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Quarterly report pursuant to Section 13 or 15(d)

Assets and Liabilities Measured at Fair Value (Tables)

v3.24.1.u1
Assets and Liabilities Measured at Fair Value (Tables)
3 Months Ended
Mar. 31, 2024
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, 2024

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December 31, 2023

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ÌýÌýÌýÌý

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ÌýÌýÌýÌý

Quoted

ÌýÌýÌýÌý

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ÌýÌýÌýÌý

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ÌýÌýÌýÌý

Quoted

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ÌýÌý

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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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$

1,240

Ìý

1,240

Ìý

—

Ìý

1,319

Ìý

1,319

Ìý

—

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Short term marketable securities

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$

50

Ìý

50

Ìý

—

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—

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—

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—

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Debt and equity securities

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$

125

Ìý

125

Ìý

—

Ìý

113

Ìý

113

Ìý

—

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Financial instrument assets

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$

190

Ìý

138

Ìý

52

Ìý

141

Ìý

117

Ìý

24

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Debt

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$

3,182

Ìý

—

Ìý

3,182

Ìý

3,059

Ìý

—

Ìý

3,059

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Realized and Unrealized Gains (Losses) on Financial Instruments

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Three months ended

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March 31,

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ÌýÌýÌýÌý

2024

ÌýÌýÌýÌý

2023

Ìý

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amountsÌýinÌýmillions

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Debt and equity securities

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$

12

Ìý

6

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Debt measured at fair value (a)

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(54)

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55

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Change in fair value of bond hedges

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—

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(110)

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Other

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Ìý

39

Ìý

3

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$

(3)

Ìý

(46)

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(a) The Company elected to account for its exchangeable senior debentures and convertible notes (as described in note 7) using the fair value option. Changes in the fair value of the exchangeable senior debentures and convertible notes recognized in the condensed consolidated statements of operations are due to market factors primarily 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 changes in the instrument specific credit risk and recognizes such amount in other comprehensive earnings (loss). The change in the fair value of the exchangeable senior debentures and convertible notes attributable to changes in the instrument specific credit risk was a loss of $69 million and loss of $7 million for the three months ended March 31, 2024 and 2023, respectively. The cumulative change since issuance was a loss of $5 million as of March 31, 2024, net of the recognition of previously unrecognized gains and losses.