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Quarterly report pursuant to Section 13 or 15(d)

Assets and Liabilities Measured at Fair Value (Tables)

v3.22.2
Assets and Liabilities Measured at Fair Value (Tables)
6 Months Ended
Jun. 30, 2022
Assets and Liabilities Measured at Fair Value

贵补颈谤听痴补濒耻别听惭别补蝉耻谤别尘别苍迟蝉听补迟

贵补颈谤听痴补濒耻别听惭别补蝉耻谤别尘别苍迟蝉听补迟

June 30, 2022

December 31, 2021

听听听听

听听听听

Quoted

听听听听

听听听听

听听听听

Quoted

听听听听

听听

prices

prices

颈苍听补肠迟颈惫别

Significant

颈苍听补肠迟颈惫别

Significant

markets

other

markets

other

蹿辞谤听颈诲别苍迟颈肠补濒

observable

蹿辞谤听颈诲别苍迟颈肠补濒

observable

assets

inputs

assets

inputs

Description

Total

(尝别惫别濒听1)

(尝别惫别濒听2)

Total

(尝别惫别濒听1)

(尝别惫别濒听2)

补尘辞耻苍迟蝉听颈苍听尘颈濒濒颈辞苍蝉

Cash equivalents

$

2,276

2,276

2,436

听听听听

2,436

听听听听

Investment in trust account

$

576

576

575

575

Debt and equity securities

$

106

106

217

听听听听

217

听听听听

Financial instrument assets

$

404

83

321

640

听听听听

99

听听听听

541

Debt

$

3,581

3,581

5,222

听听听听

听听听听

5,222

Financial instrument liabilities

$

6

6

59

听听听听

20

听听听听

39

Realized and Unrealized Gains (Losses) on Financial Instruments

Three months ended

Six months ended

June 30,

June 30,

听听听听

2022

听听听听

2021

听听听听

2022

听听听听

2021

补尘辞耻苍迟蝉听颈苍听尘颈濒濒颈辞苍蝉

Debt and equity securities

$

(7)

167

(12)

216

Debt measured at fair value (a)

577

(71)

646

(184)

Change in fair value of bond hedges (b)

(201)

46

(269)

59

Other

11

13

74

15

$

380

155

439

106

(a) The Company elected to account for its exchangeable senior debentures and cash convertible notes (as described in note 8) using the fair value option. Changes in the fair value of the exchangeable senior debentures and cash convertible notes recognized in the condensed 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 gain of $52 million and a loss of $8 million for the three months ended June 30, 2022 and 2021, respectively, and a gain of $41 million and a loss of $68 million for the six months ended June 30, 2022 and 2021, respectively, and the cumulative change since issuance was a gain of $109 million as of June 30, 2022, net of the recognition of previously unrecognized gains and losses.
(b) Contemporaneously with the issuance of the Convertible Notes, Liberty entered into privately negotiated cash convertible note hedges, which are expected to offset potential cash payments Liberty would be required to make in excess of the principal amount of the Convertible Notes, upon conversion of the notes. The bond hedges are marked to market based on the trading price of underlying Series A Liberty SiriusXM, Liberty Braves and Liberty Formula One securities and other observable market data as the significant inputs (Level 2). See note 8 for additional discussion of the bond hedges.