11 unchanged sentences
The available-for-sale securities were recorded at fair market value with unrealized gains or losses resulting from changes in fair value reported as a separate component of Accumulated other comprehensive income (loss), net of tax, in Stockholders' equity.
−Removed: We also had $1,422.9 million of cash and cash equivalents that are comprised primarily of money market funds and bank-time deposits.
+Added: We also had $1,732.0 million of cash and cash equivalents that are comprised primarily of money market
+Added: funds and bank-time deposits.
We determined that, based on the composition of our investment portfolio, there was no material interest rate risk exposure to our Consolidated Financial Statements or liquidity as of March 31, 2022.
Historically, fluctuations in interest rates have not had a significant effect on our operating results.
−Removed: Under our Credit Agreement, loans will bear interest at a rate of (a) 0.250% to 0.750% above a certain base rate (3.25% at March 31, 2021) or (b) 1.125% to 1.750% above LIBOR (approximately 1.10% at March 31, 2021), which rates are determined by reference to our consolidated total net leverage ratio.
+Added: Under our Credit Agreement, loans will bear interest at our election of (a) 0.250% to 0.750% above a certain base rate (3.50% at March 31, 2022) or (b) 1.125% to 1.750% above the LIBOR (approximately 0.45% at March 31, 2022), with the margin rate subject to the achievement of certain average liquidity levels.
Changes in market rates may affect our future interest expense if there is an outstanding balance on our line of credit.
2 unchanged sentences
We transact business in foreign currencies and are exposed to risks resulting from fluctuations in foreign currency exchange rates.
−Removed: Accounts relating to foreign operations are translated into United States dollars using prevailing exchange rates at the relevant period end.
+Added: Accounts relating to foreign operations are translated into U.S.
+Added: dollars using prevailing exchange rates at the relevant period end.
Translation adjustments are included as a separate component of stockholders' equity on our Consolidated Balance Sheets.
−Removed: For the fiscal years ended March 31, 2021 and 2020, our foreign currency translation adjustment was a gain of $51.3 million and a loss of $27.4 million, respectively.
−Removed: We recognized a foreign currency exchange transaction gain of $0.7 million, a loss of $3.6 million, and a loss of $0.5 million for the fiscal years ended March 31, 2021, 2020, and 2019, respectively, in Interest and other, net in our Consolidated Statements of Operations.
+Added: For the fiscal years ended March 31, 2022 and 2021, our foreign currency translation adjustment was a loss of $43.6 million and a gain of $51.3 million, respectively.
+Added: We recognized a foreign currency exchange transaction loss of $7.3 million, a gain of $0.7 million, and a loss of $3.6 million for the fiscal years ended March 31, 2022, 2021, and 2020, respectively, in Interest and other, net in our Consolidated Statements of Operations.
Balance Sheet Hedging Activities
−Removed: We use foreign currency forward contracts to mitigate foreign currency exchange rate risk associated with non-functional currency denominated cash balances and inter-company funding loans, non-functional currency denominated accounts receivable and non-functional currency denominated accounts payable.
+Added: We use foreign currency forward contracts to mitigate foreign currency exchange rate risk associated with non-functional currency denominated cash balances and intercompany funding loans, non-functional currency denominated accounts receivable and non-functional currency denominated accounts payable.
These transactions are not designated as hedging instruments and are accounted for as derivatives whereby the fair value of the contracts is reported as either assets or liabilities on our Consolidated Balance Sheets, and gains and losses resulting from changes in the fair value are reported in Interest and other, net, in our Consolidated Statements of Operations.
6 unchanged sentences
dollars all of which have maturities of less than one year.
−Removed: For the fiscal years ended March 31, 2021, 2020 and 2019, we recorded a loss of $3.6 million, a loss of $1.0 million, and a gain of $16.8 million, respectively, related to foreign currency forward contracts in Interest and other, net on our Consolidated Statements of Operations.
+Added: For the fiscal years ended March 31, 2022, 2021 and 2020, we recorded a gain of $5.9 million, a loss of $3.6 million, and a loss of $1.0 million, respectively, related to foreign currency forward contracts in Interest and other, net on our Consolidated Statements of Operations.
As of March 31, 2022 and 2021, the fair value of these outstanding forward contracts was a loss of $0.2 million and a loss $0.1 million, respectively, and is included in accrued and other current liabilities.
1 unchanged sentence
Our hedging programs are designed to reduce, but do not entirely eliminate, the effect of currency exchange rate movements.
−Removed: We believe the counterparties to these foreign currency forward contracts are creditworthy multinational
−Removed: commercial banks and that the risk of counterparty nonperformance is not material.
−Removed: Notwithstanding our efforts to mitigate some foreign currency exchange rate risks, there can be no assurance that our hedging activities will adequately protect us against the risks associated with foreign currency fluctuations, which may be more volatile as a result of COVID-19.
+Added: We believe that the counterparties to these foreign currency forward contracts are creditworthy multinational commercial banks and that the risk of counterparty nonperformance is not material.
+Added: Notwithstanding our efforts to mitigate some foreign currency exchange rate risks, there can be no assurance that our hedging activities will adequately protect us against the risks associated with foreign currency fluctuations, which may be more volatile as a result of the COVID-19 pandemic.
For the fiscal year ended March 31, 2022, 40.1% of our revenue was generated outside the United States.
2 unchanged sentences
dollar against all currencies would increase revenue by 4.0%.
−Removed: In the opinion of management, a substantial portion of this fluctuation would be offset by cost of goods sold and operating expenses incurred in local currency.
+Added: In our opinion, a substantial portion of this fluctuation would be offset by cost of goods sold and operating expenses incurred in local currency.
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.