16 unchanged sentences
Moreover, to the extent that our revenue, costs and expenses are denominated in currencies other than our respective functional currencies, we will experience fluctuations in our revenue, costs and expenses solely as a result of changes in foreign currency exchange rates.
−Removed: Generally, we will consider hedging non-functional currency risks when the risks arise from agreements with third parties that involve the future payment or receipt of cash or other monetary items to the extent that we can reasonably predict the timing and amount of such payments or receipts and the payments or receipts are not otherwise hedged.
+Added: Generally, we will consider hedging non-functional currency risks when
+Added: the risks arise from agreements with third parties that involve the future payment or receipt of cash or other monetary items to the extent that we can reasonably predict the timing and amount of such payments or receipts and the payments or receipts are not otherwise hedged.
In this regard, we have entered into foreign currency forward contracts to hedge certain of these risks.
29 unchanged sentences
Our primary exposure to variable-rate debt is through the SOFR-indexed debt of C&W and Liberty Puerto Rico.
−Removed: During May 2023, the terms of the agreements underlying certain of our debt instruments at C&W and Liberty Puerto Rico were amended, which resulted in (i) the replacement of LIBOR-based benchmark rates with Adjusted Term SOFR for interest periods commencing after June 30, 2023, (ii) the modification of the provisions for determining an alternative rate of interest upon the occurrence of certain events relating to the availability of interest rate benchmarks and (iii) certain conforming changes.
For additional information concerning the details of our debt, see note 9 to our consolidated financial statements.
−Removed: In general, we seek to enter into derivative instruments to protect against increases in the interest rates on our variable-rate debt.
+Added: In general, except in the case of Liberty Puerto Rico where we do not have any derivative instruments outstanding at December 31, 2025, we seek to enter into derivative instruments to protect against increases in the interest rates on our variable-rate debt.
Accordingly, we have entered into various derivative transactions to reduce 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.
+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.
At December 31, 2025, we paid a fixed or capped rate of interest on 88% of our total debt, which includes the impact of our interest rate derivative contracts.
16 unchanged sentences
At December 31, 2025, our exposure to counterparty credit risk included (i) cash and cash equivalent balances of $784 million and (ii) aggregate undrawn credit facilities of $914 million.
−Removed: Each of our borrowing groups has entered into derivative instruments under 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.
+Added: Our C&W and Liberty Costa Rica borrowing groups have each entered into derivative instruments under 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.
The master netting arrangements under each of these master agreements are limited to the derivative instruments governed by the relevant master agreement within each individual borrowing group and are independent of similar arrangements of our other subsidiary borrowing groups.
8 unchanged sentences
Holding all other factors constant, at December 31, 2025, an instantaneous increase (decrease) in the relevant base rate of 100 basis points (1.0%) would have increased (decreased) the aggregate fair value of the C&W interest rate derivative contracts by approximately $112 million ($118 million).
−Removed: Liberty Puerto Rico Interest Rate Derivative Contracts
−Removed: Holding all other factors constant, at December 31, 2024, an instantaneous increase (decrease) in the relevant base rate of 100 basis points (1.0%) would have increased (decreased) the aggregate fair value of the Liberty Puerto Rico interest rate derivative contracts by approximately $17 million ($17 million).
Projected Cash Flows Associated with Derivative Instruments
16 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.