6 unchanged sentences
The variable rate debt outstanding at December 31, 2020, was primarily comprised of $657.6 million outstanding on the Term Loan A.
−Removed: As of December 31, 2019 , there was no outstanding balance on the revolving credit
+Added: As of December 31, 2020, there was no outstanding balance on the revolving credit facility.
In order to reduce the variability of cash flows from interest payments related to a portion of Quad’s variable-rate debt, the Company entered into a $250.0 million interest rate swap in February 2017 and a $130.0 million interest rate swap in March 2019, and has classified $380.0 million of the Company’s variable rate debt as fixed rate debt.
19 unchanged sentences
The Company has considered the economy in Argentina to be highly inflationary, effective June 30, 2018.
−Removed: In accordance with ASC 830 “Foreign Currency Matters”, a highly inflationary economy is one that has experienced cumulative inflation of approximately 100 percent or more over a three-year period.
+Added: In accordance with Accounting Standards Codification 830 “Foreign Currency Matters”, a highly inflationary economy is one that has experienced cumulative inflation of approximately 100 percent or more over a three-year period.
An entity is required to apply the revised accounting guidance in the reporting period following when the economy was deemed to be highly inflationary.
1 unchanged sentence
Dollar, beginning July 1, 2018, and impacts from the change in the value of the local currency for monetary assets and liabilities is now reflected in the consolidated statements of operations.
−Removed: The total impact from foreign currency losses was $2.8 million and $1.5 million during the years ended December 31, 2019 and 2018 , respectively, and was recorded in restructuring, impairment and transaction-related charges in the consolidated statements of operations.
+Added: Due to the Argentina economy classification as highly inflationary, the impact from foreign currency losses was $5.9 million and $2.8 million during the years ended December 31, 2020 and 2019, respectively, and was recorded in restructuring, impairment and transaction-related charges in the consolidated statements of operations.
The Company’s operations in Argentina represented less than 2.0% of total consolidated assets as of December 31, 2020, and less than 2.0% of total consolidated net sales for the year ended December 31, 2020.
−Removed: Credit risk is the possibility of loss from a customer’s failure to make payments according to contract terms.
−Removed: Prior to granting credit, each customer is evaluated in an underwriting process, taking into consideration the prospective customer’s financial condition, past payment experience, credit bureau information and other financial and qualitative factors that may affect the customer’s ability to pay.
+Added: Credit risk is the possibility of loss from a client’s failure to make payments according to contract terms.
+Added: Prior to granting credit, each client is evaluated in an underwriting process, taking into consideration the prospective client’s financial condition, past payment experience, credit bureau information and other financial and qualitative factors that may affect the client’s ability to pay.
Specific credit reviews and standard industry credit scoring models are used in performing this evaluation.
−Removed: Customers’ financial condition is continuously monitored as part of the normal course of business.
−Removed: Some of the Company’s customers are highly leveraged or otherwise subject to their own operating and regulatory risks.
−Removed: Based on those customer account reviews and due to the continued uncertainty of the global economy, the Company has established an allowance for doubtful accounts of $25.0 million as of December 31, 2019 .
−Removed: The Company has a large, diverse customer base and does not have a high degree of concentration with any single customer account.
−Removed: During the year ended December 31, 2019 , the Company’s largest customer accounted for less than 5% of the Company’s net sales.
−Removed: Even if the Company’s credit review and analysis mechanisms work properly, the Company may experience financial losses in its dealings with customers and other parties.
−Removed: Any increase in nonpayment or nonperformance by customers could adversely impact the Company’s results of operations and financial condition.
−Removed: Economic disruptions could result in significant future charges.
+Added: Clients’ financial condition is continuously monitored as part of the normal course of business.
+Added: Some of the Company’s clients are highly leveraged or otherwise subject to their own operating and regulatory risks.
+Added: Based on those client account reviews and the continued uncertainty of the global economy, the Company has established an allowance for credit losses of $33.8 million as of December 31, 2020.
+Added: The Company has a large, diverse client base and does not have a high degree of concentration with any single client account.
+Added: During the year ended December 31, 2020, the Company’s largest client accounted for less than 5% of the Company’s net sales.
+Added: Even if the Company’s credit review and analysis mechanisms work properly, the Company may experience financial losses in its dealings with clients and other parties.
+Added: Any increase in nonpayment or nonperformance by clients could adversely impact the Company’s results of operations and financial condition.
+Added: Economic disruptions, including the impacts from the COVID-19 pandemic, could result in significant future charges.
+Added: The Company is continuing to actively monitor the situation and related risks around the COVID-19 pandemic.
Commodity Risk
3 unchanged sentences
The Company generally buys these raw materials based upon market prices that are established with the vendor as part of the procurement process.
−Removed: Approximately half of the paper used in the printing process is supplied directly by its clients.
+Added: Approximately half of the paper used in the printing process is supplied directly by the Company’s clients.
For those clients that do not directly supply their own paper, the Company makes use of its purchasing efficiencies to supply paper by negotiating with leading paper vendors, uses a wide variety of paper grades, weights and sizes, and does not rely on any one vendor.
11 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.