午夜寻花

Quarterly report pursuant to Section 13 or 15(d)

Assets and Liabilities Measured at Fair Value (Tables)

v3.24.2.u1
Assets and Liabilities Measured at Fair Value (Tables)
6 Months Ended
Jun. 30, 2024
Assets and Liabilities Measured at Fair Value
Assets and Liabilities Measured at Fair Value

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June 30, 2024

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December 31, 2023

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in听active

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for听identical

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assets

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assets

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inputs

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Description

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Total

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(Level听2)

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Total

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(Level听2)

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amounts听in听millions

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Cash equivalents

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$

1,603

1,603

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1,319

1,319

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Short term marketable securities

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$

50

50

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Debt and equity securities

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$

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113

113

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Financial instrument assets

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$

202

140

62

141

117

24

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Debt

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$

2,988

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2,988

3,059

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3,059

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Realized and Unrealized Gains (Losses) on Financial Instruments

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Three months ended

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June 30,

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June 30,

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2024

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2023

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2024

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2023

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amounts听in听millions

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Debt and equity securities

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$

4

10

16

16

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Debt measured at fair value (a)

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146

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(160)

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92

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(105)

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Change in fair value of bond hedges

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11

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(99)

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Other

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19

43

58

46

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$

169

(96)

166

(142)

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(a) The Company elected to account for its exchangeable senior debentures and convertible notes (as described in note 7) 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 $47 million and loss of $23 million for the three months ended June 30, 2024 and 2023, respectively, and a loss of $22 million and loss of $30 million for the six months ended June 30, 2024 and 2023, respectively. The cumulative change since issuance was a gain of $42 million as of June 30, 2024, net of the recognition of previously unrecognized gains and losses.