5 unchanged sentences
Our costs and expenses are generally denominated in the currencies where our operations are located, which is primarily in the Americas, EMEA and, to a lesser extent, Japan and the Asia Pacific region.
−Removed: In 2016, we initiated a hedging program with respect to foreign currency risk.
+Added: We have a hedging program with respect to foreign currency risk.
Revenue resulting from selling in local currencies and costs and expenses incurred in local currencies are exposed to foreign currency exchange rate fluctuations, which can affect our revenue and operating income.
3 unchanged sentences
Non-monetary assets and liabilities are remeasured at historical exchange rates.
−Removed: Gains and losses related to remeasurement are recorded in interest and other income (expense), net in the consolidated statements of operations.
+Added: Gains and losses related to remeasurement are recorded in interest and other income, net in the consolidated statements of operations.
A significant fluctuation in the exchange rates between our subsidiaries’ local currencies, especially the Japanese yen, British Pound and Euro, and the U.S.
dollar could have an adverse impact on our consolidated financial position and results of operations.
−Removed: We recorded $1.4 million , $0.7 million and $0.4 million and foreign exchange loss during the years ended December 31, 2019 , 2018 and 2017 , respectively.
+Added: We recorded $0.7 million and $1.4 million of net foreign exchange losses during the years ended December 31, 2018 and 2019, respectively.
+Added: In the year ended December 31, 2020, we recorded an immaterial foreign exchange gain.
The effect of a hypothetical 10% change in our exchange rate would not have a significant impact on our consolidated results of operations.
Interest Rate Sensitivity
−Removed: Our exposure to interest rates risk related to our 2016 Credit Facility with variable interest rates, where an increase in interest rates could have resulted in higher borrowing costs.
−Removed: Since we let our 2016 Credit Facility expire in November 2019, the effect of a hypothetical 10% change in interest rates would not have had any impact on our interest expense.
Our exposure to market risk for changes in interest rates relates primarily to our marketable securities.
3 unchanged sentences
At December 31, 2020, our investment portfolio included marketable securities with an aggregate fair market value and amortized cost basis of $74.9 million and $74.8 million, respectively.
+Added: The effect of a hypothetical 10% change in interest rates would not have had any impact on our interest expense.
The following table presents the hypothetical fair values of our marketable securities assuming immediate parallel shifts in the yield curve of 50 basis points (“BPS”), 100 BPS and 150 BPS as of December 31, 2020 (in thousands):
Fair Value as of
+Added: (150 BPS) (100 BPS) (50 BPS) 12/31/2020 50 BPS 100 BPS 150 BPS
Marketable securities $ 74,928 $ 74,927 $ 74,925 $ 74,851 $ 74,713 $ 74,574 $ 74,436
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.