3 unchanged sentences
Fluctuations in interest rates may impact the level of income and expense recorded on the cash equivalents and short-term investments, and the market value of all interest-earning assets, other than those which possess a short-term to maturity.
−Removed: A 10% change in the interest rate in effect on June 30, 2020 and December 31, 2019, would not have a material effect on (i) fair value of the cash equivalents and short-term investments as the majority of the portfolio has a maturity date of three months or less, or (ii) interest income.
+Added: A 10% change in the interest rate in effect on September 30, 2020 and December 31, 2019, would not have a material effect on (i) fair value of the cash equivalents and short-term investments as the majority of the portfolio has a maturity date of three months or less, or (ii) interest income.
Management continues to monitor external interest rates and revise the Company’s investment strategy as a result.
−Removed: During the six months ended June 30, 2020, the Company had net interest income of $11.5 million (June 30, 2019 – $11.5 million).
−Removed: During the three and six months ended June 30, 2020, the Company’s average variable interest rate fell 0.73% and 1.45%, respectively.
−Removed: Had the interest rates been consistent, net interest income would have increased by $2.1 million and $7.3 million, respectively for the three and six months ended June 30, 2020.
+Added: During the nine months ended September 30, 2020, the Company had net interest income of $15.3 million (September 30, 2019 – $20.5 million).
+Added: During the three and nine months ended September 30, 2020, the Company’s average variable interest rate fell 0.03% and 1.44%, respectively.
+Added: Had the interest rates been consistent, net interest income would have increased by $0.3 million and $15.2 million, respectively for the three and nine months ended September 30, 2020.
Foreign currency risk
3 unchanged sentences
Revenue and expenses of all foreign operations are translated into U.S.
−Removed: dollars at the foreign currency exchange rates that approximate the rates in effect at the dates when such items are recognized.
+Added: dollars at the foreign currency exchange rates that approximate the rates in effect during the period when such items are recognized.
Appreciating foreign currencies relative to the U.S.
1 unchanged sentence
dollar will have a positive impact.
−Removed: A 10% change in the exchange rates for the Canadian dollar would affect the carrying value of net assets by approximately $166.3 million as of June 30, 2020.
+Added: A 10% change in the exchange rates for the Canadian dollar would affect the carrying value of net assets by approximately $166.3 million as of September 30, 2020.
The same change to exchange rates for the Canadian dollar as of December 31, 2019 would affect the carrying value of net assets by approximately $174.9 million.
3 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.