7 unchanged sentences
Interest Rate Risk
−Removed: As of June 30, 2023, 88% of our debt was fixed and 12% was variable.
+Added: As of September 30, 2023, 88% of our debt was fixed and 12% was variable.
As of December 31, 2022, 75% of our debt was fixed and 25% was variable.
−Removed: The change in our fixed rate percentage from December 31, 2022 to June 30, 2023 was primarily due to the addition of fixed rate debt, which partially replaced variable rate debt.
−Removed: Based on our June 30, 2023 outstanding variable rate debt balance, a one percentage point increase in annual Term SOFR interest rates would increase our annual interest expense by approximately $16.7 million excluding the effects of capitalization of interest.
+Added: The change in our fixed rate percentage from December 31, 2022 to September 30, 2023 was primarily due to the addition of fixed rate debt, which partially replaced variable rate debt.
+Added: Based on our September 30, 2023 outstanding variable rate debt balance, a one percentage point increase in annual Term SOFR interest rates would increase our annual interest expense by approximately $16.4 million excluding the effects of capitalization of interest.
Foreign Currency Exchange Rate Risk
−Removed: As of June 30, 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: As of September 30, 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.
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 €5.5 billion, or $5.8 billion based on the euro/U.S.
−Removed: dollar exchange rate as of June 30, 2023.
+Added: dollar exchange rate as of September 30, 2023.
As of December 31, 2022, the payments not hedged aggregated €4.5 billion, or $4.8 billion, based on the euro/U.S.
−Removed: exchange rate as of December 31, 2022.
−Removed: The change from December 31, 2022 to June 30, 2023 was due to an increase in contract price for our newbuild agreements.
−Removed: We estimate that a 10% change in the euro as of June 30, 2023 would result in a $0.6 billion change in the U.S.
+Added: dollar exchange rate as of December 31, 2022.
+Added: The change from December 31, 2022 to September 30, 2023 was due to an increase in contract price for our newbuild agreements.
+Added: We estimate that a 10% change in the euro as of September 30, 2023 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 11.9% and 16.9% for the three months ended June 30, 2023 and 2022, respectively, and 13.5% and 17.5% for the six months ended June 30, 2023 and 2022, respectively.
−Removed: We use fuel derivative agreements to mitigate the financial impact of fluctuations in fuel prices and as of June 30, 2023, we had hedged approximately 51% and 26% of our remaining 2023 and 2024 projected metric tons of fuel purchases, respectively.
+Added: Fuel expense, as a percentage of our total cruise operating expense, was 11.5% and 15.1% for the three months ended September 30, 2023 and 2022, respectively, and 12.8% and 16.5% for the nine months ended September 30, 2023 and 2022, respectively.
+Added: We use fuel derivative agreements to mitigate the financial impact of fluctuations in fuel prices and as of September 30, 2023, we had hedged approximately 45% and 24% of our remaining 2023 and 2024 projected metric tons of fuel purchases, respectively.
As of December 31, 2022, we had hedged approximately 50% of our 2023 projected metric tons of fuel purchases.
−Removed: The percentage of fuel purchases hedged changed between December 31, 2022 and June 30, 2023 primarily due to the addition of fuel swaps.
+Added: The percentage of fuel purchases hedged changed between December 31, 2022 and September 30, 2023 primarily due to the addition of fuel swaps in 2024 and the maturity of fuel swaps in 2023.
We estimate that a 10% increase in our weighted-average fuel price would increase our anticipated 2023 fuel expense by $21.7 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.