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Assets and Liabilities Measured at Fair Value | 6 Months Ended
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Jun. 30, 2025
Assets and Liabilities Measured at Fair Value |
Assets and Liabilities Measured at Fair Value | (6) Assets and Liabilities Measured at Fair Value For assets and liabilities required to be reported at fair value, GAAP provides a hierarchy that prioritizes inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs, other than quoted market prices included within Level 1, that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. Liberty does not have any assets or liabilities required to be measured at fair value considered to be Level 3. Liberty's assets and liabilities measured at fair value are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurements at | ​ | Fair Value Measurements at | ​
​ | ​ | June 30, 2025 | ​ | December 31, 2024 | ​
​ |  | ​ | ​ |  | Quoted |  | ​ |  | ​ |  | Quoted |  | ​ |
​ | ​ | ​ | ​ | ​ | prices | ​ | ​ | ​ | ​ | ​ | prices | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | in active | ​ | Significant | ​ | ​ | ​ | in active | ​ | Significant | ​
​ | ​ | ​ | ​ | ​ | markets | ​ | other | ​ | ​ | ​ | markets | ​ | other | ​
​ | ​ | ​ | ​ | ​ | for identical | ​ | observable | ​ | ​ | ​ | for identical | ​ | observable | ​
​ | ​ | ​ | ​ | ​ | assets | ​ | inputs | ​ | ​ | ​ | assets | ​ | inputs | ​
Description | ​ | Total | ​ | (Level 1) | ​ | (Level 2) | ​ | Total | ​ | (Level 1) | ​ | (Level 2) | ​
​ | ​ | amounts in millions | ​
Cash equivalents | ​ | $ | 774 |  | 774 |  | — |  | 2,466 |  | 2,466 |  | — | ​
Financial instrument assets | ​ | $ | 244 |  | 101 |  | 143 |  | 167 |  | 84 |  | 83 | ​
Debt | ​ | $ | 2,405 |  | — |  | 2,405 |  | 2,144 |  | — |  | 2,144 | ​
Financial instrument liabilities | ​ | $ | 90 | ​ | — | ​ | 90 | ​ | 138 | ​ | — | ​ | 138 | ​
​ The majority of Liberty's Level 2 financial instruments are debt related instruments and derivative instruments, which include foreign currency forward contracts, interest rate swaps and forward contracts. These assets and liabilities are not always traded publicly or not considered to be traded on "active markets," as defined in GAAP. The fair values for such instruments are derived from a typical model using observable market data as the significant inputs or a trading price of a similar asset or liability is utilized. Accordingly, those financial instruments and debt or debt related instruments are reported in the foregoing table as Level 2 fair value. As of June 30, 2025, $130 million of financial instrument assets in the table above, which includes $125 million of foreign currency forward contracts, are included in the current assets line item in the condensed consolidated balance sheet. As of June 30, 2025, $114 million of financial instrument assets included in the table above are included in the other assets line items in the condensed consolidated balance sheet. As of December 31, 2024, $27 million and $140 million of financial instrument assets included in the table above are included in the other current assets and other assets line items, respectively, in the condensed consolidated balance sheet. As of June 30, 2025, financial instrument liabilities in the table above, which are comprised of the Live Nation Forward Contracts, as defined in note 8, are included in other liabilities in the condensed consolidated balance sheet. As of December 31, 2024, financial instrument liabilities in the table above are comprised of foreign currency forward contracts. Realized and Unrealized Gains (Losses) on Financial Instruments, net Realized and unrealized gains (losses) on financial instruments, net is comprised of changes in the fair value of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Six months ended | ​
​ | ​ | June 30, | ​ | June 30, | ​
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024 |
​ | ​ | amounts in millions | ​
Debt measured at fair value (a) | ​ | $ | (252) | ​ | 66 | ​ | (253) | ​ | (3) | ​
Foreign currency forward contracts | ​ | ​ | 227 | ​ | 8 | ​ | 335 | ​ | 8 | ​
Live Nation Forward Contracts | ​ | ​ | (90) | ​ | — | ​ | (90) | ​ | — | ​
Interest rate swaps | ​ | ​ | (18) | ​ | 13 | ​ | (53) | ​ | 54 | ​
Other | ​ |  | 4 |  | — |  | (3) |  | 7 | ​
​ | ​ | $ | (129) |  | 87 |  | (64) |  | 66 | ​
| (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 gain of $13 million and gain of $30 million for the three months ended June 30, 2025 and 2024, respectively, and a loss of $8 million and a loss of $8 million for the six months ended June 30, 3025 and 2024, respectively. The cumulative change since issuance was a gain of $43 million as of June 30, 2025, net of the recognition of previously unrecognized gains and losses.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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