3 unchanged sentences
We invest our cash in a variety of financial instruments, principally securities issued by the U.S.
−Removed: government and its agencies, including collateralized reverse repurchase agreements, money market instruments, as well as commercial paper and corporate bonds.
+Added: government and its agencies, including collateralized reverse repurchase agreements, and money market instruments, as well as commercial paper.
The goals of our investment policy are preservation of capital, fulfillment of liquidity needs and fiduciary control of cash and investments.
5 unchanged sentences
While we believe our cash and cash equivalents do not contain excessive risk, we cannot provide absolute assurance that in the future our investments will not be subject to adverse changes in market value.
−Removed: In addition, we maintain significant amounts of cash
−Removed: and cash equivalents at one or more financial institutions that are in excess of federally insured limits.
+Added: In addition, we maintain significant amounts of cash and cash equivalents at one or more financial institutions that are in excess of federally insured limits.
Given the potential instability of financial institutions, we cannot provide assurance that we will not experience losses on these deposits.
1 unchanged sentence
however, because these interest rates are fixed, we may be paying a higher interest rate, relative to market, in the future if our credit rating improves or other circumstances change.
+Added: We are exposed to market risks related to fluctuations in interest rates relating to our four-year secured $500.0 million Revolving Credit Facility.
+Added: The increase or decrease in annual interest expense resulting from a 10% increase or decrease in the applicable interest rate is $2.2 million.
Equity Price Risk
3 unchanged sentences
To minimize the impact of potential dilution to our common stock upon conversion of the notes, we entered into the Convertible Note Hedges and Note Hedge Warrants, with respect to the 2022 Convertible Notes, and the Capped Calls, with respect to the 2024 Convertible Notes and 2026 Convertible Notes.
−Removed: The Convertible Note Hedges terminated unexercised upon expiry in June 2022.
−Removed: The convertible notes and derivatives are more fully described in Note 9, Notes Payable, in the accompanying notes to our consolidated financial statements appearing elsewhere in this Annual Report on Form 10-K.
+Added: The Convertible Note Hedges and Note Hedge Warrants terminated unexercised upon expiry in June 2022 and April 2023, respectively.
+Added: The convertible notes and derivatives are more fully described in Note 10, Debt , in the accompanying notes to our consolidated financial statements appearing elsewhere in this Annual Report on Form 10-K.
Foreign Currency Risk
−Removed: We have no significant monetary assets or liabilities expected to be settled in foreign currencies and we do not expect to be impacted significantly by foreign currency fluctuations.
+Added: We are also exposed to risks related to changes in foreign currency exchange rates relating to our foreign operations.
+Added: The functional currency of our international subsidiaries is the local currency.
+Added: We are exposed to foreign currency risk to the extent that we enter into transactions denominated in currencies other than our subsidiaries’ respective functional currencies.
+Added: We are also exposed to unfavorable fluctuations of the U.S.
+Added: dollar, which is our reporting currency, against the currencies of our operating subsidiaries when their respective financial statements are translated into U.S.
+Added: dollars for inclusion in our consolidated financial statements.
+Added: We do not currently hedge our foreign currency exchange rate risk.
+Added: Foreign currency has not had, nor do we believe that a decrease or increase in any foreign currency exchange rates would have, a material impact on our results of operations.
Financial Statements and Supplementary Data
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.