Annual report pursuant to Section 13 and 15(d)

Assets And Liabilities Measured At Fair Value (Tables)

v3.8.0.1
Assets And Liabilities Measured At Fair Value (Tables)
 12 Months Ended
Dec. 31, 2017
Assets and Liabilities Measured at Fair Value  
Assets and Liabilities Measured at Fair Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2017

 

December 31, 2016

 

 

    

 

 

    

Quoted prices

    

Significant other

    

 

    

Quoted prices

    

Significant other

 

 

 

 

 

 

in active markets

 

observable

 

 

 

in active markets

 

observable

 

 

 

 

 

 

for identical assets

 

inputs

 

 

 

for identical assets

 

inputs

 

Description

 

Total

 

(Level 1)

 

(Level 2)

 

Total

 

(Level 1)

 

(Level 2)

 

 

 

amounts in millions

 

Cash equivalents

    

$

804

    

804

    

 —

    

289

    

289

    

 —

  

Available-for-sale securities

 

$

1,047

    

467

    

580

 

489

    

489

    

 —

 

Financial instrument assets

 

$

369

    

19

    

350

 

286

    

16

    

270

 

Debt

 

$

2,115

    

 —

    

2,115

 

1,546

    

 —

    

1,546

 

 

Realized and Unrealized Gains (Losses) on Financial Instruments

Realized and unrealized gains (losses) on financial instruments are comprised of changes in the fair value of the following (amounts in millions):

 

 

 

 

 

 

 

 

 

 

 

Years ended December 31,

 

 

    

2017

    

2016

    

2015

 

 

 

 

 

 

 

 

 

 

Fair Value Option Securities (a)

 

$

(36)

 

112

 

(151)

 

Debt measured at fair value (b)

 

 

(126)

 

(113)

 

(5)

 

Change in fair value of bond hedges (c)

 

 

72

 

37

 

23

 

Other derivatives

 

 

 2

 

 1

 

(7)

 

 

 

$

(88)

 

37

 

(140)

 

(a)

Changes in unrealized gains (losses) on fair value option securities include SIRIUS XM’s investment in Pandora’s Series A Convertible Preferred Stock. See note 7 for information related to the investment in Pandora.

(b)

Changes in unrealized gains (losses) on debt measured at fair value are due to market factors primarily driven by changes in the fair value of the underlying shares into which the debt is exchangeable.

Contemporaneously with the issuance of the 1.375% Cash Convertible Notes due 2023, Liberty entered into privately negotiated cash convertible note hedges, which are expected to offset potential cash payments Liberty would be required to make in excess of the principal amount of the convertible notes, upon conversion of the notes. The bond hedges are marked to market based on the trading price of underlying Series A Liberty SiriusXM, Liberty Braves and Liberty Formula One securities and other observable market data as the significant inputs (Level 2). See note 10 for additional discussion of the convertible notes and the bond hedges