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, 2013
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.
Liberty's assets and liabilities measured at fair value are as follows:
 
December 31, 2013
 
December 31, 2012
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
$
859

 
859

 
—

 
561

 
561

 
—

Available-for-sale securities
$
1,293

 
978

 
315

 
1,361

 
978

 
383

Financial instrument assets
$
397

 
—

 
397

 
—

 
—

 
—

Debt
$
1,002

 
—

 
1,002

 
—

 
—

 
—


The majority of Liberty's Level 2 financial instruments are investments in 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 in the prior year was 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 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,
 
2013
 
2012
 
2011
 
 
 
 
Fair Value Option Securities
$
306

 
310

 
254

Debt instruments
(17
)
 
—

 
(85
)
Other
6

 
(80
)
 
(99
)
 
$
295

 
230

 
70