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Annual report pursuant to Section 13 and 15(d)

Assets and Liabilities Measured at Fair Value (Tables)

v3.22.4
Assets and Liabilities Measured at Fair Value (Tables)
12 Months Ended
Dec. 31, 2022
Assets and Liabilities Measured at Fair Value

顿别肠别尘产别谤听31,听2022

顿别肠别尘产别谤听31,听2021

听听听听

听听听听

Quoted听prices

听听听听

Significant听other

听听听听

听听听听

Quoted听prices

听听听听

Significant听other

in听active听markets

observable

in听active听markets

observable

for听identical听assets

inputs

for听identical听assets

inputs

Description

Total

(Level听1)

(Level听2)

Total

(Level听1)

(Level听2)

amounts听in听millions

Cash equivalents

听听听听

$

2,026

听听听听

2,026

听听听听

听听听听

2,436

听听听听

2,436

听听听听

听听

Short-term marketable securities

$

听听听听

70

听听听听

70

听听听听

Investment in trust account

$

575

575

Debt and equity securities

$

80

听听听听

80

听听听听

217

听听听听

217

听听听听

Financial instrument assets

$

393

听听听听

86

听听听听

307

640

听听听听

99

听听听听

541

Debt

$

3,331

听听听听

听听听听

3,331

5,222

听听听听

听听听听

5,222

Financial instrument liabilities

$

听听听听

听听听听

59

听听听听

20

听听听听

39

Realized and Unrealized Gains (Losses) on Financial Instruments

Realized and unrealized gains (losses) on financial instruments, net are comprised of changes in the fair value of the following (amounts in millions):

Years听ended听December听31,

听听听听

2022

听听听听

2021

听听听听

2020

Debt and equity securities

$

(7)

204

(74)

Debt measured at fair value (a)

717

(886)

(114)

Change in fair value of bond hedges (b)

(236)

193

(127)

Other

125

38

(87)

$

599

(451)

(402)

(a) The Company elected to account for its exchangeable senior debentures and convertible notes using the fair value option. Changes in the fair value of the exchangeable senior debentures and convertible notes recognized in the 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 loss of $4 million, loss of $107 million and gain of $148 million for the years ended December 31, 2022, 2021 and 2020, respectively, and the cumulative change was a gain of $64 million as of December 31, 2022.
(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听A Liberty SiriusXM, Liberty Braves and Liberty Formula One securities and other observable market data as the significant inputs (Level听2). See note听9 for additional discussion of the Convertible Notes and the bond hedges.