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Our operations also have revenue and expenses denominated in non-functional currencies.
−Removed: Movements in foreign currency exchange rates will affect our financial statements.
+Added: Movements in foreign currency exchange rates will affect our consolidated financial statements.
Investment Currency Risks
6 unchanged sentences
dollar functional currency operations’ assets and liabilities (instead of the November 30, 2024 U.S.
−Removed: dollar exchange rates), our total assets would have been lower by $1.0 billion and our total liabilities would have been lower by $0.5 billion.
−Removed: As of November 30, 2023, we have a cross currency swap totaling $670 million which settles through 2024.
−Removed: This cross-currency swap is designated as a hedge of our net investments in foreign operations, which has a euro-denominated functional currency, thus partially offsetting the foreign currency exchange rate risk.
−Removed: Based on a 10% change in the U.S.
−Removed: dollar to euro exchange rate as of November 30, 2023, we estimate that the fair value of this cross-currency swap and offsetting change in U.S.
−Removed: dollar value of our net investments would change by $66 million.
+Added: dollar exchange rates), our total assets would have been higher by $468 million and our total liabilities would have been higher by $408 million.
Newbuild Currency Risks
−Removed: At November 30, 2023, our remaining newbuild currency exchange rate risk primarily relates to euro-denominated newbuild contract payments, which represent a total unhedged commitment of $3.0 billion and relate to newbuilds scheduled to be delivered through 2025 to non-euro functional currency brands.
−Removed: The functional currency cost of each of these ships will increase or decrease based on changes in the exchange rates until the unhedged payments are made under the shipbuilding contract.
−Removed: We may enter into additional foreign currency derivatives to mitigate some of this foreign currency exchange rate risk.
+Added: At November 30, 2024, our newbuild currency exchange rate risk primarily relates to euro-denominated newbuild contract payments, which represent a total commitment of $8.6 billion and relate to newbuilds scheduled to be delivered to non-euro functional currency brands.
+Added: The functional currency cost of each of these ships will increase or decrease based on changes in the exchange rates until the payments are made under the shipbuilding contract.
+Added: We may utilize foreign currency derivatives to mitigate some of this foreign currency exchange rate risk.
Based on a 1% change in euro to U.S.
−Removed: dollar exchange rates as of November 30, 2023, the remaining unhedged cost of these ships would have a corresponding change of $30 million.
+Added: dollar exchange rates as of November 30, 2024, the remaining cost of these ships would have a corresponding change of $86 million.
Interest Rate Risks
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EUR floating rate
−Removed: At November 30, 2023, we had interest rate swaps that have effectively changed $46 million of EURIBOR-based floating rate euro debt to fixed rate euro debt.
+Added: At November 30, 2024, we had an interest rate swap that effectively changed $11 million of EURIBOR-based floating rate euro debt to fixed rate euro debt.
We also had interest rate swap agreements which effectively changed $1.0 billion at November 30, 2024 of SOFR-based floating rate USD debt to fixed rate USD debt.
1 unchanged sentence
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.