7 unchanged sentences
Interest Rate Risk
−Removed: As of September 30, 2023, 88% of our debt was fixed and 12% was variable.
−Removed: 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 September 30, 2023 was primarily due to the addition of fixed rate debt, which partially replaced variable rate debt.
−Removed: 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.
+Added: As of March 31, 2024 and December 31, 2023, 95% of our debt was fixed and 5% was variable.
+Added: Based on our March 31, 2024 outstanding variable rate debt balance, a one percentage point increase in annual Term SOFR interest rates would increase our annual interest expense by approximately $6.5 million excluding the effects of capitalization of interest.
Foreign Currency Exchange Rate Risk
−Removed: 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.
−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 €5.5 billion, or $5.8 billion based on the euro/U.S.
−Removed: dollar exchange rate as of September 30, 2023.
+Added: We use foreign currency derivatives to hedge the exposure to volatility in foreign currency exchange rates related to our ship construction contracts denominated in euros;
+Added: however, as of March 31, 2024 and December 31, 2023, we had no foreign currency derivatives.
+Added: As of March 31, 2024, the payments not hedged aggregated €5.3 billion, or $5.7 billion based on the euro/U.S.
+Added: dollar exchange rate as of March 31, 2024.
As of December 31, 2023, the payments not hedged aggregated €5.4 billion, or $6.0 billion, based on the euro/U.S.
dollar exchange rate as of December 31, 2023.
−Removed: The change from December 31, 2022 to September 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 September 30, 2023 would result in a $0.6 billion change in the U.S.
+Added: The change from December 31, 2023 to March 31, 2024 was due to a payment on a newbuild agreement.
+Added: We estimate that a 10% change in the euro as of March 31, 2024 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 11.5% 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.
−Removed: 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.
−Removed: 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 September 30, 2023 primarily due to the addition of fuel swaps in 2024 and the maturity of fuel swaps in 2023.
+Added: Fuel expense, as a percentage of our total cruise operating expense, was 14.3% and 15.2% for the three months ended March 31, 2024 and 2023, respectively.
+Added: We use fuel derivative agreements to mitigate the financial impact of fluctuations in fuel prices and as of March 31, 2024, we had hedged approximately 55% and 22% of our remaining 2024 and 2025 projected metric tons of fuel purchases, respectively.
+Added: As of December 31, 2023, we had hedged approximately 53% and 21% of our 2024 and 2025 projected metric tons of fuel purchases, respectively.
+Added: The percentage of fuel purchases hedged changed between December 31, 2023 and March 31, 2024 primarily due to an update to projected purchases.
We estimate that a 10% increase in our weighted-average fuel price would increase our anticipated 2024 fuel expense by $48.6 million.
This increase would be offset by an increase in the fair value of all our fuel swap agreements of $28.5 million.
−Removed: Fair value of our derivative contracts is derived using valuation models that utilize the income valuation approach.
+Added: Fair value of our derivative contracts is derived using valuation models that utilize the income valuation
These valuation models take into account the contract terms such as maturity, as well as other inputs such as fuel types, fuel curves, creditworthiness of the counterparty and the Company, as well as other data points.
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.