Annual report pursuant to Section 13 and 15(d)

Assets And Liabilities Measured At Fair Value

v3.3.1.900
Assets And Liabilities Measured At Fair Value
12 Months Ended
Dec. 31, 2015
Fair Value Disclosures [Abstract]  
Assets And Liabilities Measured At Fair Value

(7)   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. Level 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 2 inputs, other than quoted market prices included within Level 1, are observable for the asset or liability, either directly or indirectly. Level 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.

The Company's assets and liabilities measured at fair value are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2015

 

December 31, 2014

 

 

 

 

 

 

Quoted prices

 

 

 

 

 

Quoted prices

 

 

 

 

 

 

 

 

in active 

 

Significant

 

 

 

in active

 

Significant

 

 

 

 

 

 

markets

 

other

 

 

 

markets

 

other

 

 

 

 

 

 

for identical

 

observable

 

 

 

for identical

 

observable

 

 

 

 

 

 

assets

 

inputs

 

 

 

assets

 

inputs

 

Description

 

Total

 

(Level 1)

 

(Level 2)

 

Total

 

(Level 1)

 

(Level 2)

 

 

 

 amounts in millions

 

Cash equivalents

    

$

2,225

    

2,225

    

 —

    

2,147

    

2,147

    

 

Short term marketable securities

 

$

910

 

331

 

579

 

889

 

277

 

612

 

Available-for-sale securities

 

$

1,294

 

1,287

 

7

 

1,220

 

1,203

 

17

 

Debt

 

$

2,480

 

 —

 

2,480

 

2,574

 

 

2,574

 

 

The majority of the Company's Level 2 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 Level 2 fair value.

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:

 

 

 

 

 

 

 

 

 

 

 

Years ended December 31,

 

 

    

2015

    

2014

    

2013

 

 

 

amounts in millions

 

Fair Value Option Securities

 

$

84

 

173

 

514

 

Exchangeable senior debentures

 

 

30

 

(230)

 

(553)

 

Other financial instruments

 

 

 —

 

 —

 

17

 

 

 

$

114

 

(57)

 

(22)