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Quarterly report [Sections 13 or 15(d)]

Assets and Liabilities Measured at Fair Value (Tables)

v3.25.2
Assets and Liabilities Measured at Fair Value (Tables)
6 Months Ended
Jun. 30, 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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June 30, 2025

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December 31, 2024

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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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$

774

Ìý

774

Ìý

—

Ìý

2,466

Ìý

2,466

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—

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Financial instrument assets

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$

244

Ìý

101

Ìý

143

Ìý

167

Ìý

84

Ìý

83

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Debt

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$

2,405

Ìý

—

Ìý

2,405

Ìý

2,144

Ìý

—

Ìý

2,144

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Financial instrument liabilities

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$

90

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—

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90

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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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Six months ended

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June 30,

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June 30,

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ÌýÌýÌýÌý

2025

ÌýÌýÌýÌý

2024

ÌýÌýÌýÌý

2025

ÌýÌýÌýÌý

2024

Ìý

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amountsÌýinÌýmillions

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Debt measured at fair value (a)

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$

(252)

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66

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(253)

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(3)

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Foreign currency forward contracts

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227

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8

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335

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8

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Live Nation Forward Contracts

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(90)

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—

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(90)

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—

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Interest rate swaps

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(18)

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13

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(53)

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54

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Other

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Ìý

4

Ìý

—

Ìý

(3)

Ìý

7

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$

(129)

Ìý

87

Ìý

(64)

Ìý

66

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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 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.