filings.toolsItem 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
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Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
See Part II.—Item 7A. "Quantitative and Qualitative Disclosures About Market Risk" in our Annual Report for further details of our market risks and our market sensitive instruments as of December 31, 2024. During the nine months ended September 30, 2025, our market risk sensitive instruments fluctuated as a result of changes in interest rates, currency exchange rates and commodity prices.
Interest Rate Risk
As of September 30, 2025 and December 31, 2024, the following table presents our fixed rate notes and forward starting interest rate swaps as well as the impact of a hypothetical absolute 1% adverse change in interest rates on their respective fair values. Notional amounts and fair values are presented in USD based on the applicable exchange rates as of September 30, 2025 and December 31, 2024, respectively. See Part I - Item 1. Financial Statements, Note 7. "Debt" for the maturity dates of our outstanding debt instruments.
| Notional amounts | Fair Value Asset/(Liability) | Effect of Adverse Change | |||||||||||||||||||||||||||||||||
| (In millions) | As of September 30, 2025 | As of December 31, 2024 | As of September 30, 2025 | As of December 31, 2024 | As of September 30, 2025 | As of December 31, 2024 | |||||||||||||||||||||||||||||
| USD denominated fixed rate notes | $ | 4,900.0 | $ | 4,900.0 | $ | (4,518.6) | $ | (4,484.4) | $ | (337.7) | $ | (355.3) | |||||||||||||||||||||||
| Foreign currency denominated fixed rate notes | $ | 1,297.9 | $ | 1,175.9 | $ | (1,324.3) | $ | (1,212.8) | $ | (62.4) | $ | (63.3) | |||||||||||||||||||||||
| Forward starting interest rate swaps | $ | 1,000.0 | $ | 1,000.0 | $ | 70.8 | $ | 96.3 | $ | (81.8) | $ | (75.1) |
Foreign Exchange Risk
The following table includes details of our foreign currency denominated fixed rate notes and our foreign currency forwards used to hedge our foreign exchange rate risk as well as the impact of a hypothetical 10% adverse change in the related foreign currency exchange rates on their respective fair values. Notional amounts and fair values are presented in USD based on the applicable exchange rates as of September 30, 2025 and December 31, 2024, respectively.
| Notional amounts | Fair Value Asset/(Liability) | Effect of Adverse Change | ||||||||||||||||||||||||||||||||||||
| (In millions) | As of September 30, 2025 | As of December 31, 2024 | As of September 30, 2025 | As of December 31, 2024 | As of September 30, 2025 | As of December 31, 2024 | ||||||||||||||||||||||||||||||||
| Foreign currency denominated fixed rate notes | $ | 1,297.9 | $ | 1,175.9 | $ | (1,324.3) | $ | (1,212.8) | $ | (138.9) | $ | (113.6) | ||||||||||||||||||||||||||
| Foreign currency forwards | $ | 93.9 | $ | 196.2 | $ | 2.4 | $ | 10.6 | $ | (10.0) | $ | (20.1) | ||||||||||||||||||||||||||
Commodity Price Risk
The following table includes details of our commodity swaps used to hedge commodity price risk as well as the impact of a hypothetical 10% adverse change in the related commodity prices on the fair value of the derivatives. The following table excludes our commodity options because we have offsetting buy and sell positions. Notional amounts and fair values are presented in USD based on the applicable exchange rates as of September 30, 2025 and December 31, 2024, respectively.
| Notional amounts | Fair Value Asset/(Liability) | Effect of Adverse Change | ||||||||||||||||||||||||||||||||||||
| (In millions) | As of September 30, 2025 | As of December 31, 2024 | As of September 30, 2025 | As of December 31, 2024 | As of September 30, 2025 | As of December 31, 2024 | ||||||||||||||||||||||||||||||||
| Swaps | $ | 355.4 | $ | 376.4 | $ | 40.6 | $ | 3.7 | $ | (38.9) | $ | (36.3) |
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