3 unchanged sentences
Interest Rate Risk
−Removed: Our exposures to market risk for changes in interest rates relate primarily to our 2025 Refinanced Term Loan and 2027 Refinanced Term Loan Facilities.
−Removed: The 2025 and 2027 Refinanced Term Loan Facilities represent floating rate notes and are carried at amortized cost.
+Added: Our exposures to market risk for changes in interest rates relate primarily to our 2030 Refinanced Term Loans.
+Added: The 2030 Refinanced Term Loans 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 increase the amount of interest paid on these loans.
+Added: The interest rate for the 2030 Refinanced Term Loans is SOFR plus 2.75% per annum, subject to a floor of 0.00%.
+Added: There is no cap on the interest rate associated with the 2030 Refinanced Term Loans.
+Added: A rising interest rate environment will increase the amount of interest paid on the 2030 Refinanced Term Loans.
A hypothetical 100 basis point increase or decrease in interest rates would not have a material effect on our financial results.
2 unchanged sentences
Investment Risk
+Added: Our investment policy limits the amount of credit exposure with any one financial institution or commercial issuer.
+Added: Cash deposits typically exceed insured limits and are placed with financial institutions around the world that we believe are of high credit quality.
+Added: These deposits are in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limits.
+Added: There can be no assurance that our deposits in excess of the FDIC limits will be backstopped by the U.S., or that any bank or financial institution with which we do business will be able to obtain needed liquidity from other banks, government institutions or by acquisition in the event of a failure or liquidity crisis.
Our investment policy objective aims to preserve capital and meet liquidity requirements without significantly increasing risk.
8 unchanged sentences
A hypothetical 100 basis point change in interest rates would not have a material effect on our financial results.
−Removed: 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 are exposed to certain risks related to the carrying amounts of investments in other companies, including our minority-owned, privately-held entities and public companies, compared to their fair value.
We hold privately held investments in illiquid private company stock which are inherently difficult to value given the lack of publicly available information.
We also hold equity securities with readily determinable fair values which are subject to equity price risk.
−Removed: These investments in privately-held affiliates and
−Removed: 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: These investments in privately-held entities and public companies may increase the volatility in our net income/(loss) in future periods due to changes in the fair value of these investments.
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.
−Removed: As of December 31, 2022, the carrying value of our investments was $6.9 billion, including equity method investments and restricted investments.
+Added: As of December 31, 2023, the carrying value of these investments was $6.5 billion, including equity method investments.
Foreign Currency Risk
6 unchanged sentences
We have experienced and will continue to experience fluctuations in our net income/(loss) as a result of transaction gains or (losses) related to remeasurement of our asset and liability balances that are denominated in currencies other than the functional currency of the entities in which they are recorded.
−Removed: Foreign currency rates may also impact the value of our equity method investment in our Yandex.Taxi joint venture.
At this time, we do not, but we may in the future, enter into derivatives or other financial instruments in an attempt to hedge our foreign currency exchange risk.
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.