Annual report pursuant to Section 13 and 15(d)

Assets and Liabilities Measured at Fair Value (Tables)

v3.20.4
Assets and Liabilities Measured at Fair Value (Tables)
12 Months Ended
Dec. 31, 2020
Assets and Liabilities Measured at Fair Value  
Schedule of assets and liabilities measured at fair value

December 31, 2020

December 31, 2019

 

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 thousands

 

Cash equivalents

$

1,368,176

1,368,176

48,174

48,174

Indemnification obligation

$

344,643

344,643

Exchangeable senior debentures

$

1,472,125

1,472,125

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

Years ended December 31,

2020

2019

2018

 

(amounts in thousands)

 

Indemnification obligation

(8,502)

Exchangeable senior debentures (1)

(74,568)

Other

1,170

3,659

$

(83,070)

 

1,170

 

3,659

(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 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 $7.3 million for the year ended December 31, 2020. The cumulative change was a gain of $7.3 million as of December 31, 2020.