“41 Table of Contents (in millions, except percentages) 2024 2025 % Change Other expense, net $ (40) $ (112) 180 % The change in other expense, net of $72 million in 2025, was primarily due to net foreign exchange losses of $64 million, partially offset by lower impairment charges on investments in privately-held companies compared to the prior year.”
“Consolidated interest expense increased $20 million for the three months ended March 31, 2026, as compared to the corresponding period in the prior year, primarily due to an increase in the average amount of debt outstanding, partially offset by a decrease in the interest rate on Formula 1’s Senior Loan Facilities (as defined in note 7 to the accompanying condensed consolidated financial statements).”
“Additionally, Formula 1’s debt, MotoGP’s debt and other borrowings contain certain non-financial covenants. Fair Value of Debt Due to the variable rate nature of the Formula 1 Senior Loan Facilities and the MotoGP Credit Facilities, the Company believes that the carrying amount approximates fair value at December 31, 2025.”