4 unchanged sentences
Our exposure to market risk for changes in interest rates relates primarily to our investment portfolio and our revolving credit facility.
−Removed: The interest on our revolving credit agreement is based on the U.S.
−Removed: 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.
−Removed: The publication of the LIBOR reference rate was to be discontinued beginning on or around the end of 2021.
−Removed: However, the ICE Benchmark Administration Limited, 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) through June 2023.
−Removed: TrueBlue and its lenders have committed to identify and implement a LIBOR successor reference rate ahead of the LIBOR discontinuation date.
+Added: The interest on our revolving credit agreement is based on the Secured Overnight Financing Rate (“SOFR”), plus an adjustment of 0.10%, plus an applicable spread between 1.25% and 3.50%.
+Added: Alternatively, at our option, we may pay interest based on a base rate plus an applicable spread between 0.25% and 1.50%.
+Added: The base rate is the higher of the prime rate (as announced by Bank of America) or the federal funds rate plus 0.50%.
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.
1 unchanged sentence
The collateral typically takes the form of cash and cash equivalents and highly rated investment grade securities, primarily in municipal debt securities, corporate debt securities and agency mortgage-backed securities.
−Removed: The majority of our collateral obligations are held in a trust (“Trust”) at the Bank of New York Mellon.
+Added: The majority of our collateral obligations are held in a trust at the Bank of New York Mellon (“Trust”).
The individual investments within the Trust are subject to credit risk due to possible rating changes, default or impairment.
10 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.