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These adjustments will affect net income only upon sale or liquidation of the underlying investment in foreign subsidiaries.
−Removed: We record exchange rate fluctuations resulting from the translation of the short-term intercompany balances between domestic entities and our foreign subsidiaries as foreign currency transaction gains or losses and include them in interest and other income (expense), net in our consolidated statement of operations.
−Removed: We occasionally enter into foreign currency forward
−Removed: contracts for certain intercompany balances in order to partially offset the impact from fluctuation of the foreign currency rates.
−Removed: We entered into no foreign currency forward contracts during the year ended December 31, 2019 .
−Removed: As of December 31, 2019 , a notional amount of $8.0 million was outstanding to hedge currency risk relating to certain intercompany balances.
−Removed: The resulting impact from the hedging activity on our consolidated financial statements was not significant for the year ended December 31, 2019 .
+Added: We record exchange rate fluctuations resulting from the translation of the short-term intercompany balances between domestic entities and our foreign subsidiaries as foreign currency transaction gains or losses and include them in interest and other income (expense), net in our consolidated statements of operations.
+Added: We occasionally enter into foreign currency forward contracts in order to partially offset the impact from fluctuation of the foreign currency rates.
+Added: As of December 31, 2020, we had foreign currency forward contracts outstanding with a notional amount of $48.0 million.
The fair values of these derivatives are based on quoted market prices, which are Level 1 inputs, and the derivative instruments are recorded in other current assets or other current liabilities in our balance sheets consistent with the nature of the instrument at period end.
−Removed: Derivative gains and losses are included in interest and other income, net in our consolidated statement of operations.
+Added: Derivative gains and losses are included in interest and other income, net in our consolidated statements of operations.
Notional principal amounts provide one measure of the transaction volume outstanding as of period end, but they do not represent the amount of our exposure to market loss.
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ITEM 8 - CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
−Removed: The information required is set forth under “Report of Independent Registered Public Accounting Firm,” “Consolidated Balance Sheets,” “Consolidated Statements of Operations,” “ Consolidated Statements of Comprehensive Income (Loss) ,” “Consolidated Statements of Stockholders’ Equity,” “Consolidated Statements of Cash Flows” and “Notes to Consolidated Financial Statements” on pages F-2 to F-39 of this Annual Report.
+Added: The information required is set forth under “Report of Independent Registered Public Accounting Firm,” “Consolidated Balance Sheets,” “Consolidated Statements of Operations,” “ Consolidated Statements of Comprehensive Income (Loss),” “Consolidated Statements of Stockholders’ Equity,” “Consolidated Statements of Cash Flows” and “Notes to Consolidated Financial Statements” on pages F-2 to F-42 of this Annual Report and is incorporated into this Item 8 by reference.
ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
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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.