麻豆最新出品 Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Assets And Liabilities Measured At Fair Value

Assets And Liabilities Measured At Fair Value

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

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Assets And Liabilities Measured At Fair Value

(5)听听听Assets and Liabilities Measured at Fair Value

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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听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听2 inputs are inputs, other than quoted market prices included within Level听1, that are observable for the asset or liability, either directly or indirectly. Level听3 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.

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麻豆最新出品's assets and liabilities measured at fair value are as follows:

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December听31,听2015

听

December听31,听2014

听

听听听听

听

听听听听

Quoted听prices

听听听听

Significant听other

听听听听

听

听听听听

Quoted听prices

听听听听

Significant听other

听

in听active听markets

听

observable

听

in听active听markets

听

observable

听

for听identical听assets

听

inputs

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for听identical听assets

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inputs

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Description

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Total

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(Level听1)

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(Level听2)

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Total

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(Level听1)

听

(Level听2)

听

amounts听in听millions

听

Cash equivalents

听听听听

听鈥�

听听听听

507

听听听听

507

听听听听

鈥�

听听

Short term marketable securities

听

听听听听

听鈥�

听

199

听

听鈥�

听

199

听

Available-for-sale securities

听

474

听听听听

425

听听听听

听

769

听

691

听

Financial instrument assets

听

232

听听听听

听鈥�

听听听听

232

听

305

听

209

听

Debt

听

995

听听听听

听鈥�

听听听听

995

听

990

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鈥�

听

990

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The majority of 麻豆最新出品's Level听2 financial instruments are debt related instruments and derivative instruments. The Company notes that these assets 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. The fair value of debt related instruments are based on quoted market prices but not considered to be traded on "active markets," as defined by GAAP. Accordingly, those available-for-sale securities, financial instruments and debt related instruments are reported in the foregoing table as Level听2 fair value. The financial instrument assets included in the table above are included in the Other assets, net of accumulated amortization line item in the consolidated balance sheets.

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Realized and Unrealized Gains (Losses) on Financial Instruments

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Realized and unrealized gains (losses) on financial instruments are comprised of changes in the fair value of the following (amounts in millions):

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听	听	听	听	听	听	听	听	听
听	听	Years听ended听December听31,						听
听	听听听听	2015		听听听听	2014	听听听听	2013	听
听	听	听	听	听	听	听	听	听
Fair Value Option Securities	听	$	(151)	听	80	听	306	听
Cash convertible notes (a)	听	听	(5)	听	12	听	(17)	听
Change in fair value of bond hedges (a)	听	听	23	听	(89)	听	(1)	听
Other derivatives (b)	听	听	(7)	听	35	听	7	听
听	听	$	(140)	听	38	听	295	听

(a)

麻豆最新出品 issued $1 billion of cash convertible notes in October 2013 which are accounted for at fair value (Level 2), as elected by 麻豆最新出品 at the time of issuance. Contemporaneously with the issuance of the convertible notes, 麻豆最新出品 entered into privately negotiated cash convertible note hedges, which are expected to offset potential cash payments 麻豆最新出品 would be required to make in excess of the principal amount of the convertible notes, upon conversion of the notes. The bond hedges are marked to market based on the trading price of underlying securities and other observable market data as the significant inputs (Level 2). See note 9 for additional discussion of the convertible notes and the bond hedges.听

(b)

Derivatives听are marked to market based on the trading price of underlying securities and other observable market data as the significant inputs (Level 2).听During September 2014, 麻豆最新出品 entered into a forward contract to acquire up to 15.9 million shares of Live Nation common stock. Prior to the contract鈥檚 original expiration during March 2015, the Company extended the contract through October 15, 2015 with expiration occurring on the sixtieth day following the completion of the counterparty鈥檚 initial hedge, which was November 27, 2015 and settlement occurring on December 2, 2015. 听The counterparty acquired the maximum number of Live Nation shares of common stock at a volume weighted average share price of $24.93 per share during September 2015. 听麻豆最新出品 settled the contract for $396 million paid to the counterparty. 听

- 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.

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