7 unchanged sentences
For the year ended December 31, 2019, such contracts accounted for 18.0% of our total utility costs.
−Removed: As of March 31, 2020 , we had active electricity purchase agreements with fixed contract rates for locations throughout Connecticut, Illinois, New Jersey, New York, Pennsylvania, Ohio and Texas, which expire at various dates until June 2024.
+Added: As of June 30, 2020, we had active electricity purchase agreements with fixed contract rates for locations throughout Connecticut, Illinois, New Jersey, New York, Pennsylvania, Ohio and Texas, which expire at various dates until June 2024.
Foreign Exchange Risk
3 unchanged sentences
The functional currency of our international subsidiaries is their respective local currency.
−Removed: As of March 31, 2020 , we have $15.0 million of unrecognized foreign currency translation losses included within Accumulated other comprehensive loss on our Consolidated Statement of Financial Position.
+Added: As of June 30, 2020, we have $10.6 million of unrecognized foreign currency translation losses included within Accumulated other comprehensive loss on our Consolidated Statement of Financial Position.
Substantially all of our transactions at our Canadian subsidiary are denominated in their local functional currency, thereby reducing our risk of foreign currency transaction gains or losses.
2 unchanged sentences
We are subject to interest rate risk to the extent we have variable-rate debt outstanding including under the Senior Credit Facilities and the AR Securitization Facilities.
−Removed: As of March 31, 2020 , we had a $600.0 million variable-rate Term Loan due 2026 outstanding, which has an interest rate of 2.5% per year.
+Added: As of June 30, 2020, we had a $600.0 million variable-rate Term Loan due 2026 outstanding, which has an interest rate of 1.9% per year.
An increase or decrease of 1/4% in our interest rate on the Term Loan will change our annualized interest expense by approximately $1.0 million.
−Removed: As of March 31, 2020 , there were $120.0 million of outstanding borrowings under the AR Facility, at a borrowing rate of 2.5% , and $90.0 million of outstanding borrowings under the Repurchase Facility, at a borrowing rate of 2.0% .
+Added: As of June 30, 2020, there were no outstanding borrowings under the AR Facility and $80.0 million of outstanding borrowings under the Repurchase Facility, at a borrowing rate of 1.9%.
An increase or decrease of 1/4% in our interest rate on the AR Securitization Facilities will change our annualized interest expense by approximately $0.2 million.
−Removed: As of May 7, 2020 , there were $118.0 million of outstanding borrowings under the AR Facility, at a borrowing rate of approximately 2.0% , and $80.0 million of outstanding borrowings under the Repurchase Facility, at a borrowing rate of approximately 2.5% .
We have several interest rate cash flow swap agreements to effectively convert a portion of our LIBOR-based variable rate debt to a fixed rate and hedge our interest rate risk related to such variable rate debt.
−Removed: The fair value of these swap positions was a net unrecognized loss of approximately $8.9 million as of March 31, 2020 , and is included in Other liabilities on our Consolidated Statement of Financial Position.
+Added: The fair value of these swap positions was a net unrecognized loss of approximately $8.3 million as of June 30, 2020, and is included in Other liabilities on our Consolidated Statement of Financial Position.
The following table provides information about our interest rate swap agreements, which are sensitive to changes in interest rates.
Notional amounts are used to calculate the contractual cash flows to be exchanged under the agreements.
−Removed: (in millions, except percentages)
−Removed: Fair Value Loss as of 3/31/20
+Added: (in millions, except percentages) 2021 2022 2023 2024 2025 Thereafter Total Fair Value Loss as of 6/30/20
Pay fixed/receive variable
+Added: $ 150.0 $ 50.0 $ — $ — $ — $ — $ 200.0 $ 8.3
Average pay rate 2.7 % 1.8 % — % — % — % — %
Average receive rate (a)
−Removed: one-month LIBOR
−Removed: one-month LIBOR
−Removed: The one-month LIBOR rate was approximately 1.0% as of March 31, 2020 .
+Added: one-month LIBOR one-month LIBOR — — — —
+Added: (a) The one-month LIBOR rate was approximately 0.2% as of June 30, 2020.
In the opinion of our management, credit risk is limited due to the large number of customers and advertising agencies utilized.
3 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.