4 unchanged sentences
We had cash and cash equivalents totaling $545.6 million and $520.3 million at December 31, 2020 and December 31, 2019, respectively.
−Removed: We had marketable securities totaling $1.6 billion and $891.9 million at December 31, 2019 and December 31, 2018, respectively.
+Added: We had marketable securities totaling $2.0 billion and $1.6 billion at December 31, 2020 and December 31, 2019, respectively.
Our cash and cash equivalents consist of cash in bank accounts and marketable securities consisting of U.S.
3 unchanged sentences
Due to the relatively short-term nature of our investment portfolio, a hypothetical 100 basis point change in interest rates would not have a material effect on the fair value of our portfolio for the periods presented.
−Removed: In August 2019, we issued Convertible Notes with an aggregate principal amount of $1.265 billion.
−Removed: We carry the Convertible Notes at face value less the unamortized debt discount and issuance costs on our consolidated balance sheets.
−Removed: The Convertible Notes have a fixed interest rate;
−Removed: therefore, we have no financial statement risk associated with changes in interest rates with respect to the Convertible Notes.
−Removed: The fair value of the Convertible Notes changes when the market price of our stock fluctuates or market interest rates change.
+Added: In April 2020, we issued 2025 Notes with an aggregate principal amount of $1.0 billion.
+Added: We carry the 2025 Notes at face value less the unamortized debt discount and issuance costs on our consolidated balance sheets.
+Added: The 2025 Notes have a fixed interest rate;
+Added: therefore, we have no financial statement risk associated with changes in interest rates with respect to the 2025 Notes.
+Added: The fair value of the 2025 Notes changes when the market price of our stock fluctuates or market interest rates change.
+Added: In August 2019, we issued 2026 Notes with an aggregate principal amount of $1.265 billion.
+Added: We carry the 2026 Notes at face value less the unamortized debt discount and issuance costs on our consolidated balance sheets.
+Added: The 2026 Notes have a fixed interest rate;
+Added: therefore, we have no financial statement risk associated with changes in interest rates with respect to the 2026 Notes.
+Added: The fair value of the 2026 Notes changes when the market price of our stock fluctuates or market interest rates change.
Foreign Currency Risk
−Removed: For all periods presented, the majority of our sales and operating expenses were denominated in U.S.
+Added: For all periods presented, our sales and operating expenses were predominately denominated in U.S.
We therefore have not had material foreign currency risk associated with sales and cost-based activities.
The functional currency of our material operating entities is the U.S.
−Removed: For the periods presented, our operations outside of the United States incur a majority of their operating expenses in foreign currencies.
+Added: For the periods presented, our operations outside of the United States are not considered material and incur a majority of their operating expenses in foreign currencies.
Therefore, our results of operations and cash flows are minimally subject to fluctuations from changes in foreign currency rates.
3 unchanged sentences
We may, however, enter into foreign currency exchange contracts for purposes of hedging foreign exchange rate fluctuations on our business operations in future operating periods as our exposures are deemed to be material.
−Removed: For additional discussion on foreign currency risk, see “Risk Factors” in this Annual Report on Form 10-K.
+Added: For additional discussion on foreign currency risk, see “Risk Factors” elsewhere in this Annual Report on Form 10 -K.
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.