v3.25.2
Assets and Liabilities Measured at Fair Value (Tables)
6 Months Ended
Jun. 30, 2025
Assets and Liabilities Measured at Fair Value  
Schedule of assets and liabilities measured at fair value

June 30, 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

$

76

76

89

89

Restricted cash equivalents

$

2

2

64

64

Exchangeable senior debentures

$

967

967

1,897

1,897

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

Three months ended

Six months ended

 

June 30,

June 30,

 

2025

2024

2025

2024

 

amounts in millions

 

Exchangeable senior debentures (1)

$

76

(17)

39

59

$

76

(17)

39

 

59

(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 were gains of $8 million and $5 million for the three months ended June 30, 2025 and 2024, respectively, and losses of $9 million and $15 million for the six months ended June 30, 2025 and 2024, respectively, net of the recognition of previously unrecognized gains and losses. During the three and six months ended June 30, 2025, the
Company recognized $53 million of previously unrecognized gains related to the retirement of the 3.125% Debentures due 2054. The cumulative change was a gain of $20 million as of June 30, 2025, net of the recognition of previously unrecognized gains and losses.