9 unchanged sentences
Our investments are held for purposes other than trading.
−Removed: As of June 30, 2022, we had $459.2 of short-term investments, which included $443.1 of available-for-sale securities.
+Added: As of September 30, 2022, we had $348.0 of short-term investments, which included $330.7 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.
We also had $956.4 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 June 30, 2022.
+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 September 30, 2022.
Historically, fluctuations in interest rates have not had a significant effect on our operating results.
−Removed: 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.
−Removed: At June 30, 2022, there were borrowings of approximately $200.0 under the 2022 Credit Agreement, which mature in 2027.
+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 (6.25% at September 30, 2022) or (b) 1.000% to 1.625% above Secured Overnight Financing Rate ("SOFR"), approximately 3.04% at September 30, 2022, which rates are determined by the Company's credit rating.
+Added: At September 30, 2022, there were borrowings of approximately $200.0 under the 2022 Credit Agreement, which mature in 2027.
We also have borrowings of $350.0 at 3.60% under our Term Loan.
−Removed: 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.
+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 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 June 30, 2022 and 2021, our foreign currency translation adjustment was a loss of $62.8 and a gain of $6.1, respectively.
−Removed: 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.
+Added: For the three months ended September 30, 2022 and 2021, our foreign currency translation adjustment was a loss of $116.3 and a loss of $16.7, respectively.
+Added: For the three months ended September 30, 2022 and 2021, we recognized a foreign currency exchange transaction loss of $21.9 and a gain of $0.4, respectively, included in Interest and other, net in our Condensed Consolidated Statements of Operations.
+Added: For the six months ended September 30, 2022 and 2021, our foreign currency translation adjustment was a loss of $179.1 and a loss of $10.6, respectively.
+Added: For the six months ended September 30, 2022 and 2021, we recognized a foreign currency exchange transaction loss of $25.4 and a loss of $1.9, 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 June 30, 2022, we had $99.5 of forward contracts outstanding to sell foreign currencies in exchange for U.S.
+Added: At September 30, 2022, we had $197.0 of forward contracts outstanding to sell foreign currencies in exchange for U.S.
dollars and $57.3 of forward contracts outstanding to buy foreign currencies in exchange for U.S.
3 unchanged sentences
dollars, all of which have maturities of less than one year.
−Removed: For the three months ended June 30, 2022 and 2021, we recorded a gain of $1.6 and a loss of $1.8, respectively.
−Removed: 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.
+Added: For the three months ended September 30, 2022 and 2021, we recorded a loss of $4.6 and a gain of $0.6, respectively.
+Added: For the six months ended September 30, 2022 and 2021, we recorded a loss of $2.6 and a loss of $1.2, respectively.
+Added: As of September 30, 2022, the fair value of these outstanding forward contracts was $1.8 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 June 30, 2022, 38.1% of our revenue was generated outside the United States.
+Added: For the three months ended September 30, 2022, 39.5% of our revenue was generated outside the United States.
Using sensitivity analysis, a hypothetical 10% increase in the value of the U.S.
3 unchanged sentences
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.