5 unchanged sentences
The gains and losses on those derivatives are expected to be offset by re-measurement gains and losses on the foreign currency denominated monetary assets and liabilities.
−Removed: As of June 27, 2020 , we had forward contracts that were effectively closed but not settled with the counterparties by year end.
−Removed: The fair value of these contracts of $2.2 million and $1.5 million is reflected as prepayments and other current assets and other current liabilities in the Consolidated Balance Sheets as of June 27, 2020 , respectively.
+Added: As of July 3, 2021, we had forward contracts that were effectively closed but not settled with the counterparties by year end.
+Added: The fair value of these contracts of $2.6 million and $1.4 million is reflected as prepayments and other current assets and other current liabilities in the Consolidated Balance Sheets as of July 3, 2021, respectively.
The forward contracts outstanding and not effectively closed, with a term of less than 120 days, were transacted near year end;
therefore, the fair value of the contracts is not significant.
−Removed: As of June 27, 2020 and June 29, 2019 , the notional amounts of the forward contracts that we held to purchase foreign currencies were $146.4 million and $117.8 million , respectively, and the notional amounts of forward contracts that we held to sell foreign currencies were $22.0 million and $31.3 million , respectively.
+Added: As of July 3, 2021 and June 27, 2020, the notional amounts of the forward contracts that we held to purchase foreign currencies were $114.0 million and $146.4 million, respectively, and the notional amounts of forward contracts that we held to sell foreign currencies were $27.8 million and $22.0 million, respectively.
The counterparties to these hedging transactions are creditworthy multinational banks.
1 unchanged sentence
Notwithstanding our efforts to mitigate some foreign exchange risks, we do not hedge all of our foreign currency exposures, and there can be no assurances that our mitigating activities related to the exposures that we do hedge will adequately protect us against the risks associated with foreign currency fluctuations.
−Removed: We maintain an investment portfolio in a variety of financial instruments, including, but not limited to, U.S.
−Removed: government and agency securities, corporate obligations, money market funds, asset-backed securities, and other investment-grade securities.
−Removed: The majority of these investments pay a fixed rate of interest.
−Removed: The securities in the investment portfolio are subject to market price risk due to changes in interest rates, perceived issuer creditworthiness, marketability, and other factors.
−Removed: These investments are generally classified as available-for-sale and, consequently, are recorded on our Consolidated Balance Sheets at fair value with unrealized gains or losses reported as a separate component of Other comprehensive (loss) income.
−Removed: Investments in both fixed-rate and floating-rate interest earning instruments carry a degree of interest rate risk.
−Removed: The fair market values of our fixed-rate securities decline if interest rates rise, while floating-rate securities may produce less income than expected if interest rates fall.
−Removed: Due in part to these factors, our future investment income may be less than expectations because of changes in interest rates or we may suffer losses in principal if we sell securities that have experienced a decline in market value because of changes in interest rates.
−Removed: As of June 27, 2020 , a hypothetical 100 basis point increase or decrease in interest rates would not result in a material change in the fair value of our available-for-sale debt instruments held that are sensitive to changes in interest rates.
−Removed: We seek to mitigate the credit risk of our portfolio of fixed-income securities by holding only high-quality, investment-grade obligations with effective maturities of 37 months or less.
+Added: Majority of our investments have maturities 90 days or less.
+Added: Due to the short-term nature of these investments, we believe that we do not have any material exposure to changes in the fair value of our investments as a result of changes in interest rates.
+Added: Changes in interest rates can affect the interest earned on our investments.
+Added: We seek to mitigate the credit risk of investments by holding high-quality, investment-grade debt instruments.
We also seek to mitigate marketability risk by holding only highly liquid securities with active secondary or resale markets.
4 unchanged sentences
Changes in interest rates and our stock price affect the fair value of the Notes but does not impact our financial position, cash flows or results of operations.
−Removed: Based on quoted market prices, as of June 27, 2020 , the fair value of the 2023 Notes was $251.4 million and the fair value of the 2024 Notes was approximately $523.3 million .
+Added: During the fourth quarter of fiscal 2021, the closing price of our common stock exceeded 130% of the applicable conversion price of the 2024 Notes, on at least 20 of the last 30 consecutive trading days of the quarter, causing the 2024 Notes to be convertible by their holders for the period of July 1, 2021 to September 30, 2021, resulting in a reclassification of the 2024 Notes to short-term debt.
+Added: Settlement of conversion of the 2024 Notes is in cash for the principal amount and, if applicable, cash and/or shares of our common stock for any conversion premium at our election.
+Added: As a result, we have reclassified the $414.2 million book value of the 2024 Notes to short-term debt and reclassified the difference in the book value and the face value of $45.8 million to temporary equity from permanent equity on the Consolidated Balance Sheets.
+Added: We are not aware of, nor do we expect, any conversion requests by holders as the market price of the 2024 Notes exceeds its conversion value.
+Added: Based on quoted market prices, as of July 3, 2021, the fair value of the 2023 Notes was $300.7 million and the fair value of the 2024 Notes was approximately $646.9 million.
Refer to “Note 11.
−Removed: Debt ” for more information.
+Added: Debt” under Item 8 of this Annual Report on Form 10-K for more information.
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.