1 unchanged sentence
Interest Rates
−Removed: We are exposed to interest rate risk associated with fluctuations in interest rates on our floating-rate debt under our Senior Facilities, which includes our $375 million Revolving Credit Facility, $2,796 million outstanding under the Term Loan Facility, and our $65 million Receivables Financing Facility.
−Removed: As of December 31, 2020, there were no out standing borrowings under the Revolving Credit Facility and therefore our only variable-rate debt outstanding was the $2,796 million outstanding under the Term Loan Facility and $65 million outstanding under the Receivables Financing Facility.
−Removed: As of December 31, 2020, assuming the Revolving Credit Facility was fully drawn, each 0.125% change in assumed blended interest rates would res ult in a $4 million cha nge in annual interest expense on indebtedness under the Senior Facilities and the Receivables Financing Facility.
−Removed: In December 2016, we entered into seven floating-to-fixed interest rate swap agreements to manage our risk from interest rate fluctuations associated with the floating-rate Term Loan Facility.
−Removed: The remaining three swap agreements in effect as of December 31, 2020 have an aggregate notional amount of $1.05 billion and mature over the next two years.
−Removed: On a quarterly basis, we net settle with the counterparty for the difference between the fixed rate specified in each swap agreement, ranging from 1.7625% to 1.9040%, and the variable rate based upon the three-month LIBOR as applied to the notional amount of the swap.
−Removed: In December 2018, we entered into four additional floating-to-fixed interest rate swap agreements with an aggregate notional amount of $1.35 billion and a maturity date of November 3, 2023.
−Removed: These swap agreements are forward-starting, and as of December 31, 2020, two swaps agreements, with an aggregate notional amount of $300 million, were effective.
−Removed: The remaining swap agreements become effective each year thereafter to coincide with the maturity dates of the outstanding December 2016 swap agreements.
−Removed: On a quarterly basis, we net settle with the counterparty for the difference between the fixed rate specified in each swap agreement, ranging from 2.7350% to 2.7490%, and the variable rate based upon the three-month LIBOR as applied to the notional amount of the swap.
+Added: We are exposed to interest rate risk associated with fluctuations in interest rates on our floating-rate debt under our Senior Facilities, which includes our $375 million Revolving Credit Facility and $2,283 million outstanding under the Term Loan Facility.
+Added: As of December 31, 2021, there were no out standing borrowings under the Revolving Credit Facility and therefore our only variable-rate debt outstanding was the $2,283 million outstanding under the Term Loan Facility.
+Added: As of December 31, 2021, assuming the Revolving Credit Facility was fully drawn, each 0.125% change in assumed blended interest rates would res ult in a $3 million cha nge in annual interest expense on indebtedness under the Senior Facilities.
+Added: Our Term Loan Facility bears interest at an annual rate equal to an applicable margin plus three-month LIBOR, subject to a 0.75% floor.
+Added: We have entered into interest rate swap agreements indexed to three-month LIBOR in order to manage our risk from fluctuations in three-month LIBOR above the 0.75% floor.
+Added: The fixed rates for each swap agreement are presented in the table below.
+Added: As of December 31, 2021, the interest rate on the Term Loan Facility was 3.50%, equal to an applicable margin of 2.75% plus the 0.75% three-month LIBOR floor.
+Added: The key terms of the swaps outstanding as of December 31, 2021 are presented below:
+Added: Transaction Date Effective Date Notional Amount (in millions) Fixed Rate Paid (Received) Maturity Date
+Added: December 2016 February 3, 2017 $ 450.0 1.9040% February 3, 2022
+Added: December 2016 February 3, 2017 450.0 1.9040% February 3, 2022
+Added: February 2021 February 3, 2021 (900.0) (1.9040)% February 3, 2022
+Added: February 2021 February 9, 2021 1,350.0 2.3820% February 9, 2026
+Added: Total $ 1,350.0
Foreign Currencies
4 unchanged sentences
As such, the results of operations and cash flows of our foreign subsidiaries are subject to fluctuations in foreign currency exchange rates.
−Removed: During 2020, we recognized foreign currency transaction gains of $6 million wit hin "Other income (expense), net" in our Consolidated Statements of Comprehensive Loss.
−Removed: As we grow our international operations, our exposure to foreign currency translation and transaction risk could become more significant.
+Added: During 2021, we recognized foreign currency transaction losses of $3 million wit hin "Other income (expense), net" in our Consolidated Statements of Comprehensive Loss.
+Added: As we continue to grow our international operations, our exposure to foreign currency translation and transaction risk could become more significant.
We have in the past and may in the future enter into foreign currency hedging instruments to limit our exposure to foreign currency risk.
−Removed: In November 2017, we entered into three forward contracts.
−Removed: Under the terms of these contracts, we sold a total of £120 million at an average rate of 1.34378 British pound sterling to U.S.
−Removed: dollar and received $161.3 million.
−Removed: These contracts settled on November 30, 2018 and we received a final net payment of $7.9 million.
In November 2018, we entered into one foreign currency forward contract.
7 unchanged sentences
During 2020, we entered into a series of foreign currency contracts to manage our exposure to movements in the British pound sterling, Euro, and Mexican peso.
−Removed: These contracts had three-month terms and settled at various dates throughout the year, which resulted in the company making aggregate payments of $5.4 million.
+Added: These contracts had three-month terms and settled at various dates throughout the year, which resulted in us making aggregate payments of $5.4 million.
As of December 31, 2020, there was no notional amount outstanding related to these contracts.
During the fourth quarter of 2020, we entered into two foreign currency forward contracts.
−Removed: Under the terms of these contracts, on November 30, 2021, we will sell a total of £80 million at an average rate of 1.3388 British pound sterling to U.S.
−Removed: dollar and receive $107.1 million.
+Added: Under the terms of these contracts, we sold a total of £80 million at an average rate of 1.3388 British pound sterling to U.S.
+Added: dollar and received $107.1 million.
+Added: These contracts settled on November 30, 2021 and we received a final net payment of $0.4 million.
+Added: See Item 8 of Part II, Financial Statements and Supplementary Data - Note 17, "Derivatives," for more information on interest rate swaps and foreign currency hedging contracts.
We are a large consumer of power.
−Removed: During 2020, we expensed approximately $40 million that was paid to utility companies to power our data centers, representing approximately 1% of our revenue.
+Added: During 2021, we expensed approximately $44 million for utility companies to power our data centers, representing approximately 1% of our revenue.
Power costs vary by geography, the source of power generation and seasonal fluctuations and are subject to certain proposed legislation that may increase our exposure to increased power costs.
−Removed: We have fixed price power contracts for data centers in the Dallas-Fort Worth, San Jose and London areas that allow us to procure power either on a fixed price or on a variable price basis.
−Removed: See Item 8 of Part II, Financial Statements and Supplementary Data - Note 16, "Derivatives," for more information on interest rate swaps, foreign currency hedging contracts, and fixed power contracts.
+Added: We have fixed price power contracts for data centers in the Dallas-Fort Worth, San Jose, Somerset, New Jersey and London areas that allow us to procure power either on a fixed price or on a variable price basis.
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.