Quarterly report [Sections 13 or 15(d)]

Assets and Liabilities Measured at Fair Value (Tables)

v3.26.1
Assets and Liabilities Measured at Fair Value (Tables)
6 Months Ended
Jun. 30, 2026
Assets and Liabilities Measured at Fair Value  
Schedule of assets and liabilities measured at fair value

June 30, 2026

December 31, 2025

 

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

$

42

42

57

57

Restricted cash equivalents

$

38

38

Exchangeable senior debentures

$

956

956

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

Three months ended

Six months ended

 

June 30,

June 30,

 

2026

2025

2026

2025

 

amounts in millions

 

Exchangeable senior debentures (1)

$

19

76

10

39

Other

1

7

$

20

76

17

 

39

(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 $8 million and a loss of $9 million for the three and six months ended June 30, 2025, respectively, net of the recognition of previously unrecognized gains and losses. As all outstanding exchangeable senior debentures were retired on April 6, 2026, there was no change in fair value attributable to changes in the instrument specific credit risk before tax during the three months ended June 30, 2026 and a loss of less than $1 million for the six months ended June 30, 2026. During the three and six months ended June 30, 2026, the Company recognized $20 million of previously unrecognized gains related to the retirement of the 3.125% Debentures due 2053. As such, the net cumulative change after the retirement of the outstanding exchangeable senior debentures is zero as of June 30, 2026.