5 unchanged sentences
As a result, our operating results and cash flows are subject to fluctuations due to changes in foreign currency exchange rates.
−Removed: As of April 30, 2020, our most significant currency exposures were the Euro, Canadian dollar, British pound, and Australian dollar.
+Added: As of July 31, 2020, our most significant currency exposures were the euro, Canadian dollar, British pound, and Australian dollar.
Due to our exposure to market risks that may result from changes in foreign currency exchange rates, we enter into foreign currency derivative hedging transactions to mitigate these risks.
1 unchanged sentence
Interest Rate Risk on our Investments
−Removed: We had cash, cash equivalents, and marketable securities totaling $2.6 billion and $1.9 billion as of April 30, 2020, and January 31, 2020, respectively.
+Added: We had cash, cash equivalents, and marketable securities totaling $2.8 billion and $1.9 billion as of July 31, 2020, and January 31, 2020, respectively.
Cash equivalents and marketable securities were invested primarily in U.S.
8 unchanged sentences
Our debt securities are classified as “available for sale”.
−Removed: When the fair value of the security declines below its amortized cost basis, any portion of that decline attributable to credit losses, to the extent expected to be nonrecoverable before the sale of the impaired security, is recognized in income.
−Removed: An immediate increase of 100 basis points in interest rates would have resulted in a $9 million and $7 million market value reduction in our investment portfolio as of April 30, 2020, and January 31, 2020, respectively.
+Added: When the fair value of the security declines below its amortized cost basis, any portion of that decline attributable to credit losses, to the extent expected to be nonrecoverable before the sale of the impaired security, is recognized in the income statement.
+Added: An immediate increase of 100 basis points in interest rates would have resulted in a $9 million and $7 million market value reduction in our investment portfolio as of July 31, 2020, and January 31, 2020, respectively.
This estimate is based on a sensitivity model that measures market value changes when changes in interest rates occur.
Interest Rate Risk on our Debt
−Removed: In June 2013, we issued $250 million of 1.50% convertible senior notes due July 15, 2020.
In September 2017, we completed an offering of $1.15 billion of 0.25% convertible senior notes due October 1, 2022.
−Removed: The 2020 Notes and 2022 Notes have fixed annual interest rates of 1.50% and 0.25%, respectively, and therefore we do not have economic interest rate exposure on the Notes.
−Removed: However, the values of the Notes are exposed to interest rate risk.
−Removed: Generally, the fair values of the fixed interest rate Notes will increase as interest rates fall and decrease as interest rates rise.
−Removed: In addition, the fair values of the Notes are affected by our stock price.
−Removed: The carrying values of the 2020 Notes and 2022 Notes were $247 million and $1.0 billion, respectively, as of April 30, 2020.
−Removed: The carrying values represent the liability components of the principal balances of the Notes as of April 30, 2020.
−Removed: The estimated fair values of the 2020 Notes and 2022 Notes were $470 million and $1.4 billion, respectively, as of April 30, 2020.
−Removed: The estimated fair values were determined based on the quoted bid prices of the 2020 and 2022 Notes in an over-the-counter market as of the last trading day for the current fiscal quarter, which were $187.92 and $122.33, respectively.
+Added: The 2022 Notes have a fixed annual interest rate of 0.25%, and therefore we do not have economic interest rate exposure on the 2022 Notes.
+Added: However, the value of the 2022 Notes is exposed to interest rate risk.
+Added: Generally, the fair value of the 2022 Notes will increase as interest rates fall and decrease as interest rates rise.
+Added: In addition, the fair value of the 2022 Notes is affected by our stock price.
+Added: The carrying value of the 2022 Notes was $1.0 billion as of July 31, 2020.
+Added: The carrying value represents the liability component of the principal balance of the 2022 Notes as of July 31, 2020.
+Added: The estimated fair value of the 2022 Notes was $1.5 billion as of July 31, 2020.
+Added: The estimated fair value was determined based on the quoted bid price of the 2022 Notes in an over-the-counter market as of the last trading day of the current fiscal quarter, which was $134.30.
In April 2020, we entered into a credit agreement pursuant to which the lenders would extend to Workday a senior unsecured term loan facility in an aggregate principal amount of $750 million, and an unsecured revolving credit facility in an aggregate principal amount of $750 million.
2 unchanged sentences
Actual margins under either election will be based on our consolidated leverage ratio.
−Removed: Table of Conten t s
−Removed: As of April 30, 2020, the Term Loan had a carrying value of $498 million, and there were no outstanding borrowings under the Revolving Credit Facility.
−Removed: The interest rate on the Term Loan was 2.43%.
+Added: As of July 31, 2020, the Term Loan had a carrying value of $748 million, and there were no outstanding borrowings under the Revolving Credit Facility.
+Added: The interest rate on the Term Loan was 2.12% as of July 31, 2020.
Because the interest rates applicable to borrowings under the Credit Agreement are variable, we are exposed to market risk from changes in the underlying index rates, which affect our cost of borrowing.
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.