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Our cash and cash equivalents are not subject to significant interest rate risk due to the short maturities of these instruments.
−Removed: As of June 30, 2020, the carrying value of our cash and cash equivalents approximated fair value.
+Added: As of September 30, 2020, the carrying value of our cash and cash equivalents approximated fair value.
Our return on these investments is subject to interest rate fluctuations.
−Removed: As of June 30, 2020, we had investments in debt securities with effective maturities greater than one year of approximately $0.6 million.
−Removed: As of June 30, 2020 and December 31, 2019, we had cash and cash equivalent investments primarily in money market funds with maturities of 90 days or less of $616.8 million and $575.6 million, respectively.
+Added: As of September 30, 2020, we had investments in debt securities with effective maturities greater than one year of approximately $0.7 million.
+Added: As of September 30, 2020 and December 31, 2019, we had cash and cash equivalent investments primarily in money market funds with maturities of 90 days or less of $567.9 million and $575.6 million, respectively.
On January 7, 2019, J2 Cloud Services, LLC entered into a Credit Agreement (the “Credit Agreement”) with certain lenders from time to time party thereto (collectively, the “Lenders”) and MUFG Union Bank, N.A., as sole lead arranger and as administrative agent for the Lenders (the “Agent”).
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The proceeds of the Credit Facility are intended to be used for working capital and general corporate purposes of J2 Cloud and its subsidiaries, including to finance certain permitted acquisitions and capital expenditures in accordance with the terms of the Credit Agreement.
−Removed: As of June 30, 2020, there were no amounts outstanding under the Credit Facility.
−Removed: At J2 Cloud’s option, amounts borrowed under the Credit Agreement will bear interest at either (i) a base rate equal to the greatest of (x) the Federal Funds Effective Rate (as defined in the Credit Agreement) in effect on such day plus 1/2 of 1% per annum, (y) the rate of interest per annum most recently announced by the Agent as its U.S.
+Added: As of September 30, 2020, there were no amounts outstanding under the Credit Facility.
+Added: On October 7, 2020, the Company provided notice of termination of the Credit Agreement.
+Added: Subsequent to the quarter end, the Company is pursuing to reestablish a credit facility at the J2 Global, Inc.
+Added: level of $100.0 million expandable to $350.0 million.
+Added: At J2 Cloud’s option, amounts borrowed under the Credit Agreement bore interest at either (i) a base rate equal to the greatest of (x) the Federal Funds Effective Rate (as defined in the Credit Agreement) in effect on such day plus 1/2 of 1% per annum, (y) the rate of interest per annum most recently announced by the Agent as its U.S.
Dollar “Reference Rate” and (z) one month LIBOR plus 1.00% or (ii) a rate per annum equal to LIBOR divided by 1.00 minus the LIBOR Reserve Requirements (as defined in the Credit Agreement), in each case, plus an applicable margin.
−Removed: The applicable margin relating to any base rate loan will range from 0.50% to 1.50% and the applicable margin relating to any LIBOR loan will range from 1.50% to 2.50%, in each case, depending on the total leverage ratio of J2 Cloud.
−Removed: The final maturity of the Credit Facility will occur on January 7, 2024.
−Removed: J2 Cloud is permitted to make voluntary prepayments of the Credit Facility at any time without payment of a premium or penalty.
−Removed: If the LIBOR-based interest rates or Federal Funds Effective Rate would have increased by 100 basis points, annual interest expense would have increased by zero as it relates to our Credit Facility that bear variable market interest rates due to the fact there are no amounts outstanding under such facility at June 30, 2020.
+Added: The applicable margin relating to any base rate loan ranged from 0.50% to 1.50% and the applicable margin relating to any LIBOR loan will range from 1.50% to 2.50%, in each case, depending on the total leverage ratio of J2 Cloud.
+Added: If the LIBOR-based interest rates or Federal Funds Effective Rate would have increased by 100 basis points, annual interest expense would have increased by zero as it relates to our Credit Facility that bear variable market interest rates due to the fact there are no amounts outstanding under such facility at September 30, 2020.
We cannot ensure that future interest rate movements will not have a material adverse effect on our future business, prospects, financial condition, operating results and cash flows.
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Our objective in managing foreign exchange risk is to minimize the potential exposure to changes that exchange rates might have on earnings, cash flows and financial position.
−Removed: Foreign exchange (gains) losses for the three months ended June 30, 2020 and 2019 were $(8.8) million and $(0.3) million, respectively, and for the six months ended June 30, 2020 and 2019 were $1.1 million and $1.9 million, respectively.
−Removed: The decrease in losses to our earnings in the three months and six months ended June 30, 2020 were attributable to lower inter-company balances between periods in foreign subsidiaries that were in functional currencies other than the U.S.
+Added: Foreign exchange (gains) losses for the three months ended September 30, 2020 and 2019 were $(13.9) million and $1.0 million, respectively, and for the nine months ended September 30, 2020 and 2019 were $(15.0) million and $2.8 million, respectively.
+Added: The decrease in losses to our earnings in the three months and nine months ended September 30, 2020 were attributable to lower inter-company balances between periods in foreign subsidiaries that were in functional currencies other than the U.S.
Dollar and exchange rate fluctuations.
−Removed: Cumulative translation adjustments, net of tax, included in other comprehensive income for the three months ended June 30, 2020 and 2019 were $(0.2) million and $(1.2) million, respectively, and for the six months ended June 30, 2020 and 2019 were $(8.9) million and $(0.7) million, respectively.
+Added: Cumulative translation adjustments, net of tax, included in other comprehensive income for the three months ended September 30, 2020 and 2019 were $(3.2) million and $(8.2) million, respectively, and for the nine months ended September 30, 2020 and 2019 were $(12.1) million and $(8.9) million, respectively.
We currently do not have derivative financial instruments for hedging, speculative or trading purposes and therefore are not subject to such hedging risk.
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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.