Quarterly report [Sections 13 or 15(d)]

Assets and Liabilities Measured at Fair Value (Tables)

v3.25.2
Assets and Liabilities Measured at Fair Value (Tables)
6 Months Ended
Jun. 30, 2025
Assets and Liabilities Measured at Fair Value  
Schedule of assets and liabilities measured at fair value

Fair Value Measurements at

Fair Value Measurements at

June 30, 2025

December 31, 2024

    

    

Quoted

    

    

    

Quoted

    

  

prices

prices

in active

Significant

in active

Significant

markets

other

markets

other

for identical

observable

for identical

observable

assets

inputs

assets

inputs

Description

Total

(Level 1)

(Level 2)

Total

(Level 1)

(Level 2)

amounts in millions

Cash equivalents

$

774

 

774

 

 

2,466

 

2,466

 

Financial instrument assets

$

244

 

101

 

143

 

167

 

84

 

83

Debt

$

2,405

 

 

2,405

 

2,144

 

 

2,144

Financial instrument liabilities

$

90

90

138

138

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

Three months ended

Six months ended

June 30,

June 30,

    

2025

    

2024

    

2025

    

2024

 

amounts in millions

Debt measured at fair value (a)

$

(252)

66

(253)

(3)

Foreign currency forward contracts

227

8

335

8

Live Nation Forward Contracts

(90)

(90)

Interest rate swaps

(18)

13

(53)

54

Other

 

4

 

 

(3)

 

7

$

(129)

 

87

 

(64)

 

66

(a) The Company elected to account for its exchangeable senior debentures and convertible notes (as described in note 8) 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 gain of $13 million and gain of $30 million for the three months ended June 30, 2025 and 2024, respectively, and a loss of $8 million and a loss of $8 million for the six months ended June 30, 3025 and 2024, respectively. The cumulative change since issuance was a gain of $43 million as of June 30, 2025, net of the recognition of previously unrecognized gains and losses.