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

Assets and Liabilities Measured at Fair Value (Tables)

v3.25.4
Assets and Liabilities Measured at Fair Value (Tables)
12 Months Ended
Dec. 31, 2025
Assets and Liabilities Measured at Fair Value  
Schedule of assets and liabilities measured at fair value

December 31, 2025

December 31, 2024

 

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

$

57

57

89

89

Restricted cash equivalents

$

38

38

64

64

Exchangeable senior debentures

$

956

956

1,897

1,897

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

Years ended December 31,

2025

2024

2023

 

amounts in millions

 

Exchangeable senior debentures (1)

$

51

(108)

(106)

Other (2)

(17)

5

$

51

 

(125)

 

(101)

(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 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 $9 million, a gain of $27 million and a gain of $55 million for the years ended December 31, 2025, 2024 and 2023, respectively, net of the recognition of previously unrecognized gains and losses. During the years ended December 31, 2025 and 2024, the Company recognized $53 million and $9 million, respectively, of previously unrecognized gains related to the retirement of the 3.125% Debentures due 2054 and a portion of the 3.125% Debentures due 2053, respectively. The cumulative change was a gain of $20 million as of December 31, 2025, net of the recognition of previously unrecognized gains and losses.
(2) For the year ended December 31, 2024, the Company recognized an impairment on an equity security.