7 unchanged sentences
For the year ended December 31, 2022, such contracts accounted for 6.2% of our total utility costs.
−Removed: 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.
+Added: As of December 31, 2022, we had active electricity purchase agreements with fixed contract rates for locations in Illinois and Texas, which expire at various dates through May 2025.
Foreign Exchange Risk
4 unchanged sentences
As of December 31, 2022, we have $9.2 million of unrecognized foreign currency translation losses included within Accumulated other comprehensive loss on our Consolidated Statement of Financial Position.
−Removed: Substantially all of our transactions at our Canadian subsidiary is denominated in their local functional currency, thereby reducing our risk of foreign currency transaction gains or losses.
+Added: 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.
We do not currently use derivatives or other financial instruments to mitigate foreign currency risk, although we may do so in the future.
3 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 $1.5 million.
−Removed: As of December 31, 2021, there were no outstanding borrowings under the AR Facility.
−Removed: 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.
−Removed: 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.
−Removed: The following table provides information about our interest rate swap agreement, which is sensitive to changes in interest rates.
−Removed: Notional amounts are used to calculate the contractual cash flows to be exchanged under the agreement.
−Removed: (in millions, except percentages) 2022 2023 2024 2025 2026 Thereafter Total Fair Value Loss as of 12/31/21
−Removed: Pay fixed/receive variable
−Removed: $ 50.0 $ — $ — $ — $ — $ — $ 50.0 $ 0.4
−Removed: Average pay rate 1.8 % — % — % — % — % — %
−Removed: Average receive rate (a)
−Removed: one-month LIBOR — — — — —
−Removed: (a) The one-month LIBOR rate was approximately 0.1% as of December 31, 2021.
+Added: As of December 31, 2022, there were $30.0 million of outstanding borrowings under the AR Facility, at a borrowing rate of 5.4%.
+Added: An increase or decrease of 1/4% in our interest rate on the AR Facility will change our annualized interest expense by approximately $0.1 million.
+Added: We are not currently using derivatives or other financial instruments to mitigate interest rate risk, although we may do so in the future.
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 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 declined in 2021 compared to 2020.
+Added: We experienced an increase in credit losses during the COVID-19 pandemic and accordingly, we recorded additional provisions for doubtful accounts in prior years.
+Added: Provisions for doubtful accounts have increased in 2022 compared to prior years, driven by increased business activity and therefore, we expect provisions for doubtful accounts to continue to increase in 2023.
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.