Annual report pursuant to Section 13 and 15(d)

Assets And Liabilities Measured At Fair Value (Tables)

v3.19.3.a.u2
Assets And Liabilities Measured At Fair Value (Tables)
12 Months Ended
Dec. 31, 2019
Assets and Liabilities Measured at Fair Value

December 31, 2019

December 31, 2018

 

    

    

Quoted prices

    

Significant other

    

    

Quoted prices

    

Significant other

 

in active markets

observable

in active markets

observable

 

for identical assets

inputs

for identical assets

inputs

 

Description

Total

(Level 1)

(Level 2)

Total

(Level 1)

(Level 2)

 

amounts in millions

 

Cash equivalents

    

$

992

    

992

    

    

231

    

231

    

  

Debt and equity securities

$

353

    

242

    

111

 

1,195

    

228

    

967

Financial instrument assets

$

498

    

29

    

469

 

280

    

21

    

259

Debt

$

3,678

    

    

3,678

 

2,487

    

    

2,487

Realized and Unrealized Gains (Losses) on Financial Instruments

Realized and unrealized gains (losses) on financial instruments are comprised of changes in the fair value of the following (amounts in millions):

Years ended December 31,

 

    

2019

    

2018

    

2017

 

 

Debt and equity securities

$

110

 

2

 

(36)

Debt measured at fair value (a)

 

(584)

 

130

 

(126)

Change in fair value of bond hedges (b)

215

(94)

72

Other derivatives

 

(56)

 

2

 

2

$

(315)

 

40

 

(88)

(a) Changes in unrealized gains (losses) on debt measured at fair value, exclusive of changes related to instrument specific credit risk which is presented in other comprehensive income, are due to market factors primarily driven by changes in the fair value of the underlying shares into which the debt is exchangeable.
(b) Contemporaneously with the issuance of the 1.375% Cash Convertible Notes due 2023, Liberty entered into privately negotiated cash convertible note hedges, which are expected to offset potential cash payments Liberty 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 Liberty SiriusXM, Liberty Braves and Liberty Formula One securities and other observable market data as the significant inputs (Level 2). See note 9 for additional discussion of the convertible notes and the bond hedges.