Annual report pursuant to Section 13 and 15(d)

Assets And Liabilities Measured At Fair Value

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Assets And Liabilities Measured At Fair Value
 12 Months Ended
Dec. 31, 2012
Assets And Liabilities Measured At Fair Value  
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. 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 are inputs, other than quoted market prices included within Level 1, that 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, 2012
 
December 31, 2011
Description
Total
 
Quoted prices
in active markets
for identical assets
(Level 1)
 
Significant other
observable
inputs
(Level 2)
 
Total
 
Quoted prices
in active markets
for identical assets
(Level 1)
 
Significant other
observable
inputs
(Level 2)
 
 amounts in millions
Cash equivalents
$
2,316

 
2,305

 
11

 
694

 
694

 
—

Available-for-sale securities
$
1,815

 
1,668

 
147

 
1,165

 
1,165

 
—

Debt
$
2,930

 
—

 
2,930

 
2,443

 
—

 
2,443


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.
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:
 
 
Years ended December 31,
 
 
2012
 
2011
 
2010
 
amounts in millions
Non-strategic Securities
 
$
470

 
55

 
202

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

 
117

 
 
$
(351
)
 
84

 
62