8 unchanged sentences
In order to mitigate this risk, we actively manage the denominations of our cash balances in light of our and our subsidiaries’ forecasted liquidity requirements.
−Removed: At December 31, 2024 and 2023, our consolidated cash balances included $1,207.2 million or 66.5% and $967.2 million or 68.6%, respectively, denominated in euros and $565.3 million or 31.1% and $408.7 million or 29.0%, respectively, denominated in U.S.
+Added: At December 31, 2025 and 2024, our consolidated cash balances included $1,336.6 million or 64.2% and $1,207.2 million or 66.5%, respectively, denominated in euros, $384.1 million or 18.5% and $565.3 million or 31.1%, respectively, denominated in U.S.
+Added: dollars and $357.8 million or 17.2% and $43.0 million or 2.4%, respectively, denominated in British pound sterling.
At December 31, 2025 and 2024, the balance of our consolidated investments held under SMAs included $75.0 million or 98.4% and $408.9 million or 94.4%, respectively, denominated in U.S.
−Removed: We are exposed to market price fluctuations related to our investment in Vodafone shares, which had an aggregate value of $1,141.5 million at December 31, 2024.
−Removed: All of our Vodafone shares are held through the Vodafone Collar.
−Removed: For information regarding the terms of the Vodafone Collar and Vodafone Collar Loan, see note 8 to our consolidated financial statements.
−Removed: Our exposure to market risk is limited for the shares held through the Vodafone Collar.
−Removed: For additional information regarding our investment in Vodafone shares, see note 7 to our consolidated financials statements.
Foreign Currency Risk
19 unchanged sentences
In addition, our reported operating results are impacted by changes in the exchange rates for other local currencies in Europe.
−Removed: We do not hedge against the risk that we may incur non-cash losses upon the translation of the financial statements of our subsidiaries and affiliates into U.S.
+Added: We do not hedge against the risk that we may incur non-cash losses upon
+Added: the translation of the financial statements of our subsidiaries and affiliates into U.S.
For additional information regarding certain currency instability risks, see Management’s Discussion and Analysis of Financial Condition and Results of Operations above.
17 unchanged sentences
Our primary exposure to variable-rate debt is through the EURIBOR-indexed and Term SOFR-indexed debt of our borrowing groups and the variable-rate debt of certain of our other subsidiaries.
−Removed: In general, we enter into derivative instruments to protect against increases in the interest rates on our variable-rate debt.
−Removed: Accordingly, we have entered into various derivative transactions to manage exposure to increases in interest rates.
−Removed: We use interest rate derivative contracts to exchange, at specified intervals, the difference between fixed and variable interest rates calculated by reference to an agreed upon notional principal amount.
−Removed: From time to time, we also use interest rate cap, floor and collar agreements and swaptions that lock in a maximum interest rate if variable rates rise, but also allow our company to benefit, to a limited extent in the case of collars, from declines in market rates.
−Removed: Under our current guidelines, we use various interest rate derivative instruments to mitigate interest rate risk.
−Removed: The final maturity dates of our various portfolios of interest rate derivative instruments might, in some instances, fall short of, or extend further than, the respective maturities of the underlying variable-rate debt.
−Removed: In this regard, we use judgment to determine the appropriate composition and maturity dates of our portfolios of interest rate derivative instruments, taking into account the relative costs and benefits of different maturity profiles in light of current and expected future market conditions, liquidity issues and other factors.
−Removed: For additional information concerning the impacts of these interest rate derivative instruments, see note 8 to our consolidated financial statements.
−Removed: There have been significant changes in the benchmark interest rates used to set floating rates on our debt and derivative instruments.
−Removed: ICE Benchmark Administration (the entity that administers LIBOR) ceased to publish GBP LIBOR rates after
−Removed: December 31, 2021, and it ceased to publish USD LIBOR rates after June 30, 2023.
−Removed: The methodology for EURIBOR has been reformed and EURIBOR has been granted regulatory approval to continue to be used.
−Removed: We have agreed amendments in respect of all of our debt and derivative instruments to replace the ceased rates.
+Added: We use benchmark interest rates to set floating rates on our debt and derivative instruments.
For USD, these reference the Secured Overnight Financing Rate administered by the Federal Reserve Bank of New York or Term SOFR administered by CME Group Benchmark Administration Limited.
+Added: For EUR, these reference EURIBOR administered by the European Money Markets Institute.
For GBP, these reference the Sterling Overnight Index Average administered by the Bank of England.
4 unchanged sentences
In this regard, increases in the fair value of these contracts generally would be expected to offset most of the economic impact of increases in the variable interest rates applicable to our indebtedness to the extent and during the period that principal amounts are matched with interest rate derivative contracts.
+Added: In general, we enter into derivative instruments to protect against increases in the interest rates on our variable-rate debt.
+Added: Accordingly, we have entered into various derivative transactions to manage exposure to increases in interest rates.
+Added: We use interest rate derivative contracts to exchange, at specified intervals, the difference between fixed and variable interest rates
+Added: calculated by reference to an agreed upon notional principal amount.
+Added: From time to time, we also use interest rate cap, floor and collar agreements and swaptions that lock in a maximum interest rate if variable rates rise, but also allow our company to benefit, to a limited extent in the case of collars, from declines in market rates.
+Added: Under our current guidelines, we use various interest rate derivative instruments to mitigate interest rate risk.
+Added: The final maturity dates of our various portfolios of interest rate derivative instruments might, in some instances, fall short of, or extend further than, the respective maturities of the underlying variable-rate debt.
+Added: In this regard, we use judgment to determine the appropriate composition and maturity dates of our portfolios of interest rate derivative instruments, taking into account the relative costs and benefits of different maturity profiles in light of current and expected future market conditions, liquidity issues and other factors.
+Added: For additional information concerning the impacts of these interest rate derivative instruments, see note 8 to our consolidated financial statements.
Counterparty Credit Risk
26 unchanged sentences
dollar would have decreased (increased) the aggregate fair value of the Telenet cross-currency and interest rate derivative contracts by approximately €303 million ($356 million);
−Removed: (ii) an instantaneous increase (decrease) in the relevant base rate of 50 basis points (0.50%) would have increased (decreased) the aggregate fair value of the Telenet cross-currency and interest rate derivative contracts by approximately €73 million ($76 million).
−Removed: Vodafone Collar
−Removed: Holding all other factors constant, at December 31, 2024, (i) an instantaneous increase of 10% in the per share market price of Vodafone’s ordinary shares would have decreased the fair value of the Vodafone Collar by approximately €72 million ($74 million) and (ii) an instantaneous decrease of 10% in the per share market price of Vodafone’s ordinary shares would have increased the fair value of the Vodafone Collar by approximately €78 million ($81 million).
+Added: (ii) an instantaneous increase in the relevant base rate of 50 basis points (0.50%) would have increased the aggregate fair value of the Telenet cross-currency and interest rate derivative contracts by approximately €61 million ($71 million) and, conversely, a decrease of 50 basis points would have decreased the aggregate fair value by approximately €62 million ($73 million).
Projected Cash Flows Associated with Derivative Instruments
5 unchanged sentences
Payments (receipts) due during:
−Removed: 2025 2026 2027 2028 2029
+Added: 2026 2027 2028 2029 2030 Thereafter
Projected derivative cash payments (receipts), net:
6 unchanged sentences
(b) Includes the principal-related cash flows of our cross-currency swap contracts.
−Removed: (c) Includes amounts related to our equity-related derivative instruments and foreign currency forward contracts.
−Removed: We may elect to use cash or the collective value of the related shares and Vodafone Collar to settle the Vodafone Collar Loan.
+Added: (c) Includes amounts related to our foreign currency forward contracts.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
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.