Â鶹×îгöÆ·

Quarterly report pursuant to Section 13 or 15(d)

Assets and Liabilities Measured at Fair Value (Tables)

v3.22.2.2
Assets and Liabilities Measured at Fair Value (Tables)
9 Months Ended
Sep. 30, 2022
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, 2022

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December 31, 2021

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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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$

2,348

Ìý

2,348

Ìý

—

Ìý

2,436

ÌýÌýÌýÌý

2,436

ÌýÌýÌýÌý

—

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Investment in trust account

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$

578

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578

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—

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575

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575

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—

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Debt and equity securities

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$

108

Ìý

108

Ìý

—

Ìý

217

ÌýÌýÌýÌý

217

ÌýÌýÌýÌý

—

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Financial instrument assets

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$

380

Ìý

81

Ìý

299

Ìý

640

ÌýÌýÌýÌý

99

ÌýÌýÌýÌý

541

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Debt

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$

3,351

Ìý

—

Ìý

3,351

Ìý

5,222

ÌýÌýÌýÌý

—

ÌýÌýÌýÌý

5,222

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Financial instrument liabilities

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$

—

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—

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—

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59

ÌýÌýÌýÌý

20

ÌýÌýÌýÌý

39

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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

2022

ÌýÌýÌýÌý

2021

ÌýÌýÌýÌý

2022

ÌýÌýÌýÌý

2021

Ìý

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

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Debt and equity securities

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$

2

Ìý

(6)

Ìý

(10)

Ìý

210

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Debt measured at fair value (a)

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45

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(57)

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691

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(241)

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Change in fair value of bond hedges (b)

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21

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18

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(248)

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77

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Other

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Ìý

38

Ìý

5

Ìý

112

Ìý

20

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$

106

Ìý

(40)

Ìý

545

Ìý

66

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(a) The Company elected to account for its exchangeable senior debentures and convertible notes (as described in note 8) 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 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 convertible notes attributable to changes in the instrument specific credit risk was a loss of $41 million and a loss of $46 million for the three months ended September 30, 2022 and 2021, respectively, and zero net impact and a loss of $114 million for the nine months ended September 30, 2022 and 2021, respectively, and the cumulative change since issuance was a gain of $68 million as of September 30, 2022, net of the recognition of previously unrecognized gains and losses.
(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.