20 unchanged sentences
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 December 31, 2019 , there were $105.0 million of outstanding borrowings under the AR Facility, at a borrowing rate of 2.7% , and $90.0 million of outstanding borrowings under the Repurchase Facility, at a borrowing of 2.9% .
+Added: As of December 31, 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.
+Added: As of February 25, 2021, there were no outstanding borrowings under the Repurchase Facility.
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.
2 unchanged sentences
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 12/31/19
+Added: (in millions, except percentages) 2021 2022 2023 2024 2025 Thereafter Total Fair Value Loss as of 12/31/20
Pay fixed/receive variable
+Added: $ 150.0 $ 50.0 $ — $ — $ — $ — $ 200.0 $ 5.6
Average pay rate 2.7 % 1.8 % — % — % — % — %
Average receive rate (a)
−Removed: one-month LIBOR
−Removed: one-month LIBOR
−Removed: one-month LIBOR
−Removed: The one-month LIBOR rate was approximately 1.8% as of December 31, 2019 .
+Added: one-month LIBOR one-month LIBOR — — — —
+Added: (a) The one-month LIBOR rate was approximately 0.1% as of December 31, 2020.
In the opinion of our management, credit risk is limited due to the large number of customers and advertising agencies utilized.
−Removed: We perform credit evaluations on our customers and agencies and believe that the allowances for doubtful accounts are adequate.
+Added: We perform credit evaluations on our customers and agencies and believe that the allowances for credit losses are adequate.
+Added: We have experienced an increase in credit losses as a result of the COVID-19 pandemic and accordingly, we recorded additional provisions for doubtful accounts in 2020.
We do not currently use derivatives or other financial instruments to mitigate credit risk.
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.