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dollar exchange rate been 10% lower as of December 31, 2024, the value of this loan would have been approximately $0.7 million lower.
−Removed: Our debt includes fixed rate instruments and the fair market value of our debt is sensitive to changes in interest rates.
−Removed: Sirius XM's borrowings under the Credit Facility carry a variable interest rate, which is currently based on SOFR, plus an applicable rate based on its debt to operating cash flow ratio.
−Removed: We currently do not use interest rate derivative instruments to manage our exposure to interest rate fluctuations.
+Added: We are exposed to changes in interest rates primarily as a result of our borrowing and investment activities, which include investments in fixed and floating rate debt instruments and borrowings used to maintain liquidity and to fund business operations.
+Added: The nature and amount of our long- and short-term debt are expected to vary as a result of future requirements, market conditions and other factors.
+Added: We manage our exposure to interest rates by maintaining what we believe is an appropriate mix of fixed and variable rate debt.
+Added: We believe this best protects us from interest rate risk.
+Added: We have achieved this mix by (i) issuing fixed rate debt that we believe has a low stated interest rate and significant term to maturity and (ii) issuing variable rate debt with appropriate maturities and interest rates.
+Added: As of December 31, 2024, we had $1,086 million principal amount of variable rate debt outstanding with a weighted average interest rate of 6.1% and $9,325 million principal amount of fixed rate debt with a weighted average interest rate of 4.3%.
+Added: Accordingly, as of December 31, 2024, based on the amount of variable rate debt outstanding and the then-current Term SOFR rate, a hypothetical 10% increase in interest rates would have increased annual interest expense by approximately $5 million and a hypothetical 10% decrease in interest rates would have decreased annual interest expense by approximately $5 million.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
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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.