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Annual report [Section 13 and 15(d), not S-K Item 405]

Assets and Liabilities Measured at Fair Value (Tables)

v3.25.0.1
Assets and Liabilities Measured at Fair Value (Tables)
12 Months Ended
Dec. 31, 2024
Assets and Liabilities Measured at Fair Value Ìý
Schedule of assets and liabilities measured at fair value

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DecemberÌý31,Ìý2024

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DecemberÌý31,Ìý2023

Ìý

​

ÌýÌýÌýÌý

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​

ÌýÌýÌýÌý

QuotedÌýprices

ÌýÌýÌýÌý

SignificantÌýother

ÌýÌýÌýÌý

​

ÌýÌýÌýÌý

QuotedÌýprices

ÌýÌýÌýÌý

SignificantÌýother

Ìý

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inÌýactiveÌýmarkets

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observable

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inÌýactiveÌýmarkets

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observable

Ìý

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forÌýidenticalÌýassets

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inputs

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forÌýidenticalÌýassets

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inputs

Ìý

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)

Ìý

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amountsÌýinÌýmillions

Ìý

Cash equivalents

ÌýÌýÌýÌý

$

2,466

ÌýÌýÌýÌý

2,466

ÌýÌýÌýÌý

—

ÌýÌýÌýÌý

1,053

ÌýÌýÌýÌý

1,053

ÌýÌýÌýÌý

—

ÌýÌý

Debt and equity securities

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$

—

ÌýÌýÌýÌý

—

ÌýÌýÌýÌý

—

Ìý

113

ÌýÌýÌýÌý

113

ÌýÌýÌýÌý

—

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Financial instrument assets

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$

167

ÌýÌýÌýÌý

84

ÌýÌýÌýÌý

83

Ìý

88

ÌýÌýÌýÌý

64

ÌýÌýÌýÌý

24

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Debt

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$

2,144

ÌýÌýÌýÌý

—

ÌýÌýÌýÌý

2,144

Ìý

1,797

ÌýÌýÌýÌý

—

ÌýÌýÌýÌý

1,797

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Financial instrument liabilities

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$

138

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—

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138

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13

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—

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13

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Schedule of 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):

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YearsÌýendedÌýDecemberÌý31,

Ìý

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ÌýÌýÌýÌý

2024

ÌýÌýÌýÌý

2023

ÌýÌýÌýÌý

2022

Ìý

Debt measured at fair value (a)

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$

(339)

Ìý

(224)

Ìý

396

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Foreign currency forward contracts

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(138)

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—

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—

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Interest rate swaps

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103

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28

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121

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Debt and equity securities

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(5)

Ìý

27

Ìý

(7)

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Other

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Ìý

(4)

Ìý

2

Ìý

14

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$

(383)

Ìý

(167)

Ìý

524

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(a) The Company elected to account for its exchangeable senior debentures and convertible notes (as described in note 9) 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 $84 million, gain of $24 million and loss of $30 million for the years ended December 31, 2024, 2023 and 2022, respectively. During the year ended December 31, 2024, the Company recognized $2 million of previously unrecognized losses related to the retirement of the 0.5% Exchangeable Senior Debentures due 2050, which was recognized through other, net in the consolidated statements of operations. During the year ended December 31, 2023, the Company recognized $27 million of previously unrecognized losses related to the retirement of the 1% Cash Convertible Notes due 2023 and the 0.5% Exchangeable Senior Debentures due 2050, which was recognized through other, net in the consolidated statements of operations. The cumulative change since issuance was a gain of $51 million as of December 31, 2024, net of the recognition of previously unrecognized gains and losses.