives.
2 unchanged sentences
The interest rate on the credit facility consists of a variable-rate of interest and an applicable margin.
−Removed: While we have drawn from the credit facility in the past, we have no borrowings as of January 1, 2022.
+Added: While we have drawn from the credit facility in the past, we have no borrowings as of December 31, 2022.
If we borrow from the credit facility in the future, we will again be exposed to interest rate fluctuations.
7 unchanged sentences
Gains and losses on foreign currency forward contracts are recognized in earnings in the same period during which the hedged transaction is recognized.
−Removed: Investments in Auction-rate Securities
−Removed: As of January 1, 2022, we held $6.0 million par value auction-rate securities, all of which have experienced failed auctions because sell orders exceeded buy orders.
−Removed: We are unable to predict if these funds will become available before their maturity dates.
−Removed: Additionally, if we determine that a credit-related decline in the fair value of any of our available-for-sale auction-rate securities has occurred, we may be required to adjust the carrying value of the investments through an impairment charge.
Financial Statements and Supplementary Data
2 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.