Quarterly report [Sections 13 or 15(d)]

Assets and Liabilities Measured at Fair Value

v3.25.3
Assets and Liabilities Measured at Fair Value
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value
(5) Assets and Liabilities Measured at Fair Value
For assets and liabilities required to be reported at fair value, GAAP provides a hierarchy that prioritizes inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs, other than quoted market prices included within Level 1, that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability.
The Company's assets and liabilities measured at fair value on a recurring basis are as follows:
Fair Value Measurements at
September 30, 2025		 Fair Value Measurements at
December 31, 2024
Description Total Quoted
prices
in active
markets for
identical
assets
(Level 1)		 Significant
other
observable
inputs
(Level 2)		 Total Quoted
prices
in active
markets for
identical
assets
(Level 1)		 Significant
other
observable
inputs
(Level 2)
amounts in millions
Cash equivalents $ 1,416  1,416  —  652  652  — 
Debt $ 82  —  82  282  —  282 
The Company's Level 2 financial liabilities are debt instruments with quoted market prices that are not considered to be traded on "active markets," as defined in GAAP. The fair values for such instruments are derived from a typical model using observable market data as the significant inputs.
Realized and Unrealized Gains (Losses) on Financial Instruments
Realized and unrealized gains (losses) on financial instruments are comprised of changes in the fair value of the following:
Three months ended
September 30,		 Nine months ended
September 30,
2025 2024 2025 2024
amounts in millions
Equity securities $ (6) (17) (7) (19)
Exchangeable senior debentures (1) (19) (36) (34)
$ (7) (36) (43) (53)
The Company has elected to account for its exchangeable debt using the fair value option. Changes in the fair value of the exchangeable senior debentures recognized in the condensed consolidated statement of operations are primarily due to market factors largely 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 earnings (loss). The change in the fair value of the exchangeable senior debentures attributable to changes in the instrument specific credit risk was a gain of $4 million and $1 million for the three months ended September 30, 2025 and 2024, respectively, and a gain of $233 million and a loss of $38 million for the nine months ended September 30, 2025 and 2024, respectively. The cumulative change was a gain of $749 million as of September 30, 2025, net of the recognition of previously unrecognized gains and losses.