Liberty Media Corporation Annual report [Section 13 and 15(d), not S-K Item 405]

Annual report [Section 13 and 15(d), not S-K Item 405]

Assets and Liabilities Measured at Fair Value (Tables)

Assets and Liabilities Measured at Fair Value (Tables)

12 Months Ended

Dec. 31, 2024

Assets and Liabilities Measured at Fair Value

Schedule of assets and liabilities measured at fair value


	December 31, 2024				December 31, 2023
			Quoted prices	Significant other		Quoted prices	Significant other
			in active markets	observable		in active markets	observable
			for identical assets	inputs		for identical assets	inputs
Description	Total		(Level 1)	(Level 2)	Total	(Level 1)	(Level 2)

	amounts in millions
Cash equivalents	$	2,466	2,466	—	1,053	1,053	—
Debt and equity securities	$	—	—	—	113	113	—
Financial instrument assets	$	167	84	83	88	64	24
Debt	$	2,144	—	2,144	1,797	—	1,797
Financial instrument liabilities	$	138	—	138	13	—	13

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

Realized and unrealized gains (losses) on financial instruments, net are comprised of changes in the fair value of the following (amounts in millions):


	Years ended December 31,
	2024		2023	2022
Debt measured at fair value (a)	$	(339)	(224)	396
Foreign currency forward contracts		(138)	—	—
Interest rate swaps		103	28	121
Debt and equity securities		(5)	27	(7)
Other		(4)	2	14
	$	(383)	(167)	524

(a)

The Company elected to account for its exchangeable senior debentures and convertible notes (as described in note 9) using the fair value option. Changes in the fair value of the exchangeable senior debentures and convertible notes recognized in the consolidated statements of operations are primarily 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 cash convertible notes attributable to changes in the instrument specific credit risk was a loss of $84 million, gain of $24 million and loss of $30 million for the years ended December 31, 2024, 2023 and 2022, respectively. During the year ended December 31, 2024, the Company recognized $2 million of previously unrecognized losses related to the retirement of the 0.5% Exchangeable Senior Debentures due 2050, which was recognized through other, net in the consolidated statements of operations. During the year ended December 31, 2023, the Company recognized $27 million of previously unrecognized losses related to the retirement of the 1% Cash Convertible Notes due 2023 and the 0.5% Exchangeable Senior Debentures due 2050, which was recognized through other, net in the consolidated statements of operations. The cumulative change since issuance was a gain of $51 million as of December 31, 2024, net of the recognition of previously unrecognized gains and losses.