Quarterly report [Sections 13 or 15(d)]

Assets and Liabilities Measured at Fair Value (Tables)

v3.26.1
Assets and Liabilities Measured at Fair Value (Tables)
3 Months Ended
Mar. 31, 2026
Assets and Liabilities Measured at Fair Value  
Schedule of assets and liabilities measured at fair value

March 31, 2026

December 31, 2025

Quoted prices

Significant

Quoted prices

Significant

in active

other

in active

other

markets for

observable

markets for

observable

identical assets

inputs

identical assets

inputs

Total

(Level 1)

(Level 2)

Total

(Level 1)

(Level 2)

amounts in millions

Cash equivalents

$

1,133

 

1,133

 

 

783

 

783

 

Financial instrument assets

$

133

 

109

 

24

 

122

 

109

 

13

Debt

$

550

 

 

550

 

597

 

 

597

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

Three months ended

March 31,

  ​ ​ ​

2026

  ​ ​ ​

2025

 

amounts in millions

Debt measured at fair value (a)

$

48

9

Foreign currency forward contracts

(5)

108

Interest rate swaps

15

(35)

Other

 

(1)

 

(7)

$

57

 

75

(a) The Company elected to account for its convertible notes (as described in note 7) using the fair value option. Changes in the fair value of the 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 convertible notes attributable to changes in the instrument specific credit risk was a loss of
approximately zero and loss of $6 million for the three months ended March 31, 2026 and 2025, respectively. The cumulative change since issuance was a gain of $65 million as of March 31, 2026, net of the recognition of previously unrecognized gains and losses.