10 unchanged sentences
A one cent increase in the cost of jet fuel per gallon would result in approximately $40 million of additional annual fuel expense based on annual consumption of approximately four billion gallons of jet fuel.
−Removed: Our derivative contracts to hedge the financial risk from changing fuel prices are related to Monroe’s inventory.
+Added: Substantially all of our derivative contracts to hedge the financial risk from changing fuel prices are related to Monroe’s inventory.
Interest Rate Risk
3 unchanged sentences
At December 31, 2025, we had $12.6 billion of fixed-rate debt, $0.7 billion of variable-rate debt and $0.4 billion of variable-rate leases.
−Removed: The rates used in our variable-rate debt are based on Secured Overnight Financing Rate ("SOFR"), or another index rate, which in certain cases is subject to a floor.
+Added: The rates used in our variable-rate debt are based on SOFR, or another index rate, which in certain cases is subject to a floor.
An increase of 100 basis points in average annual interest rates would have decreased the estimated fair value of our fixed-rate debt by $470 million at December 31, 2025 and would have increased the annual interest expense on our variable-rate debt and variable-rate leases by $11 million.
4 unchanged sentences
At December 31, 2025 we had no open foreign currency options or forward contracts.
−Removed: As of December 31, 2024, our investments denominated in foreign currencies (AirFrance-KLM, China Eastern, Hanjin-KAL and LATAM) were recorded at a fair value of $1.6 billion.
+Added: As of December 31, 2025, our investments denominated in foreign currencies (Air France-KLM, China Eastern, Hanjin-KAL and LATAM) were recorded at a fair value of $2.9 billion.
A 10% change in the value of those respective currencies against the U.S.
3 unchanged sentences
We often hold our equity securities for long periods and short-term price volatility has occurred in the past and will occur in the future, impacting the volatility of our financial results.
−Removed: During 2024, we recorded a net loss of $319 million related to the valuation of our fair value investments compared to a net gain of $1.3 billion in 2023.
+Added: During 2025, we recorded a net gain of $1.2 billion related to the valuation of our fair value investments compared to a net loss of $319 million in 2024.
As of December 31, 2025, we had long-term investments recorded at fair value of $3.6 billion and, therefore, a 10% change in the fair value of these investments would have an approximately $360 million impact on our financial results.
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.