Annual report [Section 13 and 15(d), not S-K Item 405]

Assets and Liabilities Measured at Fair Value (Tables)

v3.25.0.1
Assets and Liabilities Measured at Fair Value (Tables)
12 Months Ended
Dec. 31, 2024
Assets and Liabilities Measured at Fair Value  
Schedule of assets and liabilities measured at fair value

December 31, 2024

December 31, 2023

 

    

    

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

    

$

2,466

    

2,466

    

    

1,053

    

1,053

    

  

Debt and equity securities

$

    

    

 

113

    

113

    

Financial instrument assets

$

167

    

84

    

83

 

88

    

64

    

24

Debt

$

2,144

    

    

2,144

 

1,797

    

    

1,797

Financial instrument liabilities

$

138

138

13

13

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

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

Years ended December 31,

 

    

2024

    

2023

    

2022

 

Debt measured at fair value (a)

$

(339)

 

(224)

 

396

Foreign currency forward contracts

(138)

Interest rate swaps

103

28

121

Debt and equity securities

(5)

 

27

 

(7)

Other

 

(4)

 

2

 

14

$

(383)

 

(167)

 

524

(a) The Company elected to account for its exchangeable senior debentures and convertible notes (as described in note 9) using the fair value option. Changes in the fair value of the exchangeable senior debentures and convertible notes recognized in the consolidated statements of operations are primarily 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 cash convertible notes attributable to changes in the instrument specific credit risk was a loss of $84 million, gain of $24 million and loss of $30 million for the years ended December 31, 2024, 2023 and 2022, respectively. During the year ended December 31, 2024, the Company recognized $2 million of previously unrecognized losses related to the retirement of the 0.5% Exchangeable Senior Debentures due 2050, which was recognized through other, net in the consolidated statements of operations. During the year ended December 31, 2023, the Company recognized $27 million of previously unrecognized losses related to the retirement of the 1% Cash Convertible Notes due 2023 and the 0.5% Exchangeable Senior Debentures due 2050, which was recognized through other, net in the consolidated statements of operations. The cumulative change since issuance was a gain of $51 million as of December 31, 2024, net of the recognition of previously unrecognized gains and losses.