Â鶹×îгöÆ·

Quarterly report pursuant to Section 13 or 15(d)

Assets And Liabilities Measured At Fair Value (Tables)

v3.21.2
Assets And Liabilities Measured At Fair Value (Tables)
6 Months Ended
Jun. 30, 2021
Assets and Liabilities Measured at Fair Value

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¹ó²¹¾±°ùÌý³Õ²¹±ô³Ü±ðÌý²Ñ±ð²¹²õ³Ü°ù±ð³¾±ð²Ô³Ù²õÌý²¹³Ù

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June 30, 2021

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December 31, 2020

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ÌýÌýÌýÌý

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ÌýÌýÌýÌý

Quoted

ÌýÌýÌýÌý

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ÌýÌýÌýÌý

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ÌýÌýÌýÌý

Quoted

ÌýÌýÌýÌý

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ÌýÌý

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prices

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prices

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¾±²ÔÌý²¹³¦³Ù¾±±¹±ð

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Significant

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¾±²ÔÌý²¹³¦³Ù¾±±¹±ð

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Significant

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markets

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other

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markets

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other

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´Ú´Ç°ùÌý¾±»å±ð²Ô³Ù¾±³¦²¹±ô

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observable

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´Ú´Ç°ùÌý¾±»å±ð²Ô³Ù¾±³¦²¹±ô

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observable

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assets

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inputs

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assets

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inputs

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Description

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Total

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(³¢±ð±¹±ð±ôÌý1)

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(³¢±ð±¹±ð±ôÌý2)

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Total

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(³¢±ð±¹±ð±ôÌý1)

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(³¢±ð±¹±ð±ôÌý2)

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²¹³¾´Ç³Ü²Ô³Ù²õÌý¾±²ÔÌý³¾¾±±ô±ô¾±´Ç²Ô²õ

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Cash equivalents

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$

2,526

Ìý

2,526

Ìý

—

Ìý

2,586

ÌýÌýÌýÌý

2,586

ÌýÌýÌýÌý

—

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Debt and equity securities

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$

413

Ìý

383

Ìý

30

Ìý

266

ÌýÌýÌýÌý

181

ÌýÌýÌýÌý

85

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Financial instrument assets

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$

493

Ìý

94

Ìý

399

Ìý

424

ÌýÌýÌýÌý

84

ÌýÌýÌýÌý

340

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Debt

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$

4,611

Ìý

—

Ìý

4,611

Ìý

4,545

ÌýÌýÌýÌý

—

ÌýÌýÌýÌý

4,545

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Financial instrument liabilities

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$

99

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25

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74

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106

ÌýÌýÌýÌý

—

ÌýÌýÌýÌý

106

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Realized and Unrealized Gains (Losses) on Financial Instruments

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Three months ended

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Six months ended

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June 30,

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June 30,

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ÌýÌýÌýÌý

2021

ÌýÌýÌýÌý

2020

ÌýÌýÌýÌý

2021

ÌýÌýÌýÌý

2020

Ìý

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²¹³¾´Ç³Ü²Ô³Ù²õÌý¾±²ÔÌý³¾¾±±ô±ô¾±´Ç²Ô²õ

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Debt and equity securities

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$

167

Ìý

22

Ìý

216

Ìý

(113)

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Debt measured at fair value (a)

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(71)

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(262)

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(184)

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282

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Change in fair value of bond hedges (b)

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46

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73

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59

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(250)

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Other derivatives

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Ìý

13

Ìý

(13)

Ìý

15

Ìý

(98)

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$

155

Ìý

(180)

Ìý

106

Ìý

(179)

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(a) The Company elected to account for its exchangeable senior debentures and cash convertible notes 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 loss of $8 million and a gain of $27 million for the three months ended June 30, 2021 and 2020, respectively, and a loss of $68 million and a gain of $302 million for the six months ended June 30, 2021 and 2020, respectively, and the cumulative change since issuance was a gain of $107 million as of June 30, 2021.
(b) Contemporaneously with the issuance of the Convertible Notes, Â鶹×îгöÆ· entered into privately negotiated cash convertible note hedges, which are expected to offset potential cash payments Â鶹×îгöÆ· 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 Â鶹×îгöÆ· SiriusXM, Â鶹×îгöÆ· Braves and Â鶹×îгöÆ· Formula One securities and other observable market data as the significant inputs (Level 2). See note 8 for additional discussion of the bond hedges.