Quantitative and Qualitative Disclosures about Market Risk
−Removed: We invest our excess cash and marketable securities primarily in United States government backed securities, asset-backed securities, and debt instruments of financial institutions and corporations with investment-grade credit ratings.
+Added: We invest our excess cash and debt securities primarily in United States government backed securities and debt instruments of financial institutions and corporations with investment-grade credit ratings.
These instruments have various short and long-term maturities, not exceeding two years.
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Accordingly, we believe that, while the instruments held are subject to changes in the financial standing of the issuer of such securities, we are not subject to any material risks arising from changes in interest rates, foreign currency exchange rates, commodity prices, equity prices or other market changes that affect market risk sensitive investments.
−Removed: A hypothetical 10% adverse move in interest rates along the entire interest rate yield curve would decrease our available-for-sale marketable securities as of March 31, 2020 by approximately $14.0 million if the Company were to sell the securities.
+Added: A hypothetical 1% adverse move in interest rates along the entire interest rate yield curve would decrease our available-for-sale debt securities as of June 30, 2020 by approximately $1.1 million if the Company were to sell the securities.
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.