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Quarterly report pursuant to Section 13 or 15(d)

Assets And Liabilities Measured At Fair Value (Tables)

v3.7.0.1
Assets And Liabilities Measured At Fair Value (Tables)
3 Months Ended
Mar. 31, 2017
Assets and Liabilities Measured at Fair Value Ìý
Assets and Liabilities Measured at Fair Value

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FairÌýValueÌýMeasurementsÌýat

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FairÌýValueÌýMeasurementsÌýat

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March 31, 2017

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December 31, 2016

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Quoted

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Quoted

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prices

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prices

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inÌýactive

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Significant

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inÌýactive

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Significant

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markets

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other

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markets

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other

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forÌýidentical

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observable

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forÌýidentical

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observable

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assets

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inputs

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assets

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inputs

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Description

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Total

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(LevelÌý1)

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(LevelÌý2)

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Total

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(LevelÌý1)

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(LevelÌý2)

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amountsÌýinÌýmillions

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Cash equivalents

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$

631

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631

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Ìý—

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289

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289

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Available-for-sale securities

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$

518

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518

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489

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489

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Financial instrument assets

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$

370

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16

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354

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286

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16

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270

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Debt

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$

2,107

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2,107

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1,546

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1,546

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Realized and Unrealized Gains (Losses) on Financial Instruments

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Three months endedÌý

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March 31,

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2017

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2016

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amountsÌýinÌýmillions

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Fair Value Option Securities

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$

30

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24

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Debt measured at fair value (a)

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(116)

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(3)

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Change in fair value of bond hedges (b)

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78

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(28)

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Other derivatives

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(4)

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(1)

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$

(12)

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(8)

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(a)

Debt measured at fair value consists of the 2.25% Exchangeable Senior Debentures due 2046, the 1% Cash Convertible Notes due 2023 and the 1.375% Cash Convertible Notes due 2023, all as defined and discussed in note 10. Liberty elected to account for these instruments at fair value upon issuance. The 2.25% Exchangeable Senior Debentures due 2046, issued in August 2016, are marked to market based on the trading price of the underlying shares of Time Warner common stock and other observable market data as the significant inputs (Level 2).ÌýThe 1% Cash Convertible Notes due 2023, issued in January 2017, are marked to market based on the trading price of the underlying shares of Series C Liberty Formula One common stock and other observable market data as the significant inputs (Level 2).ÌýThe 1.375% Cash Convertible Notes due 2023, issued in October 2013, are marked to market based on the trading price of underlying basket ofÌýSeries A Liberty SiriusXM, Liberty Braves and Liberty Formula One securities and other observable market data as the significant inputs (Level 2).

Contemporaneously with the issuance of the 1.375% Cash Convertible Notes due 2023, Liberty entered into privately negotiated cash convertible note hedges, which are expected to offset potential cash payments Liberty would be required to make in excess of the principal amount of the convertible notes, upon conversion of the notes. The bond hedges are marked to market based on the trading price of underlying Series A Liberty SiriusXM, Liberty Braves and Liberty Formula One securities and other observable market data as the significant inputs (Level 2). See note 10 for additional discussion of the bond hedges. Ìý Ìý