jvidÊÓƵ

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Three months endedÌý

Ìý

Nine months ended

Ìý

Ìý

Ìý

September 30,

Ìý

September 30,

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Ìý

ÌýÌýÌýÌý

2017

ÌýÌýÌýÌý

2016

ÌýÌýÌýÌý

2017

ÌýÌýÌýÌý

2016

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amountsÌýinÌýmillions

Ìý

Fair Value Option Securities (a)

Ìý

$

56

Ìý

14

Ìý

76

Ìý

43

Ìý

Debt measured at fair value (b)

Ìý

Ìý

(42)

Ìý

(76)

Ìý

(236)

Ìý

(75)

Ìý

Change in fair value of bond hedges (c)

Ìý

Ìý

Ìý6

Ìý

69

Ìý

130

Ìý

Ìý1

Ìý

Other derivatives

Ìý

Ìý

(2)

Ìý

Ìý—

Ìý

(13)

Ìý

(2)

Ìý

Ìý

Ìý

$

18

Ìý

Ìý7

Ìý

(43)

Ìý

(33)

Ìý

(a)

Changes in unrealized gains (losses) on fair value option securities include SIRIUS XM’s investment in Pandora’s Series A Convertible Preferred Stock. See note 7 for information related to the investment in Pandora.

(b)

Changes in unrealized gains (losses) on debt measured at fair value are due to market factors primarily driven by changes in the fair value of the underlying shares into which the debt is exchangeable.

(c)

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 1.375% Cash Convertible Notes due 2023, 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.