Quantitative and Qualitative Disclosures about Market Risk
−Removed: Interest Rate Fluctuation Risk
+Added: Investment and Interest Rate Fluctuation Risk
+Added: We are exposed to interest rate risks related to our investment portfolio and outstanding debt.
The primary objectives of our investment activities are to preserve principal, provide liquidity and maximize income without significantly increasing risk.
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This means that a change in prevailing interest rates may cause the principal amount of the investment to fluctuate.
−Removed: To minimize this risk, we maintain our portfolio of cash, cash equivalents and investments in a variety of securities, including corporate debt securities, certificates of deposit and term deposits, commercial paper, money market funds, and U.S.
−Removed: government and agency securities.
+Added: To minimize this risk, we maintain our portfolio of cash, cash equivalents, investments and marketable equity securities in a variety of securities, including commercial paper, corporate debt securities, U.S.
+Added: government and agency securities, certificates of deposit and term deposits, money
+Added: market funds, municipal bonds and marketable equity securities.
The risk associated with fluctuating interest rates is limited to our investment portfolio.
A 10% decrease in interest rates in 2021, 2020 and 2019 would have resulted in an insignificant decrease in our interest income in each of these periods.
+Added: On March 5, 2021, we issued $1.0 billion aggregate principal amount of senior notes, consisting of $500.0 million aggregate principal amount of 1.0% notes due March 15, 2026 and $500.0 million aggregate principal amount of 2.2% notes due March 15, 2031.
+Added: We carry the senior notes at face value less unamortized discount on our consolidated balance sheets.
+Added: As the senior notes bear interest at a fixed rate, we have no financial statement risk associated with changes in interest rates.
+Added: Refer to Note 11.
+Added: Debt in Part II, Item 8 of this Annual Report on Form 10-K.
Foreign Currency Exchange Risk
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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.