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Overview —We are exposed to interest rate risk, primarily associated with our long-term debt, including current maturities.
−Removed: Additionally, we are exposed to equity price risk related to certain of our exchangeable bonds and currency exchange rate risk related to our international operations.
+Added: Additionally, we are exposed to equity price risk related to our exchangeable bonds and currency exchange rate risk related to our international operations.
Interest rate risk —The following table presents the scheduled installment amounts and related weighted-average interest rates of our long-term debt instruments by contractual maturity date.
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At December 31, 2025 and 2024, the fair value of our outstanding debt was $5.76 billion and $6.89 billion, respectively.
−Removed: During the year ended December 31, 2024, the fair value of our debt decreased by $420 million due to the following:
−Removed: (a) a decrease of $1.69 billion resulting from debt retired in tender offers and redemptions, (b) a decrease of $351 million resulting from debt repaid in scheduled installments and (c) a net decrease of $275 million resulting from changes in the market prices of our outstanding debt, including the fair value adjustment to the bifurcated compound exchange feature contained in the indenture governing the 4.625% Senior Guaranteed Exchangeable Bonds, partially offset by (d) an increase of $1.77 billion resulting from the issuance of the 8.25% Senior Notes and the 8.50% Senior Notes and (e) an increase of $130 million resulting from the issuance of the 8.00% Senior Notes as partial consideration to acquire the outstanding ownership interests of Orion.
+Added: During the year ended December 31, 2025, the fair value of our debt decreased by $1.13 billion due to the following:
+Added: (a) a decrease of $1.07 billion resulting from debt retired in tender offers, redemptions and repurchases, (b) a decrease of $484 million resulting from scheduled repayments and (c) a decrease of $207 million due to principal reduction of the 4.00% Exchangeable Bonds pursuant to the Exchange Agreements.
+Added: These decreases were partially offset by the following:
+Added: (a) an increase of $522 million resulting from the issuance of 7.875% Senior Guaranteed Notes and (b) a net increase of $108 million resulting from changes in the market prices of our outstanding debt.
See Notes to Consolidated Financial Statements— Note 8—Debt and Notes to Consolidated Financial Statements— Note 19—Risk Concentration .
The majority of our cash equivalents is subject to variable interest rates or short-term interest rates and such cash equivalents earn commensurately higher rates of return when interest rates increase.
−Removed: Equity price risk —We are exposed to equity price risk primarily related to the bifurcated compound exchange feature contained within the indenture governing the 4.625% Senior Guaranteed Exchangeable Bonds.
+Added: Equity price risk —We are exposed to equity price risk primarily related to the bifurcated compound exchange feature contained within the indenture governing the 4.625% Exchangeable Bonds.
The market price of our shares is the primary driver of the fair value of the exchange feature.
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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.