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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.
−Removed: At December 31, 2023 and 2022, the balances of our consolidated investments held under SMAs of $2,276.1 million and $2,854.6 million, respectively, were denominated entirely in U.S.
+Added: At December 31, 2024 and 2023, the balance of our consolidated investments held under SMAs included $408.9 million or 94.4% and $2,276.1 million or 100%, respectively, denominated in U.S.
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.
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Any increase (decrease) in the value of the U.S.
−Removed: dollar against any foreign currency that is the functional currency of one of our operating subsidiaries will cause us to experience
−Removed: unrealized foreign currency translation losses (gains) with respect to amounts already invested in such foreign currencies.
+Added: dollar against any foreign currency that is the functional currency of one of our operating subsidiaries will cause us to experience unrealized foreign currency translation losses (gains) with respect to amounts already invested in such foreign currencies.
Accordingly, we may experience a negative impact on our comprehensive earnings or loss and equity with respect to our holdings solely as a result of FX.
−Removed: Our primary exposure to FX risk during the three months ended December 31, 2023 was to the euro and Swiss franc, as 55.1% and 46.7% of our reported revenue during the period was derived from subsidiaries whose functional currencies are the euro and Swiss franc, respectively.
+Added: Our primary exposure to FX risk during the three months ended December 31, 2024 for our continuing operations was to the euro, as substantially all of our reported revenue during the period was derived from subsidiaries whose functional currencies are the euro.
In addition, our reported operating results are impacted by changes in the exchange rates for other local currencies in Europe.
4 unchanged sentences
Euro 0.9663 0.9038
−Removed: Swiss franc 0.8392 0.9219
British pound sterling 0.7988 0.7835
−Removed: Polish zloty 3.9272 4.3686
Year ended December 31,
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Euro 0.9246 0.9247 0.9509
−Removed: Swiss franc 0.8984 0.9548 0.9139
British pound sterling 0.7826 0.8042 0.8112
−Removed: Polish zloty 4.2004 4.4555 3.8595
Inflation and Foreign Investment Risk
−Removed: We are subject to inflationary pressures, which remain elevated, with respect to labor, programming and other costs.
+Added: We are subject to inflationary pressures with respect to labor, programming and other costs.
While we attempt to increase our revenue to offset increases in costs, there is no assurance that we will be able to do so.
8 unchanged sentences
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 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: 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.
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 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,
−Removed: 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: 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.
For additional information concerning the impacts of these interest rate derivative instruments, see note 8 to our consolidated financial statements.
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 CHF and GBP LIBOR rates after December 31, 2021, and it ceased to publish USD LIBOR rates after June 30, 2023.
+Added: ICE Benchmark Administration (the entity that administers LIBOR) ceased to publish GBP LIBOR rates after
+Added: December 31, 2021, and it ceased to publish USD LIBOR rates after June 30, 2023.
The methodology for EURIBOR has been reformed and EURIBOR has been granted regulatory approval to continue to be used.
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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.
−Removed: For CHF, these reference the Swiss Average Rate Overnight administered by the SIX Swiss Exchange.
For GBP, these reference the Sterling Overnight Index Average administered by the Bank of England.
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To date, neither the access to nor the value of our cash and cash equivalent balances have been adversely impacted by liquidity problems of financial institutions.
−Removed: At December 31, 2023 and 2022, our exposure to counterparty credit risk included (i) aggregate undrawn debt facilities of $1.6 billion and $1.5 billion, respectively, (ii) cash and cash equivalent and restricted cash balances of $1.4 billion and $1.7 billion, respectively, and (iii) derivative assets with an aggregate fair value of $232.9 million and $922.5 million, respectively.
+Added: At December 31, 2024 and 2023, our exposure to counterparty credit risk included (i) cash and cash equivalents, restricted cash and investments held under SMAs of $2.2 billion and $3.7 billion, respectively, (ii) aggregate undrawn debt facilities of $728.5 million and $824.3 million, respectively, and (iii) derivative assets with an aggregate fair value of $442.4 million and $362.8 million, respectively.
Each of our subsidiary borrowing groups have entered into derivative instruments under master agreements with each counterparty that contain master netting arrangements that are applicable in the event of early termination by either party to such derivative instrument.
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However, in an insolvency of a derivative counterparty, under the laws of certain jurisdictions, the defaulting counterparty or its insolvency representatives may be able to compel the termination of one or more derivative contracts and trigger early termination payment liabilities payable by us, reflecting any mark-to-market value of the contracts for the counterparty.
−Removed: Alternatively, or in addition, the insolvency laws of certain jurisdictions may require the mandatory set off of amounts due under such derivative contracts against present and future liabilities owed to us under other contracts between us
−Removed: and the relevant counterparty.
+Added: Alternatively, or in addition, the insolvency laws of certain jurisdictions may require the mandatory set off of amounts due under such derivative contracts against present and future liabilities owed to us under other contracts between us and the relevant counterparty.
Accordingly, it is possible that we may be subject to obligations to make payments, or may have present or future liabilities owed to us partially or fully discharged by set off as a result of such obligations, in the event of the insolvency of a derivative counterparty, even though it is the counterparty that is in default and not us.
7 unchanged sentences
Information concerning the sensitivity of the fair value of certain of our more significant derivative instruments to changes in market conditions is set forth below.
−Removed: The potential changes in fair value set forth below do not include any amounts associated with the remeasurement of the derivative asset or liability into the applicable functional currency.
+Added: The potential changes in fair value set forth below do not include any amounts associated with the remeasurement of the derivative asset or liability into the applicable functional currency, or the impact of market moves on our credit and debit valuation adjustments.
For additional information, see notes 8 and 9 to our consolidated financial statements.
−Removed: Sunrise Holding Cross-currency and Interest Rate Derivative Contracts
−Removed: Holding all other factors constant, at December 31, 2023:
−Removed: (i) an instantaneous increase (decrease) of 10% in the value of the Swiss franc relative to the U.S.
−Removed: dollar would have decreased (increased) the aggregate fair value of the Sunrise Holding cross-currency and interest rate derivative contracts by approximately €444 million ($491 million);
−Removed: (ii) an instantaneous increase (decrease) of 10% in the value of the Swiss franc relative to the euro would have decreased (increased) the aggregate fair value of the Sunrise Holding cross-currency and interest rate derivative contracts by approximately €259 million ($287 million);
−Removed: (iii) 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 Sunrise Holding cross-currency and interest rate derivative contracts by approximately €95 million ($106 million).
Telenet Cross-currency and Interest Rate Derivative Contracts
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Payments (receipts) due during:
−Removed: 2024 2025 2026 2027 2028 Thereafter
+Added: 2025 2026 2027 2028 2029
Projected derivative cash payments (receipts), net:
4 unchanged sentences
_______________
−Removed: (a) Includes (i) the cash flows of our interest rate cap, floor and swap contracts and (ii) the interest-related cash flows of our cross-currency and interest rate swap contracts.
+Added: (a) Includes (i) the cash flows of our interest rate cap, swaption, floor and swap contracts and (ii) the interest-related cash flows of our cross-currency and interest rate swap contracts.
(b) Includes the principal-related cash flows of our cross-currency swap contracts.
6 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.