Quarterly report pursuant to Section 13 or 15(d)

Assets and Liabilities Measured at Fair Value (Tables)

v3.23.3
Assets and Liabilities Measured at Fair Value (Tables)
9 Months Ended
Sep. 30, 2023
Assets and Liabilities Measured at Fair Value  
Schedule of assets and liabilities measured at fair value

September 30, 2023

December 31, 2022

 

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

$

49

49

288

288

Indemnification obligation

$

21

21

50

50

Exchangeable senior debentures

$

1,318

1,318

1,373

1,373

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

Three months ended

Nine months ended

 

September 30,

September 30,

 

2023

2022

2023

2022

 

amounts in millions

 

Indemnification obligation

$

(12)

138

3

287

Exchangeable senior debentures (1)

(69)

10

(158)

75

$

(81)

148

(155)

 

362

(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 loss of $14 million and $15 million for the three months ended September 30, 2023 and 2022, respectively, and a gain of $47 million and $5 million for the nine months ended September 30, 2023 and 2022, respectively. The cumulative change was a gain of $47 million as of September 30, 2023.