8 unchanged sentences
Based on a sensitivity analysis, as of June 30, 2020, an instantaneous and sustained 200-basis-point increase in interest rates affecting our floating rate debt obligations, and assuming that we take no counteractive measures, would result in an incremental charge to our income before income taxes of approximately $13.1 million over the next twelve months.
−Removed: Our investments are primarily invested in money market funds, corporate bonds, U.S.
−Removed: agency bonds and commercial papers and we do not enter into investments for trading or speculative purposes.
−Removed: The principal objectives of our investment activities are to preserve principal, provide liquidity and maximize income consistent with minimizing risk of material loss.
−Removed: We are exposed to market risk related to changes in interest rates where a decline in interest rates would reduce our interest income and conversely, an increase in interest rates would have an adverse impact on the fair value of our investment portfolio.
−Removed: The effect of a hypothetical 100 basis points increase or decrease in overall interest rate would not materially change the total fair value of the portfolio due to the conservative and short-term nature of these investments.
−Removed: As of June 30, 2019 , the Company held $103.3 million in total investments, which consists of various fixed income available-for-sale securities.
Foreign Currency Risk
3 unchanged sentences
A 10% appreciation or depreciation in the value of the U.S.
−Removed: dollar relative to the other currencies in which our expenses are denominated would result in a charge or benefit to our income before income taxes of approximately $5.6 million.
+Added: dollar relative to the other currencies in which our expenses are denominated would result in a charge or benefit to our income before income taxes of approximately $7.6 million for fiscal year June 30, 2020.
Financial Statements and Supplementary Data
2 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.