3 unchanged sentences
Interest Rate Risk
−Removed: We had cash and cash equivalents totaling $545.6 million and $520.3 million at December 31, 2020 and December 31, 2019, respectively.
+Added: We had cash and cash equivalents totaling $2.0 billion and $545.6 million at December 31, 2021 and December 31, 2020, respectively.
We had marketable securities totaling $1.7 billion and $2.0 billion at December 31, 2021 and December 31, 2020, respectively.
Our cash and cash equivalents consist of cash in bank accounts and marketable securities consisting of U.S.
−Removed: government debt and agency securities, corporate debt securities, certificates of deposit, and commercial paper.
+Added: government debt and agency securities, publicly traded equity securities, corporate debt securities, certificates of deposit, and commercial paper.
The primary objectives of our investment activities are to preserve principal and provide liquidity without significantly increasing risk.
1 unchanged sentence
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 April 2020, we issued 2025 Notes with an aggregate principal amount of $1.0 billion.
−Removed: We carry the 2025 Notes at face value less the unamortized debt discount and issuance costs on our consolidated balance sheets.
+Added: In April 2021, we issued the 2027 Notes with an aggregate principal amount of $1.15 billion, the full amount of which is outstanding as of December 31, 2021.
+Added: We carry the 2027 Notes at face value less the unamortized debt issuance costs on our consolidated balance sheets.
+Added: The 2027 Notes do not bear regular interest;
+Added: therefore, we have no financial statement risk associated with changes in interest rates with respect to the 2027 Notes.
+Added: The fair value of the 2027 Notes changes when the market price of our stock fluctuates or market interest rates change.
+Added: In April 2020, we issued the 2025 Notes with an aggregate principal amount of $1.0 billion, of which $0.3 billion remains outstanding as of December 31, 2021.
+Added: We carry the 2025 Notes at face value less the unamortized debt issuance costs on our consolidated balance sheets.
The 2025 Notes have a fixed interest rate;
1 unchanged sentence
The fair value of the 2025 Notes changes when the market price of our stock fluctuates or market interest rates change.
−Removed: In August 2019, we issued 2026 Notes with an aggregate principal amount of $1.265 billion.
−Removed: We carry the 2026 Notes at face value less the unamortized debt discount and issuance costs on our consolidated balance sheets.
+Added: In August 2019, we issued the 2026 Notes with an aggregate principal amount of $1.265 billion, of which $0.8 billion remains outstanding as of December 31, 2021.
+Added: We carry the 2026 Notes at face value less the unamortized debt issuance costs on our consolidated balance sheets.
The 2026 Notes have a fixed interest rate;
5 unchanged sentences
The functional currency of our material operating entities is the U.S.
−Removed: 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.
−Removed: Therefore, our results of operations and cash flows are minimally subject to fluctuations from changes in foreign currency rates.
−Removed: We believe the exposure to foreign currency fluctuation from operating expenses is immaterial at this time as the related costs do not constitute a significant portion of our total expenses.
+Added: For all periods presented, we believe the exposure to foreign currency fluctuation from operating expenses is immaterial as the related costs do not constitute a significant portion of our total expenses.
As we grow operations, our exposure to foreign currency risk will likely become more significant.
−Removed: For the periods presented, we did not enter into any foreign currency exchange contracts.
+Added: For all periods presented, we did not enter into any foreign currency exchange contracts.
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.
1 unchanged sentence
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.