Quantitative and Qualitative Disclosure About Market Risk
−Removed: We have operations both within the U.S.
−Removed: and internationally, and we are exposed to market risks in the ordinary course of our business, including the effects of interest rate changes, foreign currency fluctuations and inflation.
+Added: We have operations both within the United States (“U.S.”) and internationally, and we are exposed to market risks in the ordinary course of our business, including the effects of interest rate changes, foreign currency fluctuations and inflation.
Information relating to quantitative and qualitative disclosures about these market risks is below.
2 unchanged sentences
The fair value of our cash, cash equivalents and short-term investments will fluctuate with movements of interest rates, increasing in periods of declining rates of interest and declining in periods of increasing rates of interest.
−Removed: Our 2024 Notes, which were issued in November 2018, carry a fixed interest rate of 1.125% per year, our 2025 Notes, which were issued in August 2020, carry a fixed interest rate of 0.625% per year, our 2026 Notes, which were issued in August 2019, carry a fixed interest rate of 1.00% per year, our 2027 Notes, which were issued in September 2022, carry a fixed interest rate of 3.250% and our 2025 Accreting Notes, which were issued in April 2020, carry a fixed interest rate of 2.50% per year.
+Added: Our 2024 Notes, which were issued in November 2018, carry a fixed interest rate of 1.125% per year, our 2025 Notes, which were issued in August 2020, carry a fixed interest rate of 0.625% per year, our 2026 Notes, which were issued in August 2019, carry a fixed interest rate of 1.00% per year, our 2027 Notes, which were issued in September 2022, carry a fixed interest rate of 3.250%, our 2028 Notes, which were issued in May 2023, carry a fixed interest rate of 3.500% and our 2025 Accreting Notes, which were issued in April 2020, carry a fixed interest rate of 2.50% per year.
Since the Notes bear interest at a fixed rate, we have no direct financial statement risk associated with changes in interest rates.
9 unchanged sentences
To date, foreign currency transaction gains and losses have not been material to our financial statements, and we have not engaged in any foreign currency hedging transactions, but we may do so in the future.
−Removed: The effect of foreign currency exchange on our business historically has varied from quarter to quarter and may continue to do so, potentially materially.
+Added: The effect of foreign currency exchange on our business historically has varied from quarter to quarter and may continue to do so, potentially
+Added: T a ble of Contents
In addition, global economic conditions may result in changes in exchange rates, and in particular a weakening of foreign currencies relative to the U.S.
dollar may negatively affect our net revenue as expressed in U.S.
−Removed: In fiscal year 2022, we saw inflationary pressures across various parts of our business and operations, including, but not limited to, wholesale cost inflation and rising costs across our supply chain.
+Added: In fiscal 2023, we began to see normalization of inflationary pressures in the supply chain.
We continue to monitor the impact of inflation in order to minimize its effects through pricing strategies, productivity improvements and cost reductions.
1 unchanged sentence
Our inability or failure to do so could harm our business, financial condition and results of operations.
+Added: T a ble of Contents
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.