Quarterly report pursuant to Section 13 or 15(d)

Assets and Liabilities Measured at Fair Value (Tables)

v3.24.3
Assets and Liabilities Measured at Fair Value (Tables)
9 Months Ended
Sep. 30, 2024
Assets and Liabilities Measured at Fair Value  
Schedule of assets and liabilities measured at fair value

Fair Value Measurements at

Fair Value Measurements at

September 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

$

2,677

 

2,677

 

 

1,053

 

1,053

 

Debt and equity securities

$

 

 

 

113

 

113

 

Financial instrument assets

$

185

 

86

 

99

 

88

 

64

 

24

Debt

$

1,957

 

 

1,957

 

1,797

 

 

1,797

Schedule of realized and unrealized gains (losses) on financial instruments

Three months ended

Nine months ended

September 30,

September 30,

    

2024

    

2023

    

2024

    

2023

 

amounts in millions

Debt and equity securities

$

 

3

 

16

 

19

Foreign currency forward contracts

85

93

Debt measured at fair value (a)

(106)

8

(109)

(132)

Other

 

(34)

 

28

 

11

 

68

$

(55)

 

39

 

11

 

(45)

(a) The Company elected to account for its exchangeable senior debentures and convertible notes (as described in note 8) 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 loss of $56 million and gain of $56 million for the three months ended September 30, 2024 and 2023, respectively, and a loss of $64 million and gain of $38 million for the nine months ended September 30, 2024 and 2023, respectively. The cumulative change since issuance was a gain of $70 million as of September 30, 2024, net of the recognition of previously unrecognized gains and losses.