6 unchanged sentences
We do not foresee significant changes in the strategies we use to manage market risk in the near future.
−Removed: All of our financial instruments, including derivatives, are subject to counterparty credit risk considered as part of the overall fair value measurement.
+Added: All of our financial instruments are subject to counterparty credit risk considered as part of the overall fair value measurement.
Interest Rates.
4 unchanged sentences
Variable rate debt
−Removed: Carrying value of variable rate debt at December 31 $ 13,003
+Added: Carrying value of variable rate debt $ 12,754
Impact of 100 basis point increase on projected interest expense for the following year 93
Fixed rate debt
−Removed: Carrying value of fixed rate debt at December 31 20,360
−Removed: Fair value of fixed rate debt at December 31 21,514
+Added: Carrying value of fixed rate debt 18,440
+Added: Fair value of fixed rate debt 17,189
Impact of 100 basis point increase in market rates on fair value (407)
−Removed: LIBOR is being phased out starting on January 1, 2022 for the one-week and two-month USD LIBOR settings and starting on July 1, 2023 for the remaining USD LIBOR settings.
−Removed: Uncertainty as to the nature of alternative reference rates and as to potential changes or other reforms to LIBOR may adversely impact our interest rates and related interest expense.
+Added: On January 1, 2022, LIBOR was phased out for the one-week and two-month USD LIBOR settings and starting on July 1, 2023 the remaining USD LIBOR settings are expected to be phased out.
+Added: Uncertainty as to the nature and performance of alternative reference rates may adversely impact our interest rates and related interest expense.
See Part II, Item 7.
9 unchanged sentences
The Company's current strategy is to not enter into transactions to hedge fuel price volatility, although the Company regularly reviews its policy based on market conditions and other factors.
−Removed: A one-dollar change in the price of a barrel of aircraft fuel would change the Company's annual fuel expense by approximately $102 million, assuming flying levels similar to 2019.
+Added: The Company's 2023 forecasted fuel consumption is presently approximately 4.3 billion gallons, and based on this forecast, a one-dollar change in the price of a barrel of aircraft fuel would change the Company's annual fuel expense by approximately $102 million.
Foreign Currency.
1 unchanged sentence
Changes in foreign currency exchange rates impact the Company's results of operations through changes in the dollar value of foreign currency-denominated operating revenues and expenses.
−Removed: Some of the Company's more significant foreign currency exposures include the Canadian dollar, Chinese renminbi, European euro, British pound and Japanese yen.
+Added: Some of the Company's more significant foreign currency exposures include the Canadian dollar, European euro, British pound, Japanese yen, Chinese renminbi and Mexican peso.
The Company's current strategy is to not enter into transactions to hedge its foreign currency exposure, although the Company regularly reviews its policy based on market conditions and other factors.
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.