1 unchanged sentence
We do not purchase or hold any derivative instruments for trading or speculative purposes.
−Removed: We utilize interest rate swaps to manage interest rate risk exposure associated with our floating-rate debt under the credit facility.
+Added: We utilize interest rate swaps to manage interest rate risk exposure associated with our floating-rate debt under the 2024 Credit Facilities.
Under these interest rate swap contracts, we receive cash flows from counterparties at variable rates based on SOFR and pay the counterparties a fixed rate.
11 unchanged sentences
Interest rate risk results when the maturity or repricing intervals of interest-earning assets and interest-bearing liabilities are different.
−Removed: A change in the Federal Funds Rate, or the reference rate set by Bank of America, N.A., would affect the rate at which we could borrow funds under the 2022 credit facility.
−Removed: Our balance outstanding under the 2022 credit facility at December 31, 2023 was $312.4 million, of which $162.4 million is subject to rate risk.
+Added: A change in the Federal Funds Rate, or the reference rate set by Bank of America, N.A., would affect the rate at which we could borrow funds under the 2024 Credit Facilities.
+Added: Our balance outstanding under the 2024 Credit Facilities at December 31, 2024 was $1,420.9 million, of which $1,270.9 million is subject to rate risk.
If market rates were to increase or decrease 100 basis points from the levels at December 31, 2024, interest expense would increase or decrease approximately $12.7 million annually.
In connection with our payroll business, funds held for clients are segregated and invested in short-term investments, such as corporate and municipal bonds.
−Removed: In accordance with our investment policy, all investments carry an investment grade rating at the time of the initial investment.
+Added: In accordance with our investment policy, all investments
+Added: carry an investment grade rating at the time of the initial investment.
At each respective balance sheet date, these investments are adjusted to fair value with fair value adjustments being recorded to other comprehensive income or loss for the respective period.
−Removed: Refer to Notes 6, Financial Instruments, and Note 7, Fair Value Measurements, to the accompanying consolidated financial statements for further discussion regarding these investments and the related fair value assessments.
+Added: Refer to Note 7, Financial Instruments, and Note 8, Fair Value Measurements, to the accompanying consolidated financial statements for further discussion regarding these investments and the related fair value assessments.
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.