AMC Global Media Inc.AMCX
AMC Global Media Inc. Fair Value Disclosure
Fair Value Measurement
The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity's pricing based upon their own market assumptions. The fair value hierarchy consists of the following three levels:
•Level I—Quoted prices for identical instruments in active markets.
•Level II—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
•Level III—Instruments whose significant value drivers are unobservable.
The following table presents for each of these hierarchy levels, the Company's financial assets and liabilities that are measured at fair value on a recurring basis at December 31, 2025 and 2024:
| (In thousands) | Level I | Level II | Level III | Total | ||||||||||||||||||||||
| At December 31, 2025: | ||||||||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||||
| Cash equivalents | $ | 85,176 | $ | — | $ | — | $ | 85,176 | ||||||||||||||||||
| Foreign currency derivatives | — | 9,531 | — | 9,531 | ||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||
| Foreign currency derivatives | — | 6,401 | — | 6,401 | ||||||||||||||||||||||
| At December 31, 2024: | ||||||||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||||
| Cash equivalents | $ | 250,841 | $ | — | $ | — | $ | 250,841 | ||||||||||||||||||
| Foreign currency derivatives | — | 4,889 | — | 4,889 | ||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||
| Foreign currency derivatives | — | 2,330 | — | 2,330 | ||||||||||||||||||||||
The Company's cash equivalents (comprised of money market mutual funds) are classified within Level I of the fair value hierarchy because they are valued using quoted market prices.
The Company's foreign currency derivatives are classified within Level II of the fair value hierarchy as their fair values are determined based on a market approach valuation technique that uses readily observable market parameters and the consideration of counterparty risk.
Fair value measurements are also used in nonrecurring valuations performed in connection with impairment testing, including the valuation of program rights, goodwill, intangible assets and property and equipment. All of our nonrecurring valuations use significant unobservable inputs and therefore fall under Level III of the fair value hierarchy.
Credit Facility Debt and Senior Notes
The fair values of each of the Company's debt instruments are based on quoted market prices for the same or similar issues or on the current rates offered to the Company for instruments of the same remaining maturities.
The carrying values and estimated fair values of the Company's financial instruments, excluding those that are carried at fair value in the consolidated balance sheets are summarized as follows:
| (In thousands) | December 31, 2025 | ||||||||||
Carrying Amount | Estimated Fair Value | ||||||||||
| Debt instruments: | |||||||||||
| Term Loan A Facility | $ | 79,438 | $ | 82,795 | |||||||
10.25% Senior Secured Notes due 2029 | 864,459 | 916,563 | |||||||||
4.25% Senior Notes due 2029 | 274,630 | 242,810 | |||||||||
4.25% Convertible Senior Notes due 2029 | 140,383 | 127,830 | |||||||||
10.50% Senior Secured Notes due July 2032 | 393,383 | 442,000 | |||||||||
| $ | 1,752,293 | $ | 1,811,998 | ||||||||
| (In thousands) | December 31, 2024 | ||||||||||
| Carrying Amount | Estimated Fair Value | ||||||||||
| Debt instruments: | |||||||||||
| Term Loan A facility | $ | 359,660 | $ | 356,934 | |||||||
10.25% Senior Secured Notes due 2029 | 861,683 | 927,500 | |||||||||
4.25% Senior Notes due 2029 | 975,466 | 772,002 | |||||||||
4.25% Convertible Senior Notes due 2029 | 139,410 | 142,313 | |||||||||
| $ | 2,336,219 | $ | 2,198,749 | ||||||||
Fair value estimates related to the Company's debt instruments presented above are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgments and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 11, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 9, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Feb 16, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 25, 2016 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.