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Quarterly report [Sections 13 or 15(d)]

Assets and Liabilities Measured at Fair Value (Tables)

v3.25.1
Assets and Liabilities Measured at Fair Value (Tables)
3 Months Ended
Mar. 31, 2025
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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March 31, 2025

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December 31, 2024

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ÌýÌýÌýÌý

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ÌýÌýÌýÌý

Quoted

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ÌýÌýÌýÌý

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ÌýÌýÌýÌý

Quoted

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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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$

2,765

Ìý

2,765

Ìý

—

Ìý

2,466

Ìý

2,466

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—

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Financial instrument assets

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$

134

Ìý

96

Ìý

38

Ìý

167

Ìý

84

Ìý

83

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Debt

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$

2,165

Ìý

—

Ìý

2,165

Ìý

2,144

Ìý

—

Ìý

2,144

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Financial instrument liabilities

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$

30

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—

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30

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138

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—

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138

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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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March 31,

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ÌýÌýÌýÌý

2025

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2024

Ìý

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amountsÌýinÌýmillions

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Debt measured at fair value (a)

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$

(1)

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(69)

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Foreign currency forward contracts

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108

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—

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Interest rate swaps

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(35)

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41

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Debt and equity securities

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(7)

Ìý

12

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Other

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Ìý

—

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(5)

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$

65

Ìý

(21)

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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 $21 million and loss of $38 million for the three months ended March 31, 2025 and 2024, respectively. The cumulative change since
issuance was a gain of $30 million as of March 31, 2025, net of the recognition of previously unrecognized gains and losses.