7 unchanged sentences
Interest Rate Risk
−Removed: As of December 31, 2021, we had an interest rate swap to hedge our exposure to interest rate movements and to manage our interest expense.
−Removed: As of December 31, 2021, 72% of our debt was fixed and 28% was variable, which includes the effects of the interest rate swap.
−Removed: The notional amount of outstanding debt associated with the interest rate derivative agreements was $0.2 billion as of December 31, 2021.
−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 outstanding debt associated with the interest rate derivative agreements was $0.7 billion as of December 31, 2020.
−Removed: The change in our fixed rate percentage from December 31, 2020 to December 31, 2021 was primarily due to the maturity of interest rate swaps.
+Added: As of December 31, 2022, 75% of our debt was fixed and 25% 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 year ended December 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: The change in our fixed rate percentage from December 31, 2021 to December 31, 2022 was primarily due to the addition of fixed rate debt.
Based on our December 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 $34.1 million excluding the effects of capitalization of interest.
6 unchanged sentences
dollar exchange rate as of December 31, 2021.
−Removed: The change from December 31, 2020 to December 31, 2021 included the addition of foreign currency hedges offset by the maturity of certain foreign currency hedges.
+Added: The change from December 31, 2021 to December 31, 2022 was due to the addition of foreign currency forwards and the delivery of Norwegian Prima.
We estimate that a 10% change in the euro as of December 31, 2022 would result in a $0.5 billion change in the U.S.
3 unchanged sentences
Fuel expense, as a percentage of our total cruise operating expense, was 16.1% for the year ended December 31, 2022 and 18.8% for the year ended December 31, 2021.
−Removed: We use fuel derivative agreements to mitigate the financial impact of fluctuations in fuel prices and as of December 31, 2021, excluding fuel swaps for transactions that are no longer probable of occurrence, we had hedged approximately 42% and 24% of our 2022 and 2023 projected metric tons of fuel purchases, respectively.
−Removed: As of December 31, 2020, we had hedged approximately 37% and 15% of our 2022 and 2023 projected metric tons of fuel purchases, respectively.
+Added: We use fuel derivative agreements to mitigate the financial impact of fluctuations in fuel prices and as of December 31, 2022, we had hedged approximately 50% of our 2023 projected metric tons of fuel purchases.
+Added: As of December 31, 2021, we had hedged approximately 24% of our 2023 projected metric tons of fuel purchases.
Additional fuel swaps were executed between December 31, 2021 to December 31, 2022 to lower our fuel price risk.
7 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.