9 unchanged sentences
Our investments are held for purposes other than trading.
−Removed: As of December 31, 2021, we had $1,479.0 million of short-term investments, which included $856.3 million of available-for-sale securities.
+Added: As of June 30, 2022, we had $459.2 of short-term investments, which included $443.1 of available-for-sale securities.
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 $986.7 million of cash and cash equivalents that are comprised primarily of money market funds and bank-time deposits.
−Removed: We determined that, based on the composition of our investment portfolio, there was no material interest rate risk exposure to our Condensed Consolidated Financial Statements or liquidity as of December 31, 2021.
+Added: We also had $847.4 of cash and cash equivalents that are comprised primarily of money market funds and bank-time deposits.
+Added: We determined that, based on the composition of our investment portfolio, there was no material interest rate risk exposure to our Condensed Consolidated Financial Statements or liquidity as of June 30, 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 our election of (a) 0.250% to 0.750% above a certain base rate (3.25% at December 31, 2021), or (b) 1.125% to 1.750% above the LIBOR rate (approximately 0.10% at December 31, 2021), with the margin rate subject to the achievement of certain average liquidity levels.
−Removed: Changes in market rates may affect our future interest expense if there is an outstanding balance on our line of credit.
−Removed: At December 31, 2021, there were no outstanding borrowings under our Credit Agreement.
+Added: Under our 2022 Credit Agreement, loans will bear interest at a rate of (a) 0.000% to 0.625% above an alternate base rate (3.25% at June 30, 2022) or (b) 1.000% to 1.625% above Secured Overnight Financing Rate ("SOFR"), approximately 0.10% at June 30, 2022, which rates are determined by the Company's credit rating.
+Added: At June 30, 2022, there were borrowings of approximately $200.0 under the 2022 Credit Agreement, which mature in 2027.
+Added: We also have borrowings of $350.0 at 3.6% under our Term Loan.
+Added: The Term Loan provides for an unsecured 364-day term loan credit facility in the aggregate principal amount of $350.0 and matures on June 21, 2023, and will bear interest at our election at a margin of (a) 0.000% to 0.375% above an alternate base rate (defined on the basis of prime rate) or (b) 0.750% to 1.375% above SOFR, which margins are determined by reference to the our credit rating.
Foreign Currency Exchange Rate Risk
3 unchanged sentences
Translation adjustments are included as a separate component of Stockholders' equity on our Condensed Consolidated Balance Sheets.
−Removed: For the three months ended December 31, 2021 and 2020, our foreign currency translation adjustment was a loss of $13.5 million and a gain of $30.1 million, respectively.
−Removed: For the three months ended December 31, 2021 and 2020, we recognized a foreign currency exchange transaction loss of $3.7 million and a gain of $0.4 million, respectively, included in Interest and other, net in our Condensed Consolidated Statements of Operations.
−Removed: For the nine months ended December 31, 2021 and 2020, our foreign currency translation adjustment was a loss of $24.1 million and a gain of $53.7 million, respectively.
−Removed: For the nine months ended December 31, 2021 and 2020, we recognized a foreign currency exchange transaction loss of $5.7 million and a gain of $5.4 million, respectively, included in Interest and other, net in our Condensed Consolidated Statement of Operations.
+Added: For the three months ended June 30, 2022 and 2021, our foreign currency translation adjustment was a loss of $62.8 and a gain of $6.1, respectively.
+Added: For the three months ended June 30, 2022 and 2021, we recognized a foreign currency exchange transaction loss of $3.5 and a loss of $2.4, respectively, included in Interest and other, net in our Condensed Consolidated Statements of Operations.
Balance Sheet Hedging Activities
2 unchanged sentences
We do not enter into derivative financial contracts for speculative or trading purposes.
−Removed: At December 31, 2021, we had $173.1 million of forward contracts outstanding to sell foreign currencies in exchange for U.S.
−Removed: dollars and $97.0 million of forward contracts outstanding to buy foreign currencies in exchange for U.S.
+Added: At June 30, 2022, we had $99.5 of forward contracts outstanding to sell foreign currencies in exchange for U.S.
+Added: dollars and $311.6 of forward contracts outstanding to buy foreign currencies in exchange for U.S.
dollars, all of which have maturities of less than one year.
−Removed: At March 31, 2021, we had $140.5 million of forward contracts outstanding to sell foreign currencies in exchange for U.S.
−Removed: dollars and $92.1 million of forward contracts outstanding to buy foreign currencies in exchange for U.S.
+Added: At March 31, 2022, we had $132.8 of forward contracts outstanding to sell foreign currencies in exchange for U.S.
+Added: dollars and $75.8 of forward contracts outstanding to buy foreign currencies in exchange for U.S.
dollars, all of which have maturities of less than one year.
−Removed: For the three months ended December 31, 2021 and 2020, we recorded a gain of $4.1 million and a loss of $5.8 million, respectively.
−Removed: For the nine months ended December 31, 2021 and 2020, we recorded a gain of $2.9 million and a loss of $9.5 million, respectively.
−Removed: As of December 31, 2021, the fair value of these outstanding forward contracts was an immaterial loss and was included in Accrued expenses and other current liabilities, and, as of March 31, 2021, the fair value of outstanding
−Removed: forward contracts was an immaterial loss and was included in Accrued expenses and other current liabilities.
+Added: For the three months ended June 30, 2022 and 2021, we recorded a gain of $1.6 and a loss of $1.8, respectively.
+Added: As of June 30, 2022, the fair value of these outstanding forward contracts was an immaterial loss and was included in Accrued expenses and other current liabilities, and, as of March 31, 2022, the fair value of outstanding forward contracts was an immaterial loss of $0.2 and was included in Accrued expenses and other current liabilities.
The fair value of these outstanding forward contracts is estimated based on the prevailing exchange rates of the various hedged currencies as of the end of the period.
2 unchanged sentences
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.
−Removed: For the three months ended December 31, 2021, 40.8% of our revenue was generated outside the United States.
+Added: For the three months ended June 30, 2022, 38.1% of our revenue was generated outside the United States.
Using sensitivity analysis, a hypothetical 10% increase in the value of the U.S.
1 unchanged sentence
dollar against all currencies would increase revenues by 3.8%.
−Removed: In our opinion, 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 revenue 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.