7 unchanged sentences
For the year ended December 31, 2021, such contracts accounted for 11.5% of our total utility costs.
−Removed: As of December 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 December 31, 2021, we had active electricity purchase agreements with fixed contract rates for locations throughout Illinois, New Jersey, Pennsylvania and Texas, which expire at various dates until June 2024.
Foreign Exchange Risk
7 unchanged sentences
Interest Rate Risk
−Removed: We are subject to interest rate risk to the extent we have variable-rate debt outstanding, including under our Senior Credit Facilities and the AR Securitization Facilities.
+Added: We are subject to interest rate risk to the extent we have variable-rate debt outstanding, including under our Senior Credit Facilities and the AR Facility.
As of December 31, 2021, 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 $1.4 million.
−Removed: 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%.
−Removed: 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 February 25, 2021, there were no outstanding borrowings under the Repurchase Facility.
−Removed: 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 $5.6 million as of December 31, 2020, and is included in Other liabilities on our Consolidated Statement of Financial Position.
−Removed: The following table provides information about our interest rate swap agreements, which are sensitive to changes in interest rates.
−Removed: Notional amounts are used to calculate the contractual cash flows to be exchanged under the agreements.
+Added: As of December 31, 2021, there were no outstanding borrowings under the AR Facility.
+Added: We have an interest rate cash flow swap agreement 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.
+Added: The fair value of the swap position was a net unrecognized loss of approximately $0.4 million as of December 31, 2021, which is included in Other current liabilities on our Consolidated Statement of Financial Position.
+Added: The following table provides information about our interest rate swap agreement, which is sensitive to changes in interest rates.
+Added: Notional amounts are used to calculate the contractual cash flows to be exchanged under the agreement.
(in millions, except percentages) 2022 2023 2024 2025 2026 Thereafter Total Fair Value Loss as of 12/31/21
3 unchanged sentences
Average receive rate (a)
−Removed: one-month LIBOR one-month LIBOR — — — —
+Added: one-month LIBOR — — — — —
(a) The one-month LIBOR rate was approximately 0.1% as of December 31, 2021.
1 unchanged sentence
We perform credit evaluations on our customers and agencies and believe that the allowances for credit losses are adequate.
−Removed: 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.
+Added: We 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.
+Added: Provisions for doubtful accounts declined in 2021 compared to 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.