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)
9 Months Ended
Sep. 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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September 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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$

2,508

Ìý

2,508

Ìý

—

Ìý

2,586

ÌýÌýÌýÌý

2,586

ÌýÌýÌýÌý

—

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Debt and equity securities

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$

393

Ìý

393

Ìý

—

Ìý

266

ÌýÌýÌýÌý

181

ÌýÌýÌýÌý

85

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Financial instrument assets

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$

511

Ìý

94

Ìý

417

Ìý

424

ÌýÌýÌýÌý

84

ÌýÌýÌýÌý

340

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Debt

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$

4,713

Ìý

—

Ìý

4,713

Ìý

4,545

ÌýÌýÌýÌý

—

ÌýÌýÌýÌý

4,545

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Financial instrument liabilities

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$

79

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17

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62

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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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Nine months ended

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September 30,

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September 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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$

(6)

Ìý

4

Ìý

210

Ìý

(109)

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Debt measured at fair value (a)

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(57)

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44

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(241)

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326

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Change in fair value of bond hedges (b)

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18

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(32)

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77

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(282)

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Other derivatives

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Ìý

5

Ìý

—

Ìý

20

Ìý

(98)

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$

(40)

Ìý

16

Ìý

66

Ìý

(163)

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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 $46 million and a loss of $193 million for the three months ended September 30, 2021 and 2020, respectively, and a loss of $114 million and a gain of $109 million for the nine months ended September 30, 2021 and 2020, respectively, and the cumulative change since issuance was a gain of $61 million as of September 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.