7 unchanged sentences
For the year ended December 31, 2019, such contracts accounted for 18.0% of our total utility costs.
−Removed: 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.
+Added: As of September 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 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.
+Added: As of September 30, 2020, we have $8.0 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 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.
+Added: As of September 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 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%.
+Added: As of September 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.
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 $8.3 million as of June 30, 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 $6.9 million as of September 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.
6 unchanged sentences
one-month LIBOR one-month LIBOR — — — —
−Removed: (a) The one-month LIBOR rate was approximately 0.2% as of June 30, 2020.
+Added: (a) The one-month LIBOR rate was approximately 0.1% as of September 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.