4 unchanged sentences
Our exposure to fluctuations in interest rates relates primarily to our short-term investment portfolio and variable rate debt under the Credit Agreement.
−Removed: We seek to manage our interest rate risk by maintaining a short-term investment portfolio that includes corporate bonds with high credit quality and maturities less than two years.
+Added: We seek to manage our interest rate risk by maintaining a short-term investment portfolio that includes corporate bonds with high credit quality and maturities of less than two years.
Since short-term investments mature relatively quickly and can be reinvested at the then-current market rates, interest income on a portfolio consisting of short-term securities is more subject to market fluctuations than a portfolio of longer-term maturities.
2 unchanged sentences
Our investments are held for purposes other than trading.
−Removed: As of March 31, 2022, we had $820.1 million of short-term investments, which included $688.3 million of available-for-sale securities.
−Removed: 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 $1,732.0 million of cash and cash equivalents that are comprised primarily of money market
−Removed: funds and bank-time deposits.
+Added: As of March 31, 2023, we had $187.0 of short-term investments, which included $145.2 of available-for-sale securities.
+Added: 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 (loss) income, net of tax, in Stockholders' equity.
+Added: We also had $827.4 of cash and cash equivalents that are comprised primarily of money market 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, 2023.
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 (3.50% 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.
+Added: Under our 2022 Credit Agreement, loans will bear interest at our election of (a) 0.000% to 0.625% above a certain base rate (8.00% at March 31, 2023) or (b) 1.000% to 1.625% above Secured Overnight Financing Rate ("SOFR"), approximately 4.80% at March 31, 2023, which are determined by the Company's credit rating.
Changes in market rates may affect our future interest expense if there is an outstanding balance on our line of credit.
5 unchanged sentences
Translation adjustments are included as a separate component of stockholders' equity on our Consolidated Balance Sheets.
−Removed: 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.
−Removed: 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.
+Added: For the fiscal years ended March 31, 2023 and 2022, our foreign currency translation adjustment was a loss of $58.9 and a loss of $43.6, respectively.
+Added: We recognized a foreign currency exchange transaction loss of $31.8, a loss of $7.3, and a gain of $0.7 for the fiscal years ended March 31, 2023, 2022, and 2021, respectively, in Interest and other, net in our 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 March 31, 2022, we had $75.8 million of forward contracts outstanding to buy foreign currencies in exchange for U.S.
−Removed: dollars and $132.8 million of forward contracts outstanding to sell foreign currencies in exchange for U.S.
+Added: At March 31, 2023, we had $51.2 of forward contracts outstanding to buy foreign currencies in exchange for U.S.
+Added: dollars and $224.3 of forward contracts outstanding to sell 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 $92.1 million of forward contracts outstanding to buy foreign currencies in exchange for U.S.
−Removed: dollars and $140.5 million of forward contracts outstanding to sell foreign currencies in exchange for U.S.
+Added: At March 31, 2022, we had $75.8 of forward contracts outstanding to buy foreign currencies in exchange for U.S.
+Added: dollars and $132.8 of forward contracts outstanding to sell foreign currencies in exchange for U.S.
dollars all of which have maturities of less than one year.
−Removed: 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.
−Removed: 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.
+Added: For the fiscal years ended March 31, 2023, 2022 and 2021, we recorded a loss of $15.1, a gain of $5.9, and a loss of $3.6, respectively, related to foreign currency forward contracts in Interest and other, net on our Consolidated Statements of Operations.
+Added: As of March 31, 2023 and 2022, the fair value of these outstanding forward contracts was a gain of $2.5 and a gain of $0.2, respectively, and is included in accrued 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.
6 unchanged sentences
dollar against all currencies would increase revenue by 3.7%.
−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.