3 unchanged sentences
Market risk refers to the risk of loss from adverse changes in market prices and interest rates.
−Removed: As of December 31, 2024 , we had $2,772 million of variable-rate debt under our revolver and term loan agreements bearing interest at 4.5%, plus a margin of 92.5 basis points.
−Removed: We have entered into interest rate hedges to effectively lock in the floating rates on $2,500 million of our variable-rate debt at a weighted average rate of 1.40% plus a margin of 92.5 basis points.
−Removed: These hedges include swapping $1,000 million of borrowings under the Term Loan A to a weighted average fixed interest rate of 0.49% plus a margin of 92.5 basis points through 2025 and 2% caps (plus margin) totaling $1,500 million on other variable-rate debt that expire in January 2026.
+Added: As of December 31, 2025, we had $2,565 million of variable-rate debt under our revolver and term loan agreements, primarily bearing interest at Adjusted SOFR of 3.9%, plus a margin of 77.5 basis points and 92.5 basis points for the revolver and term loan agreements, respectively (refer to Note 10, Debt to our consolidated financial statements for details of the entire balance by currency and rate).
+Added: We have entered into interest rate hedges to effectively lock in the floating rates on $1,625 million of our variable-rate debt at a weighted average rate of 2.34% plus applicable margin.
+Added: These hedges include swapping $500 million of borrowings under the Term Loan A to a weighted average fixed interest rate of 3.11% plus a margin of 92.5 basis points through February 2028 and 2% caps (plus a margin of 77.5 basis points) totaling $1,125 million on other variable-rate debt that expired in January 2026.
As a result, our exposure to changes in interest rates as of December 31, 2025 primarily consists of our $1,021 million of unhedged variable rate debt.
−Removed: As of December 31, 2024 , one-month term and daily SOFR were approximately 4.5%, therefore a 100 basis point increase in market interest rates would result in an increase in interest expense to service our variable-rate debt of approximately $4 million.
−Removed: A 100 basis point decrease in market interest rates would result in a decrease in interest of approximately $4 million.
+Added: As of December 31, 2025, a 100 basis point increase in market interest rates would result in an increase in interest expense to service our variable-rate debt of approximately $10 million on an annualized basis.
+Added: A 100 basis point decrease in market interest rates would result in a decrease in interest of approximately $10 million on an annualized basis.
+Added: During the year ended December 31, 2025, we executed forward-starting hedges which effectively lock in the floating rates on $750 million of borrowings under the Revolving Credit Facility to a weighted average fixed interest rate of 3.19% plus a margin of 77.5 basis points upon the expiration of the above-described hedges in January 2026.
+Added: These forward-starting hedges will expire in February 2028.
+Added: After the replacement of the hedges which expired in January 2026 with these forward-starting hedges, our unhedged variable rate debt increased by $375 million.
Foreign Currency Risk
14 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.