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Quarterly report pursuant to Section 13 or 15(d)

Assets And Liabilities Measured At Fair Value

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Assets And Liabilities Measured At Fair Value
 9 Months Ended
Sep. 30, 2013
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's assets and liabilities measured at fair value are as follows:
Ìý
Ìý
Ìý
Fair Value Measurements at September 30, 2013
Description
Total
Ìý
Quoted prices
in active markets
for identical assets
(LevelÌý1)
Ìý
Significant other
observable
inputs
(LevelÌý2)
Ìý
Significant
unobservable
inputs
(LevelÌý3)
Ìý
Ìý
Ìý
amounts in millions
Cash equivalents
$
600

Ìý
600

Ìý
—

Ìý
—

Short term marketable securities
$
552

Ìý
—

Ìý
552

Ìý
—

Available-for-sale securities
$
1,339

Ìý
899

Ìý
440

Ìý
—

Debt
$
2,236

Ìý
—

Ìý
2,236

Ìý
—


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.
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
Three months ended
September 30,
Ìý
Nine months ended
September 30,
Ìý
2013
Ìý
2012
Ìý
2013
Ìý
2012
Ìý
amounts in millions
Fair Value Option Securities
$
31

Ìý
237

Ìý
367

Ìý
418

Exchangeable senior debentures
(15
)
Ìý
(293
)
Ìý
(431
)
Ìý
(510
)
Other derivatives (a)
(1
)
Ìý
(104
)
Ìý
15

Ìý
(246
)
Ìý
$
15

Ìý
(160
)
Ìý
(49
)
Ìý
(338
)

(a)
In the first quarter of 2012, we entered into a forward contract to sell 12 million Expedia, Inc. shares at approximately $34 per share. The derivative contract was in a liability position in the prior year as the stock price of Expedia, Inc. shares had increased since the inception of the derivative contract and resulted in a recognition of unrealized losses on the contract in the prior year. The contract was settled during the fourth quarter of 2012.