10 unchanged sentences
A one cent increase in the cost of jet fuel would result in approximately $40 million of additional annual fuel expense based on annual pre-COVID-19 pandemic consumption of approximately four billion gallons of jet fuel.
−Removed: As a result of the reduced capacity from the COVID-19 pandemic, our jet fuel consumption during 2021 of 2.8 billion gallons was significantly less than our historical and expected future consumption.
+Added: As a result of the reduced capacity from the COVID-19 pandemic, our jet fuel consumption during 2022 of 3.4 billion gallons was lower than our historical and expected future consumption.
Our derivative contracts to hedge the financial risk from changing fuel prices are primarily related to Monroe’s inventory.
5 unchanged sentences
The rates used in our variable-rate debt are based on LIBOR, or another index rate, which in certain cases is subject to a floor.
−Removed: An increase of 100 basis points in average annual interest rates would have decreased the estimated fair value of our fixed-rate debt by $1.1 billion at December 31, 2021 and would have increased the annual interest expense on our variable-rate debt and variable-rate leases by $24 million.
−Removed: In March 2021, the administrator of LIBOR announced that the publication of certain LIBOR settings will cease after December 2021 and publication of the remainder of the LIBOR settings will cease after June 2023.
+Added: An increase of 100 basis points in average annual interest rates would have decreased the estimated fair value of our fixed-rate debt by $725 million at December 31, 2022 and would have increased the annual interest expense on our variable-rate debt and variable-rate leases by $43 million.
+Added: In March 2021, the administrator of LIBOR announced that the publication of certain LIBOR settings ceased after December 2021 and publication of the remainder of the LIBOR settings will cease after June 2023.
At December 31, 2022, we had no exposure to the discontinued LIBOR settings and had approximately $1.4 billion of LIBOR-based debt and finance leases maturing after June 2023, all of which include mechanisms for replacing the applicable reference rate, which we do not expect to be materially different from LIBOR.
3 unchanged sentences
From time to time, we may also enter into foreign currency option and forward contracts.
−Removed: At December 31, 2021, we had a U.S.
−Removed: dollar-South Korean won cross currency swap contract totaling a $1 million asset position.
−Removed: We estimate that a 10% depreciation or appreciation in the price of the South Korean won in relation to the U.S.
−Removed: dollar would have changed the projected cash settlement value of our open hedge contract by $15 million for the year ending December 31, 2021.
+Added: At December 31, 2022 we had no open foreign currency options or forward contracts.
Delta Air Lines, Inc.
−Removed: 2021 Form 10-K 61
+Added: | 2022 10-K 57
Financial Statements
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.