Assets and Liabilities Measured at Fair Value (Tables)

9 Months Ended

Sep. 30, 2025

Assets and Liabilities Measured at Fair Value

Schedule of assets and liabilities measured at fair value

	September 30, 2025				December 31, 2024
			Quoted prices	Significant		Quoted prices	Significant
			in active	other		in active	other
			markets for	observable		markets for	observable
			identical assets	inputs		identical assets	inputs
Description	Total		(Level 1)	(Level 2)	Total	(Level 1)	(Level 2)
	amounts in millions
Cash equivalents	$	73	73	—	89	89	—
Restricted cash equivalents	$	4	4	—	64	64	—
Exchangeable senior debentures	$	952	—	952	1,897	—	1,897

Schedule of realized and unrealized gains (losses) on financial instruments

	Three months ended			Nine months ended
	September 30,			September 30,
	2025		2024	2025	2024
	amounts in millions
Exchangeable senior debentures (1)	$	18	(144)	57	(85)
	$	18	(144)	57	(85)

(1) The Company has elected to account for its exchangeable senior debentures using the fair value option. Changes in the fair value of the exchangeable senior debentures recognized in the condensed consolidated statements of operations are primarily due to market factors 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 the change in the instrument specific credit risk and recognizes such amount in other comprehensive income. The change in the fair value of the exchangeable senior debentures attributable to changes in the instrument specific credit risk before tax was a loss of $3 million and a gain of $38 million for the three months ended September 30, 2025 and 2024, respectively, and a loss of $12 million and a gain of $23 million for the nine months ended September 30, 2025 and 2024, respectively, net of the recognition of previously unrecognized gains and losses. During the nine months ended September 30, 2025, the Company recognized $53 million of previously unrecognized gains related to the retirement of the 3.125% Debentures due 2054. The cumulative change was a gain of $17 million as of September 30, 2025, net of the recognition of previously unrecognized gains and losses.