3 unchanged sentences
The guidelines in our investment policy focus on managing liquidity and preserving principal and earnings.
−Removed: Our cash equivalents are primarily held for liquidity purposes and are comprised of high quality, short-term investments, including money market funds.
+Added: Our cash equivalents are primarily held for liquidity purposes and are comprised of high quality, short-term investments, including money market funds and U.S.
Because our cash and cash equivalents have a short maturity, our portfolio's market value is relatively insensitive to interest rate changes.
+Added: Interest expense on our CLOC borrowings is determined based on short-term interest rates.
As our CLOC borrowings are generally seasonal, interest rate risk typically increases during the months of November through March.
−Removed: While our CLOC borrowings are relatively insensitive to interest rate changes, interest expense on CLOC borrowings will increase and decrease with changes in the underlying short-term interest rates.
We had no outstanding balance on our CLOC as of June 30, 2023.
1 unchanged sentence
therefore, a change in interest rates would have no impact on consolidated pretax earnings until these notes mature or are refinanced.
−Removed: H&R Block, Inc.
−Removed: | 2022 Form 10-K
−Removed: The fixed-rate interest payable on our Senior Notes is subject to adjustment based upon our credit ratings.
+Added: The interest we pay on our Senior Notes is fixed and is subject to adjustment based upon our credit ratings.
See Item 8, note 7 to the consolidated financial statements.
3 unchanged sentences
We translate revenues and expenses related to these operations at the average of exchange rates in effect during the period.
−Removed: Assets and liabilities of foreign subsidiaries are translated into U.S.
+Added: Assets and liabilities of foreign
+Added: H&R Block, Inc.
+Added: | 2023 Form 10-K
+Added: subsidiaries are translated into U.S.
dollars at exchange rates at the end of the year.
3 unchanged sentences
dollars of our international businesses.
−Removed: The impact of changes in foreign exchange rates during the period on our international cash balances resulted in a decrease of $8.1 million during the year ended June 30, 2022 compared to an increase of $13.5 million in year ended June 30, 2021.
−Removed: We estimate a 10% change in foreign exchange rates by itself would impact consolidated pretax income in the year ended June 30, 2022 and the year ended June 30, 2021 by $2.8 million and $3.2 million, respectively, and cash balances, excluding restricted balances, as of June 30, 2022 and June 30, 2021 by $18.5 million and $16.4 million, respectively.
+Added: The impact of changes in foreign exchange rates during the period on our international cash balances resulted in a decrease of $4.9 million and $8.1 million during the years ended June 30, 2023 and 2022, respectively.
+Added: We estimate a 10% change in foreign exchange rates by itself would impact consolidated pretax income for the years ended June 30, 2023 and 2022 by $3.8 million and $2.8 million, respectively, and cash balances, excluding restricted balances, as of June 30, 2023 and 2022 by $13.0 million and $18.5 million, respectively.
We generally use foreign exchange forward contracts to mitigate foreign currency exchange rate risk for loans we advance to our Canadian operations.
−Removed: We had no forward contracts outstanding at June 30, 2022, June 30, 2021, or April 30, 2021.
+Added: We had no forward contracts outstanding at June 30, 2023 or 2022 .
2023 Form 10-K | H&R Block, Inc.
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.