Quarterly report pursuant to Section 13 or 15(d)

Assets and Liabilities Measured at Fair Value (Tables)

v3.24.2.u1
Assets and Liabilities Measured at Fair Value (Tables)
6 Months Ended
Jun. 30, 2024
Assets and Liabilities Measured at Fair Value  
Assets and Liabilities Measured at Fair Value

Fair Value Measurements at

Fair Value Measurements at

June 30, 2024

December 31, 2023

    

    

Quoted

    

    

    

Quoted

    

  

prices

prices

in active

Significant

in active

Significant

markets

other

markets

other

for identical

observable

for identical

observable

assets

inputs

assets

inputs

Description

Total

(Level 1)

(Level 2)

Total

(Level 1)

(Level 2)

amounts in millions

Cash equivalents

$

1,603

 

1,603

 

 

1,319

 

1,319

 

Short term marketable securities

$

50

 

50

 

Debt and equity securities

$

 

 

 

113

 

113

 

Financial instrument assets

$

202

 

140

 

62

 

141

 

117

 

24

Debt

$

2,988

 

 

2,988

 

3,059

 

 

3,059

Realized and Unrealized Gains (Losses) on Financial Instruments

Three months ended

Six months ended

June 30,

June 30,

    

2024

    

2023

    

2024

    

2023

 

amounts in millions

Debt and equity securities

$

4

 

10

 

16

 

16

Debt measured at fair value (a)

146

(160)

92

(105)

Change in fair value of bond hedges

11

(99)

Other

 

19

 

43

 

58

 

46

$

169

 

(96)

 

166

 

(142)

(a) The Company elected to account for its exchangeable senior debentures and convertible notes (as described in note 7) using the fair value option. Changes in the fair value of the exchangeable senior debentures and convertible notes recognized in the condensed consolidated statements of operations are due to market factors primarily driven by changes in the fair value of the underlying shares into which the debt is exchangeable. The Company isolates the portion of the unrealized gain (loss) attributable to changes in the instrument specific credit risk and recognizes such amount in other comprehensive earnings (loss). The change in the fair value of the exchangeable senior debentures and convertible notes attributable to changes in the instrument specific credit risk was a gain of $47 million and loss of $23 million for the three months ended June 30, 2024 and 2023, respectively, and a loss of $22 million and loss of $30 million for the six months ended June 30, 2024 and 2023, respectively. The cumulative change since issuance was a gain of $42 million as of June 30, 2024, net of the recognition of previously unrecognized gains and losses.