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Quarterly report pursuant to Section 13 or 15(d)

Assets and Liabilities Measured at Fair Value (Tables)

v3.24.3
Assets and Liabilities Measured at Fair Value (Tables)
9 Months Ended
Sep. 30, 2024
Assets and Liabilities Measured at Fair Value Ìý
Schedule of assets and liabilities measured at fair value

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FairÌýValueÌýMeasurementsÌýat

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FairÌýValueÌýMeasurementsÌýat

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September 30, 2024

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December 31, 2023

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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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inÌýactive

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Significant

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inÌýactive

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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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forÌýidentical

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observable

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forÌýidentical

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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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(LevelÌý1)

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(LevelÌý2)

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Total

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(LevelÌý1)

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(LevelÌý2)

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amountsÌýinÌýmillions

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Cash equivalents

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$

2,677

Ìý

2,677

Ìý

—

Ìý

1,053

Ìý

1,053

Ìý

—

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Debt and equity securities

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$

—

Ìý

—

Ìý

—

Ìý

113

Ìý

113

Ìý

—

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Financial instrument assets

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$

185

Ìý

86

Ìý

99

Ìý

88

Ìý

64

Ìý

24

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Debt

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$

1,957

Ìý

—

Ìý

1,957

Ìý

1,797

Ìý

—

Ìý

1,797

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Schedule of 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

2024

ÌýÌýÌýÌý

2023

ÌýÌýÌýÌý

2024

ÌýÌýÌýÌý

2023

Ìý

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amountsÌýinÌýmillions

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Debt and equity securities

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$

—

Ìý

3

Ìý

16

Ìý

19

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Foreign currency forward contracts

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85

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—

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93

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—

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Debt measured at fair value (a)

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(106)

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8

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(109)

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(132)

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Other

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Ìý

(34)

Ìý

28

Ìý

11

Ìý

68

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$

(55)

Ìý

39

Ìý

11

Ìý

(45)

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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 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 $56 million and gain of $56 million for the three months ended September 30, 2024 and 2023, respectively, and a loss of $64 million and gain of $38 million for the nine months ended September 30, 2024 and 2023, respectively. The cumulative change since issuance was a gain of $70 million as of September 30, 2024, net of the recognition of previously unrecognized gains and losses.