7 unchanged sentences
For the year ended December 31, 2021, such contracts accounted for 11.5% of our total utility costs.
−Removed: As of September 30, 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 through June 2024.
+Added: As of March 31, 2022, we had active electricity purchase agreements with fixed contract rates for locations throughout Illinois, New Jersey, Pennsylvania and Texas, which expire at various dates through June 2024.
Foreign Exchange Risk
3 unchanged sentences
The functional currency of our international subsidiaries is their respective local currency.
−Removed: As of September 30, 2021, we have $1.3 million of unrecognized foreign currency translation losses included within Accumulated other comprehensive loss on our Consolidated Statement of Financial Position.
+Added: As of March 31, 2022, we have $1.4 million of unrecognized foreign currency translation gains 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 Facility.
−Removed: As of September 30, 2021, we had a $600.0 million variable-rate Term Loan due 2026 outstanding, which has an interest rate of 1.8% per year.
+Added: As of March 31, 2022, we had a $600.0 million variable-rate Term Loan due 2026 outstanding, which has an interest rate of 2.2% 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 $1.5 million.
−Removed: As of September 30, 2021, there were no outstanding borrowings under the AR 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 $1.7 million as of September 30, 2021, 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 March 31, 2022, 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 $0.1 million as of March 31, 2022, 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 2027 Thereafter Total Fair Value Loss as of 3/31/22
3 unchanged sentences
Average receive rate (a)
−Removed: one-month LIBOR one-month LIBOR — — — — —
−Removed: (a) The one-month LIBOR rate was approximately 0.1% as of September 30, 2021.
+Added: one-month LIBOR — — — — — —
+Added: (a) The one-month LIBOR rate was approximately 0.5% as of March 31, 2022.
In the opinion of our management, credit risk is limited due to the large number of customers and advertising agencies utilized.
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.
−Removed: Provisions for doubtful accounts have declined in the nine months ended September 30, 2021, compared to the same prior-year period and we expect provisions for doubtful accounts to continue to decline through the remainder of the year.
+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 have increased in the three months ended March 31, 2022, compared to the same prior-year period, driven by increased business activity.
+Added: We expect provisions for doubtful accounts to continue to increase through the remainder of the year.
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.