2 unchanged sentences
We transact business globally in multiple currencies and hence have foreign currency risks related to our revenue, costs of revenue, operating expenses and localized subsidiary debt denominated in currencies other than the U.S.
−Removed: dollar (primarily the Chinese yuan, euro, Canadian dollar and Swiss franc in relation to our current year operations).
+Added: dollar (primarily the Chinese yuan, euro, Canadian dollar and Australian dollar in relation to our current year operations).
In general, we are a net receiver of currencies other than the U.S.
3 unchanged sentences
We have also experienced, and will continue to experience, fluctuations in our net income (loss) as a result of gains (losses) on the settlement and the re-measurement of monetary assets and liabilities denominated in currencies that are not the local currency (primarily consisting of our intercompany and cash and cash equivalents balances).
−Removed: For the three months ended March 31, 2021, we recognized a net foreign currency gain of $2 million in Other income (expense), net, with our largest re-measurement exposures from the Canadian dollar, euro and U.S.
−Removed: dollar as our subsidiaries’
+Added: For the six months ended June 30, 2021, we recognized a net foreign currency gain of $51 million in Other income (expense), net, with our largest re-measurement exposures from the U.S.
+Added: dollar, Canadian dollar and Chinese yuan as our subsidiaries’
monetary assets and liabilities are denominated in various local currencies.
−Removed: For the three months ended March 31, 2020, we recognized a net foreign currency loss of $19 million in Other income (expense), net, with our largest re-measurement exposures from the U.S.
−Removed: dollar, Australian dollar and South Korean won.
+Added: For the six months ended June 30, 2020, we recognized a net foreign currency loss of $38 million in Other income (expense), net, with our largest re-measurement exposures from the U.S.
+Added: dollar, South Korean won and Mexican peso.
We considered the historical trends in foreign currency exchange rates and determined that it is reasonably possible that adverse changes in foreign currency exchange rates of 10% for all currencies could be experienced in the near-term.
These changes were applied to our total monetary assets and liabilities denominated in currencies other than our local currencies at the balance sheet date to compute the impact these changes would have had on our net income (loss) before income taxes.
−Removed: These changes would have resulted in a loss of $64 million at March 31, 2021 and $8 million at December 31, 2020 assuming no foreign currency hedging.
+Added: These changes would have resulted in a loss of $128 million at June 30, 2021 and $8 million at December 31, 2020 assuming no foreign currency hedging.
Interest Rate Risk
2 unchanged sentences
We do not enter into derivative instruments for trading or speculative purposes.
−Removed: A hypothetical 10% change in interest rates on our floating rate debt would have increased or decreased our interest expense for the three months ended March 31, 2021 and 2020 by $1 million and $1 million, respectively.
+Added: A hypothetical 10% change in interest rates on our floating rate debt would have increased or decreased our interest expense for the six months ended June 30, 2021 and 2020 by $1 million and $3 million, respectively.
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.