7 unchanged sentences
Interest Rate Risk
−Removed: As of June 30, 2020, we had interest rate swap and collar agreements to hedge our exposure to interest rate movements and to manage our interest expense.
−Removed: As of June 30, 2020, 66% of our debt was fixed and 34% was variable, which includes the effects of the interest rate swaps and collars.
−Removed: The notional amount of outstanding debt associated with the interest rate derivative agreements as of June 30, 2020 was $0.7 billion.
+Added: As of September 30, 2020, we had interest rate swap and collar agreements to hedge our exposure to interest rate movements and to manage our interest expense.
+Added: As of September 30, 2020, 73% of our debt was fixed and 27% was variable, which includes the effects of the interest rate swaps and collars.
+Added: The notional amount of outstanding debt associated with the interest rate derivative agreements as of September 30, 2020 was $0.7 billion.
As of December 31, 2019, 78% of our debt was fixed and 22% was variable, which includes the effects of the interest rate swaps.
The notional amount of our outstanding debt associated with the interest rate swap agreements was $1.7 billion as of December 31, 2019.
−Removed: The change in our fixed rate percentage from December 31, 2019 to June 30, 2020 was primarily due to the maturity of interest rate swaps.
−Removed: Based on our June 30, 2020 outstanding variable rate debt balance, a one percentage point increase in annual LIBOR interest rates would increase our annual interest expense by approximately $36.7 million excluding the effects of capitalization of interest.
+Added: The change in our fixed rate percentage from December 31, 2019 to September 30, 2020 was primarily due to the maturity of interest rate swaps.
+Added: Based on our September 30, 2020 outstanding variable rate debt balance, a one percentage point increase in annual LIBOR interest rates would increase our annual interest expense by approximately $30.4 million excluding the effects of capitalization of interest.
Foreign Currency Exchange Rate Risk
−Removed: As of June 30, 2020, we had foreign currency derivatives to hedge the exposure to volatility in foreign currency exchange rates related to our ship construction contracts denominated in euros.
+Added: As of September 30, 2020, we had foreign currency derivatives to hedge the exposure to volatility in foreign currency exchange rates related to our ship construction contracts denominated in euros.
These derivatives hedge the foreign currency exchange rate risk on a portion of the payments on our ship construction contracts.
−Removed: The payments not hedged
−Removed: aggregate €2.5 billion, or $2.8 billion based on the euro/U.S.
−Removed: dollar exchange rate as of June 30, 2020.
+Added: The payments not hedged aggregate €4.9 billion, or $5.7 billion based on the euro/U.S.
+Added: dollar exchange rate as of September 30, 2020.
As of December 31, 2019, the payments not hedged aggregated €3.0 billion, or $3.4 billion, based on the euro/U.S.
dollar exchange rate as of December 31, 2019.
−Removed: The change from December 31, 2019 to June 30, 2020 was due to the delivery of Seven Seas Splendor.
−Removed: We estimate that a 10% change in the euro as of June 30, 2020 would result in a $0.3 billion change in the U.S.
+Added: The change from December 31, 2019 to September 30, 2020 was due to the delivery of Seven Seas Splendor.
+Added: We estimate that a 10% change in the euro as of September 30, 2020 would result in a $0.6 billion change in the U.S.
dollar value of the foreign currency denominated remaining payments.
1 unchanged sentence
Our exposure to market risk for changes in fuel prices relates to the forecasted purchases of fuel on our ships.
−Removed: Fuel expense, as a percentage of our total cruise operating expense, was 16.2% and 10.5% for the three months ended June 30, 2020 and 2019, respectively, and 13.4% and 11.1% for the six months ended June 30, 2020 and 2019, respectively.
−Removed: We use fuel derivative agreements to mitigate the financial impact of fluctuations in fuel prices and as of June 30, 2020, we had hedged approximately 80%, 52%, 36% and 13% of our remaining 2020, 2021, 2022 and 2023 projected metric tons of fuel purchases, respectively.
+Added: Fuel expense, as a percentage of our total cruise operating expense, was 25.4% and 10.0% for the three months ended September 30, 2020 and 2019, respectively, and 15.0% and 10.7% for the nine months ended September 30, 2020 and 2019, respectively.
+Added: We use fuel derivative agreements to mitigate the financial impact of fluctuations in fuel prices and as of September 30, 2020, excluding fuel swaps that are no longer designated as cash flow hedges, we had hedged approximately 57%, 59%, 37% and 13% of our remaining 2020, 2021, 2022 and 2023 projected metric tons of fuel purchases, respectively.
As of December 31, 2019, we had hedged approximately 56%, 50% and 18% of our 2020, 2021 and 2022 projected metric tons of fuel purchases, respectively.
−Removed: Additional hedges were executed between December 31, 2019 and June 30, 2020 to lower our fuel price risk.
+Added: Additional hedges were executed between December 31, 2019 and September 30, 2020 to lower our fuel price risk.
We estimate that a 10% increase in our weighted-average fuel price would increase our anticipated 2020 fuel expense by $3.2 million.
−Removed: This increase would be partially offset by an increase in the fair value of our fuel swap agreements of $7.7 million.
+Added: This increase would be offset by an increase in the fair value of all our fuel swap agreements of $3.6 million.
Fair value of our derivative contracts is derived using valuation models that utilize the income valuation approach.
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.