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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 July 1, 2023, 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 $3.5 million and $2.4 million is reflected as Prepayments and other current assets and Other current liabilities on the Consolidated Balance Sheets as of July 1, 2023, respectively.
−Removed: The forward contracts outstanding and not effectively closed, with a term of less than 120 days, were transacted near year end and had minimal value as of July 1, 2023 and a fair value of $0.1 million which is reflected in Other current liabilities on the Consolidated Balance Sheets as of July 2, 2022.
−Removed: As of July 1, 2023 and July 2, 2022, the notional amounts of the forward contracts that we held to purchase foreign currencies were $87.5 million and $119.1 million, respectively, and the notional amounts of forward contracts that we held to sell foreign currencies were $19.3 million and $80.5 million, respectively.
+Added: As of June 29, 2024, we had forward contracts that were effectively closed but not settled with the counterparties by fiscal year end.
+Added: Therefore, the fair value of these contracts of $1.7 million and $1.5 million is reflected as Prepayments and other current assets and Other current liabilities on the Consolidated Balance Sheets, respectively.
+Added: The forward contracts outstanding and not effectively closed, with a term of less than 120 days, were transacted near fiscal year ends;
+Added: therefore, the fair value of the contracts was minimal as of June 29, 2024 and July 1, 2023.
+Added: As of June 29, 2024 and July 1, 2023, the notional amounts of the forward contracts that we held to purchase foreign currencies were $81.9 million and $87.5 million, respectively, and the notional amounts of forward contracts that we held to sell foreign currencies were $26.8 million and $19.3 million, respectively.
The counterparties to these hedging transactions are creditworthy multinational banks.
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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: Majority of our investments have maturities 90 days or less.
+Added: The majority of our investments have maturities of 90 days or less.
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.
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However, the investments may decline in value or marketability due to changes in perceived credit quality or changes in market conditions.
−Removed: As of July 1, 2023, the Company’s short-term investments of $14.6 million were comprised of a 30-day term deposit of $13.1 million and trading securities related to the deferred compensation plan of $1.5 million, of which $0.1 million was invested in debt securities, $1.2 million was invested in equity securities and $0.2 million was invested in money market instruments.
−Removed: The fair value of our 2029 Notes is subject to interest rate risk while the fair values of our 2024 and 2026 Notes are subject to interest rate and market price risk due to the convertible feature of the Notes and other factors.
+Added: As of June 29, 2024, the Company’s short-term investments of $19.9 million were comprised of 30-day term deposits of $18.4 million and trading securities related to the deferred compensation plan of $1.5 million, of which $1.4 million was invested in equity securities and $0.1 million was invested in debt securities.
+Added: The fair value of our 2029 Notes is subject to interest rate risk while the fair value of our 2026 Notes is subject to interest rate and market price risk due to the convertible feature of the Notes and other factors.
Generally, the fair value of fixed interest rate debt will increase as interest rates fall and decrease as interest rates rise.
−Removed: The fair value of the 2024 and 2026 Notes may also increase as the market price of our stock rises and decrease as the market price of our stock falls.
+Added: The fair value of the 2026 Notes may also increase as the market price of our stock rises and decrease as the market price of our stock falls.
Changes in interest rates and our stock price in the case of convertible notes 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 July 1, 2023, the fair value of the 2024 Notes was $95.6 million, the fair value of the 2026 Notes was $262.7 million and the fair value of the 2029 Notes was $341.8 million.
−Removed: The carrying value of the 2024 Notes was $96.2 million, the carrying value of the 2026 Notes was $235.0 million and the carrying value of the 2029 Notes was $394.5 million.
+Added: Based on quoted market prices, as of June 29, 2024, the fair value of the 2026 Notes was $238.1 million and the fair value of the 2029 Notes was $338.9 million.
+Added: As of June 29, 2024, the carrying value of the 2026 Notes was $240.6 million and the carrying value of the 2029 Notes was $395.4 million.
Refer to “Note 11.
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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.