7 unchanged sentences
Interest Rate Risk
−Removed: As of September 30, 2021, 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 September 30, 2021, 73% of our debt was fixed and 27% was variable, which includes the effects of the interest rate swaps.
−Removed: The notional amount of outstanding debt associated with the interest rate derivative agreements as of September 30, 2021 was $0.2 billion.
−Removed: As of December 31, 2020, 74% of our debt was fixed and 26% was variable, which includes the effects of the interest rate swaps and collars.
−Removed: The notional amount of our outstanding debt associated with the interest rate swaps and collars was $0.7 billion as of December 31, 2020.
−Removed: The change in our fixed rate percentage from December 31, 2020 to September 30, 2021 was primarily due to the maturity of various interest rate derivatives.
−Removed: Based on our September 30, 2021 outstanding variable rate debt balance, a one percentage point increase in annual LIBOR interest rates would increase our annual interest expense by approximately $34.2 million excluding the effects of capitalization of interest.
+Added: As of March 31, 2022, 72% of our debt was fixed and 28% was variable.
+Added: As of December 31, 2021, 72% of our debt was fixed and 28% was variable, which includes the effects of an interest rate swap that matured during the three months ended March 31, 2022.
+Added: The notional amount of our outstanding debt associated with the interest rate swap was $0.2 billion as of December 31, 2021.
+Added: Based on our March 31, 2022 outstanding variable rate debt balance, a one percentage point increase in annual LIBOR interest rates would increase our annual interest expense by approximately $38.3 million excluding the effects of capitalization of interest.
Foreign Currency Exchange Rate Risk
−Removed: As of September 30, 2021, 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 March 31, 2022, 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.
The payments not hedged aggregate €4.8 billion, or $5.3 billion based on the euro/U.S.
−Removed: dollar exchange rate as of September 30, 2021.
+Added: dollar exchange rate as of March 31, 2022.
As of December 31, 2021, the payments not hedged aggregated €5.0 billion, or $5.7 billion, based on the euro/U.S.
dollar exchange rate as of December 31, 2021.
−Removed: The change from December 31, 2020 to September 30, 2021 was due to the addition of foreign currency hedges.
−Removed: We estimate that a 10% change in the euro as of September 30, 2021 would result in a $0.6 billion change in the U.S.
+Added: The change from December 31, 2021 to March 31, 2022 was due to the addition of foreign currency hedges.
+Added: We estimate that a 10% change in the euro as of March 31, 2022 would result in a $0.5 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 18.0% and 25.4% for the three months ended September 30, 2021 and 2020, respectively, and 19.8% and 15.0% for the nine months ended September 30, 2021 and 2020, respectively.
−Removed: We use fuel derivative agreements to mitigate the financial impact of fluctuations in fuel prices and as of September 30, 2021, excluding fuel swaps for transactions that are no longer probable of occurrence, we had hedged approximately 47%, 35% and 14% of our remaining 2021, 2022 and 2023 projected metric tons of fuel purchases, respectively.
−Removed: As of December 31, 2020, we had hedged approximately 59%, 37% and 15% of our 2021, 2022 and 2023 projected metric tons of fuel purchases, respectively.
−Removed: The percentage of fuel purchases hedged changed between December 31, 2020 and September 30, 2021 primarily due to changes in forecasted purchases and the termination of certain fuel swaps.
+Added: Fuel expense, as a percentage of our total cruise operating expense, was 18.4% and 21.2% for the three months ended March 31, 2022 and 2021, respectively.
+Added: We use fuel derivative agreements to mitigate the financial impact of fluctuations in fuel prices and as of March 31, 2022, excluding fuel swaps for transactions that are no longer probable of occurrence, we had hedged approximately 41% and 24% of our remaining 2022 and 2023 projected metric tons of fuel purchases, respectively.
+Added: As of December 31, 2021, we had hedged approximately 42% and 24% of our 2022 and 2023
+Added: projected metric tons of fuel purchases, respectively.
+Added: The percentage of fuel purchases hedged changed between December 31, 2021 and March 31, 2022 primarily due to changes in forecasted purchases and the maturity of fuel swaps.
We estimate that a 10% increase in our weighted-average fuel price would increase our anticipated 2022 fuel expense by $62.7 million.
3 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.