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

September 30, 2024

December 31, 2023

 

Quoted prices

Significant

Quoted prices

Significant

 

in active

other

in active

other

 

markets for

observable

markets for

observable

 

identical assets

inputs

identical assets

inputs

 

Description

Total

(Level 1)

(Level 2)

Total

(Level 1)

(Level 2)

 

amounts in millions

 

Cash equivalents

$

121

121

78

78

Exchangeable senior debentures

$

1,876

1,876

1,255

1,255

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

 

Exchangeable senior debentures (1)

$

(144)

(69)

(85)

(158)

Other

(12)

3

$

(144)

(81)

(85)

 

(155)

(1) The Company has elected to account for its exchangeable senior debentures using the fair value option. Changes in the fair value of the exchangeable senior debentures recognized in the condensed consolidated statements of operations are primarily due to market factors 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 the change in the instrument specific credit risk and recognizes such amount in other comprehensive income. The change in the fair value of the exchangeable senior debentures attributable to changes in the instrument specific credit risk before tax was a gain of $38 million and a loss of $14 million for the three months ended September 30, 2024 and 2023, respectively, net of the recognition of previously unrecognized gains and losses, and gains of $23 million and $47 million for the nine months ended September 30, 2024 and 2023, respectively, net of the recognition of previously unrecognized gains and losses. During the quarter ended September 30, 2024, the Company recognized $9 million of previously unrecognized gains related to the retirement of a portion of the 3.125% Debentures due 2053. The cumulative change was a gain of $79 million as of September 30, 2024, net of the recognition of previously unrecognized gains and losses.