3 unchanged sentences
Interest rate risks
−Removed: Our exposure to market risk for changes in interest rates relates primarily to our investment portfolio and our long-term debt.
−Removed: The interest on our long-term debt is based on the London Interbank Offered Rate (“LIBOR”).
−Removed: In the event LIBOR is replaced, TrueBlue has agreed with its lenders to adopt a successor rate benchmark.
+Added: Our exposure to market risk for changes in interest rates relates primarily to our investment portfolio and our revolving credit facility.
+Added: The interest on our revolving credit agreement is based on the U.S.
+Added: Dollar London Interbank Offered Rate (“LIBOR”) or, at our option, the higher of the prime rate (as announced by Bank of America) or the federal funds rate.
+Added: Under existing guidance, the publication of the LIBOR reference rate was to be discontinued beginning on or around the end of 2021.
+Added: However, the Intercontinental Exchange Benchmark Administration (“Administrative Agent”), in its capacity as administrator of LIBOR, has announced that it intends to extend publication of LIBOR (other than one-week and two-month tenors) to June 2023.
+Added: TrueBlue has agreed with its lenders to adopt a successor rate benchmark approved by the Administrative Agent, as published on Bloomberg.
Restricted cash and investments consist principally of collateral that has been provided or pledged to insurance carriers for workers’ compensation and state workers’ compensation programs.
8 unchanged sentences
Restricted Cash and Investments, to the consolidated financial statements included in Item 8 of this Annual Report on Form 10-K.
−Removed: Long-term debt
−Removed: We are subject to the risk of fluctuating interest rates under our revolving credit agreement (“Revolving Credit Facility”), which bears interest at variable rates.
−Removed: For additional information, see Note 8:
−Removed: Long-term Debt, to the consolidated financial statements included in Item 8 of this Annual Report on Form 10-K.
−Removed: Based on the principal balance of our outstanding Revolving Credit Facility of $37 million as of December 29, 2019 , an increase or decrease of the interest rate by 10% over the next year would not have a material effect on our annual interest expense.
Foreign currency exchange rate risk
4 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.