7 unchanged sentences
Interest Rate Risk
−Removed: As of September 30, 2022, 75% of our debt was fixed and 25% was variable.
−Removed: 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 nine months ended September 30, 2022.
−Removed: The notional amount of our outstanding debt associated with the interest rate swap was $0.2 billion as of December 31, 2021.
−Removed: The change in our fixed rate percentage from December 31, 2021 to June 30, 2022 was primarily due to the addition of fixed rate debt.
−Removed: Based on our September 30, 2022 outstanding variable rate debt balance, a one percentage point increase in annual LIBOR interest rates would increase our annual interest expense by approximately $35.6 million excluding the effects of capitalization of interest.
+Added: As of March 31, 2023, 84% of our debt was fixed and 16% was variable.
+Added: As of December 31, 2022, 75% of our debt was fixed and 25% was variable.
+Added: The change in our fixed rate percentage from December 31, 2022 to March 31, 2023 was primarily due to the addition of fixed rate debt, which partially replaced variable rate debt.
+Added: Based on our March 31, 2023 outstanding variable rate debt balance, a one percentage point increase in annual LIBOR interest rates would increase our annual interest expense by approximately $21.2 million excluding the effects of capitalization of interest.
Foreign Currency Exchange Rate Risk
−Removed: As of September 30, 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.
−Removed: These derivatives hedge the foreign
−Removed: currency exchange rate risk on a portion of the payments on our ship construction contracts.
+Added: As of March 31, 2023, 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: 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 €4.6 billion, or $5.0 billion based on the euro/U.S.
−Removed: dollar exchange rate as of September 30, 2022.
+Added: dollar exchange rate as of March 31, 2023.
As of December 31, 2022, the payments not hedged aggregated €4.5 billion, or $4.8 billion, based on the euro/U.S.
dollar exchange rate as of December 31, 2022.
−Removed: The change from December 31, 2021 to September 30, 2022 was due to the addition of foreign currency forwards and the delivery of Norwegian Prima.
−Removed: We estimate that a 10% change in the euro as of September 30, 2022 would result in a $0.4 billion change in the U.S.
+Added: The change from December 31, 2022 to March 31, 2023 was due to an increase in contract price for two newbuild agreements.
+Added: We estimate that a 10% change in the euro as of March 31, 2023 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 15.1% and 18.0% for the three months ended September 30, 2022 and 2021, respectively, and was 16.5% and 19.8% for the nine months ended September 30, 2022 and 2021, respectively.
−Removed: We use fuel derivative agreements to mitigate the financial impact of fluctuations in fuel prices and as of September 30, 2022, we had hedged approximately 44% and 38% of our remaining 2022 and 2023 projected metric tons of fuel purchases, respectively.
−Removed: As of December 31, 2021, we had hedged approximately 42% and 24% of our 2022 and 2023 projected metric tons of fuel purchases, respectively.
−Removed: The percentage of fuel purchases hedged changed between December 31, 2021 and September 30, 2022 primarily due to the addition of fuel swaps.
−Removed: We estimate that a 10% increase in our weighted-average fuel price would increase our anticipated fuel expense for the remainder of 2022 by $20.5 million.
+Added: Fuel expense, as a percentage of our total cruise operating expense, was 15.2% and 18.4% for the three months ended March 31, 2023 and 2022, respectively.
+Added: We use fuel derivative agreements to mitigate the financial impact of fluctuations in fuel prices and as of March 31, 2023, we had hedged approximately 53% and 13% of our remaining 2023 and 2024 projected metric tons of fuel purchases, respectively.
+Added: As of December 31, 2022, we had hedged approximately 50% of our 2023 projected metric tons of fuel purchases.
+Added: The percentage of fuel purchases hedged changed between December 31, 2022 and March 31, 2023 primarily due to the addition of fuel swaps.
+Added: We estimate that a 10% increase in our weighted-average fuel price would increase our anticipated 2023 fuel expense by $50.3 million.
This increase would be offset by an increase in the fair value of all our fuel swap agreements of $27.4 million.
2 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.