2 unchanged sentences
Interest Rate Risk
−Removed: We had cash and cash equivalents of $933.9 million and marketable securities of $2.1 billion as of December 31, 2020.
−Removed: Cash and cash equivalents consist of bank deposits and money market funds.
+Added: We had cash, cash equivalents and restricted cash of $1.5 billion and marketable securities of $3.9 billion as of December 31, 2021.
+Added: Cash, cash equivalents and restricted cash consist of bank deposits, money market funds and commercial paper.
Marketable securities consist primarily of U.S.
−Removed: treasury securities and high credit quality corporate debt securities.
+Added: treasury securities, non-U.S.
+Added: government securities and high credit quality corporate debt securities.
The cash and cash equivalents and marketable securities are held for working capital purposes.
5 unchanged sentences
A hypothetical 10% change in interest rates during any of the periods presented would not have had a material impact on our consolidated financial statements.
−Removed: In May 2018, we issued $550.0 million aggregate principal amount of Notes, of which $206.3 million was redeemed as of December 31, 2020.
−Removed: The fair market value of the Notes is affected by our stock price.
−Removed: The fair value of the Notes will generally increase as our common stock price increases and will generally decrease as our common stock price declines in value.
−Removed: In addition, the fair market value of the Notes is exposed to interest rate risk.
−Removed: Generally, the fair market value of our fixed interest rate Notes will increase as interest rates fall and decrease as interest rates rise.
−Removed: Additionally, on our balance sheet we carry the Notes at face value less unamortized discount and debt issuance cost, and we present the fair value for required disclosure purposes only.
+Added: In May 2018, we issued $550.0 million aggregate principal amount of Convertible Notes, which were fully redeemed as of June 2, 2021.
+Added: In March 2021, we issued $1.0 billion aggregate principal amount of our 2029 Notes and 2031 Notes carrying fixed interest rates of 3.625% and 3.875%, respectively.
Currency Exchange Risks
The functional currency of most of our foreign subsidiaries is the U.S.
−Removed: The local currencies of our foreign subsidiaries are the Australian dollar, the Bermuda dollar, the Brazilian real, the British pound, the Canadian dollar, the Columbian peso, the Czech Republic koruna, the Euro, the Hong Kong dollar, the Indian rupee, the Japanese yen, the Mexican Peso, the Serbian Dollar, the Singapore dollar and the Swedish krona.
+Added: The local currencies of our foreign subsidiaries are the Australian dollar, the Bermuda dollar, the Brazilian real, the British pound, the Canadian dollar, the Colombian peso, the Czech Republic koruna, the Euro, the Hong Kong dollar, the Indian rupee, the Japanese yen, the Mexican Peso, the Polish Zloty, the Serbian Dinar, the Singapore dollar and the Swedish krona.
Our subsidiaries remeasure monetary assets and liabilities at period-end exchange rates, while non-monetary items are remeasured at historical rates.
−Removed: Revenue and expense accounts are remeasured at the average exchange rate in effect during the year.
+Added: Revenue and expense accounts are remeasured at the average exchange rate in effect during the month in which a transaction occurs.
If there is a change in foreign currency exchange rates, the conversion of our foreign subsidiaries’ financial statements into U.S.
dollars would result in a realized gain or loss which is recorded in our consolidated statements of operations.
−Removed: We do not currently engage in any hedging activity to reduce our potential exposure to currency fluctuations, although we may choose to do so in the future.
+Added: We enter into foreign currency derivative hedging transactions to mitigate our exposure to market risks that may result from changes in foreign currency exchange rates.
+Added: For further information, see Note 2(x) and Note 5 to our consolidated financial statements included elsewhere in this Annual Report on Form 10-K.
A hypothetical 10% change in foreign exchange rates during any of the periods presented would not have had a material impact on our consolidated financial statements.
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.