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Interest Rate Risk
−Removed: Our exposures to market risk for changes in interest rates relate primarily to our 2016 Term Loan Facility and our 2018 Term Loan Facility.
−Removed: The 2016 Term Loan Facility and 2018 Term Loan Facility are floating rate notes and are carried at amortized cost.
+Added: Our exposures to market risk for changes in interest rates relate primarily to our 2025 Refinanced Term Loan and 2027 Refinanced Term Loan Facilities.
+Added: The 2025 and 2027 Refinanced Term Loan Facilities represent floating rate notes and are carried at amortized cost.
Therefore, fluctuations in interest rates will impact our consolidated financial statements.
−Removed: A rising interest rate environment will
−Removed: increase the amount of interest paid on these loans.
−Removed: A hypothetical 100 basis point increase or decrease in interest rates would not have a material effect on the results of our operations.
−Removed: The fair value of our fixed rate notes and 2025 Convertible Notes outstanding will generally fluctuate with movements in interest rates and the market price of our stock.
+Added: A rising interest rate environment will increase the amount of interest paid on these loans.
+Added: A hypothetical 100 basis point increase or decrease in interest rates would not have a material effect on our financial results.
+Added: The fair value of our fixed rate notes will generally fluctuate with movements of interest rates, increasing in periods of declining rates of interest and declining in periods of increasing rates of interest.
A hypothetical 100 basis point increase in interest rates would have decreased the fair value of our notes by $317 million as of December 31, 2021.
1 unchanged sentence
Our investment policy objective aims to preserve capital and meet liquidity requirements without significantly increasing risk.
−Removed: We had cash and cash equivalents including restricted cash and cash equivalents totaling $12.1 billion and $7.4 billion as of December 31, 2019 and 2020, respectively.
−Removed: Marketable debt securities classified as short-term investments totaled $1.2 billion as of December 31, 2020.
−Removed: Our cash, cash equivalents, and marketable debt securities primarily consist of money market funds, cash deposits, U.S.
−Removed: government securities, U.S.
−Removed: government agency securities, and investment-grade corporate debt securities.
+Added: We had cash and cash equivalents including restricted cash and cash equivalents totaling $7.4 billion and $7.8 billion as of December 31, 2020 and December 31, 2021, respectively.
+Added: We did not have any marketable debt securities classified as short-term investments as of December 31, 2021.
+Added: Our cash and cash equivalents consist of money market funds and cash deposits.
We do not enter into investments for trading or speculative purposes.
−Removed: Our investments in fixed rate securities carry a degree of interest rate risk.
+Added: Investments in fixed rate securities carry a degree of interest rate risk.
Changes in rates would primarily impact interest income due to the relatively short-term nature of our investments.
−Removed: A hypothetical 100 basis point change in interest rates would have increased or decreased our interest income by $22 million and $97 million for the three and twelve months ended December 31, 2020, respectively.
−Removed: A hypothetical 100 basis point change in interest rates would not have a material impact on the fair value of our marketable debt securities portfolio.
−Removed: We have significant risk related to the carrying amounts of investments in other companies, including our minority-owned affiliates, as all of our investments are currently in illiquid private company stock which are inherently difficult to value given the lack of publicly available information.
+Added: A hypothetical 100 basis point change in interest rates would not have a material effect on our financial results.
+Added: We are exposed to certain risk related to the carrying amounts of investments in other companies, including our minority-owned, privately-held affiliates and recently public companies, compared to their fair value.
+Added: We hold privately held investments in illiquid private company stock which are inherently difficult to value given the lack of publicly available information.
+Added: We also hold equity securities with readily determinable fair values which are subject to equity price risk.
+Added: These investments in privately-held affiliates and recently public companies may increase the volatility in our net income/(loss) in future periods due to changes in the fair value of these investments.
+Added: In certain cases, our ability to sell these investments may be impacted by contractual obligations to hold the securities for a set period of time after a public offering.
As of December 31, 2021, the carrying value of our investments was $12.6 billion, including equity method investments.
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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.