Quarterly report [Sections 13 or 15(d)]

Assets and Liabilities Measured at Fair Value (Tables)

v3.26.3
Assets and Liabilities Measured at Fair Value (Tables)
9 Months Ended
Sep. 30, 2026
Assets and Liabilities Measured at Fair Value  
Schedule of assets and liabilities measured at fair value

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September 30, 2026

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December 31, 2025

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Quoted prices

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Significant

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Quoted prices

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Significant

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in active

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other

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in active

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other

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markets for

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observable

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markets for

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observable

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identical assets

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inputs

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identical assets

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inputs

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Total

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(Level 1)

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(Level 2)

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Total

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(Level 1)

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(Level 2)

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amounts in millions

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Cash equivalents

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$

1,426

 

1,401

 

25

 

783

 

783

 

—

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Short term investments

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$

581

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—

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581

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—

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—

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—

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Financial instrument assets

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$

299

 

117

 

182

 

122

 

109

 

13

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Debt

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$

1,204

 

—

 

1,204

 

597

 

—

 

597

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

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Three months ended

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Nine months ended

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September 30,

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September 30,

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2026

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2025

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2026

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2025

 

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amounts in millions

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Debt measured at fair value (a)

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$

49

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5

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60

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(39)

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Foreign currency forward contracts

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1

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—

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(2)

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335

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Interest rate swaps

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56

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4

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98

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(49)

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Capped calls

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(39)

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—

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(39)

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—

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Other

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(1)

 

7

 

5

 

4

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$

66

 

16

 

122

 

251

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(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 convertible. 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 gain of $14 million and gain of $3 million for the three months ended September 30, 2026 and 2025, respectively, and a gain of $14 million and a loss of $2 million for the nine months ended September 30, 2026 and 2025, respectively. The cumulative change since issuance was a gain of $79 million as of September 30, 2026, net of the recognition of previously unrecognized gains and losses.