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, 2021, our most significant currency exposures were the euro, Canadian dollar, British pound, and Australian dollar.
+Added: As of July 31, 2021, 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 $3.0 billion and $3.5 billion as of April 30, 2021, and January 31, 2021, respectively.
+Added: We had cash, cash equivalents, and marketable securities totaling $3.3 billion and $3.5 billion as of July 31, 2021, and January 31, 2021, respectively.
Cash equivalents and marketable securities were invested primarily in U.S.
treasury securities, U.S.
−Removed: agency obligations, corporate bonds, commercial paper, and money market funds.
+Added: agency obligations, corporate bonds, commercial paper, money market funds, and marketable equity investments.
The cash, cash equivalents, and marketable securities are held primarily for working capital purposes.
5 unchanged sentences
Our debt securities are classified as “available-for-sale.” 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 on the condensed consolidated statement of operations.
−Removed: An immediate increase of 100 basis points in interest rates would have resulted in an $11 million and $10 million market value reduction in our investment portfolio as of April 30, 2021, and January 31, 2021, respectively.
+Added: An immediate increase of 100 basis points in interest rates would have resulted in an $11 million and $10 million market value reduction in our investment portfolio as of July 31, 2021, and January 31, 2021, respectively.
This estimate is based on a sensitivity model that measures market value changes when changes in interest rates occur.
4 unchanged sentences
Actual margins under either election will be based on our consolidated leverage ratio.
−Removed: As of April 30, 2021, the Term Loan had a carrying value of $720 million, and there were no outstanding borrowings under the Revolving Credit Facility.
−Removed: The interest rate on the Term Loan was 1.33% as of April 30, 2021.
+Added: As of July 31, 2021, and January 31, 2021, the Term Loan had carrying values of $711 million and $729 million, respectively, and there were no outstanding borrowings under the Revolving Credit Facility.
+Added: The interest rate on the Term Loan was 1.33% and 1.38% as of July 31, 2021, and January 31, 2021, respectively.
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.
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 $1.1 billion as of April 30, 2021.
−Removed: The estimated fair value of the 2022 Notes was $2.0 billion as of April 30, 2021.
+Added: The carrying value of the 2022 Notes was $1.1 billion as of July 31, 2021, and January 31, 2021, and the estimated fair value of the 2022 Notes was $1.9 billion and $1.8 billion as of July 31, 2021, and January 31, 2021, respectively.
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 $162.00.
1 unchanged sentence
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.