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Annual report pursuant to Section 13 and 15(d)

Assets And Liabilities Measured At Fair Value

v2.4.0.6
Assets And Liabilities Measured At Fair Value
 12 Months Ended
Dec. 31, 2012
Assets And Liabilities Measured At Fair Value Ìý
Assets And Liabilities Measured At Fair Value
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. LevelÌý1 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. LevelÌý2 inputs are inputs, other than quoted market prices included within LevelÌý1, that are observable for the asset or liability, either directly or indirectly. LevelÌý3 inputs are unobservable inputs for the asset or liability. The Company does not have any recurring assets or liabilities measured at fair value that would be considered Level 3.
The Company's assets and liabilities measured at fair value are as follows:
Ìý
DecemberÌý31, 2012
Ìý
DecemberÌý31, 2011
Description
Total
Ìý
Quoted prices
in active markets
for identical assets
(LevelÌý1)
Ìý
Significant other
observable
inputs
(LevelÌý2)
Ìý
Total
Ìý
Quoted prices
in active markets
for identical assets
(LevelÌý1)
Ìý
Significant other
observable
inputs
(LevelÌý2)
Ìý
Ìýamounts in millions
Cash equivalents
$
2,316

Ìý
2,305

Ìý
11

Ìý
694

Ìý
694

Ìý
—

Available-for-sale securities
$
1,815

Ìý
1,668

Ìý
147

Ìý
1,165

Ìý
1,165

Ìý
—

Debt
$
2,930

Ìý
—

Ìý
2,930

Ìý
2,443

Ìý
—

Ìý
2,443


The majority of the Company's LevelÌý2 financial assets and liabilities are debt instruments with quoted market prices that are not considered to be traded on "active markets," as defined in GAAP. Accordingly, the debt instruments are reported in the foregoing table as LevelÌý2 fair value.
During the year ended December 31, 2012 we recorded $92 million in goodwill and other intangibles impairments for two of our E-commerce companies (Celebrate and Evite). Continued declining operating results as compared to budgeted results and certain trends required a Step 2 impairment test and a determination of fair value for these subsidiaries. Fair value for these subsidiaries, including the related intangibles and goodwill, were determined using the respective Company's projections of future operating performance and applying a combination of market multiples (market approach) and discounted cash flow (income approach) calculations (Level 3).
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:
Ìý
Ìý
Years ended December 31,
Ìý
Ìý
2012
Ìý
2011
Ìý
2010
Ìý
amounts in millions
Non-strategic Securities
Ìý
$
470

Ìý
55

Ìý
202

Exchangeable senior debentures
Ìý
(602
)
Ìý
(46
)
Ìý
(257
)
Other financial instruments
Ìý
(219
)
Ìý
75

Ìý
117

Ìý
Ìý
$
(351
)
Ìý
84

Ìý
62