9 unchanged sentences
As of December 31, 2022, 75% of our debt was fixed and 25% was variable, which includes the effects of an interest rate swap that matured during the year ended December 31, 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 December 31, 2022 was primarily due to the addition of fixed rate debt.
−Removed: 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.
+Added: The change in our fixed rate percentage from December 31, 2022 to December 31, 2023 was primarily due to the addition of fixed rate debt and refinancing variable rate debt with fixed rate debt.
+Added: Based on our December 31, 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 $6.8 million excluding the effects of capitalization of interest.
Foreign Currency Exchange Rate Risk
−Removed: As of December 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.
−Removed: 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 aggregate €4.5 billion, or $4.8 billion based on the euro/U.S.
+Added: As of December 31, 2023, future ship construction obligations aggregate €5.4 billion, or $6.0 billion based on the euro/U.S.
dollar exchange rate as of December 31, 2023.
−Removed: As of December 31, 2021, the payments not hedged aggregated €5.0 billion, or $5.7 billion, based on the euro/U.S.
+Added: As of December 31, 2022, the ship construction obligations 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 December 31, 2022 was due to the addition of foreign currency forwards and the delivery of Norwegian Prima.
+Added: The change from December 31, 2022 to December 31, 2023 was due to an increase in contract price for our newbuild agreements.
We estimate that a 10% change in the euro as of December 31, 2023 would result in a $0.6 billion change in the U.S.
3 unchanged sentences
Fuel expense, as a percentage of our total cruise operating expense, was 13.1% for the year ended December 31, 2023 and 16.1% for the year ended December 31, 2022.
−Removed: 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.
−Removed: As of December 31, 2021, we had hedged approximately 24% of our 2023 projected metric tons of fuel purchases.
+Added: We use fuel derivative agreements to mitigate the financial impact of fluctuations in fuel prices and as of December 31, 2023, we had hedged approximately 53% and 21% of our 2024 and
+Added: 2025 projected metric tons of fuel purchases, respectively.
+Added: As of December 31, 2022, we had hedged none of our 2024 or 2025 projected metric tons of fuel purchases.
Additional fuel swaps were executed between December 31, 2022 to December 31, 2023 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.