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 July 31, 2020, our most significant currency exposures were the euro, Canadian dollar, British pound, and Australian dollar.
+Added: As of October 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 $2.8 billion and $1.9 billion as of July 31, 2020, and January 31, 2020, respectively.
+Added: We had cash, cash equivalents, and marketable securities totaling $2.9 billion and $1.9 billion as of October 31, 2020, and January 31, 2020, respectively.
Cash equivalents and marketable securities were invested primarily in U.S.
9 unchanged sentences
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.
−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 July 31, 2020, and January 31, 2020, respectively.
+Added: An immediate increase of 100 basis points in interest rates would have resulted in a $10 million and $7 million market value reduction in our investment portfolio as of October 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.
5 unchanged sentences
In addition, the fair value of the 2022 Notes is affected by our stock price.
−Removed: The carrying value of the 2022 Notes was $1.0 billion as of July 31, 2020.
−Removed: The carrying value represents the liability component of the principal balance of the 2022 Notes as of July 31, 2020.
−Removed: The estimated fair value of the 2022 Notes was $1.5 billion as of July 31, 2020.
+Added: The carrying value of the 2022 Notes was $1.1 billion as of October 31, 2020.
+Added: The carrying value represents the liability component of the principal balance of the 2022 Notes as of October 31, 2020.
+Added: The estimated fair value of the 2022 Notes was $1.7 billion as of October 31, 2020.
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 $150.67.
3 unchanged sentences
Actual margins under either election will be based on our consolidated leverage ratio.
−Removed: 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.
−Removed: The interest rate on the Term Loan was 2.12% as of July 31, 2020.
+Added: As of October 31, 2020, the Term Loan had a carrying value of $739 million, and there were no outstanding borrowings under the Revolving Credit Facility.
+Added: The interest rate on the Term Loan was 1.38% as of October 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.