Quarterly report pursuant to Section 13 or 15(d)

Investments In Available-For-Sale Securities And Other Cost Investments Investments In Available-For-Sale Securities And Other Cost Investments (Notes)

v2.4.0.8
Investments In Available-For-Sale Securities And Other Cost Investments Investments In Available-For-Sale Securities And Other Cost Investments (Notes)
3 Months Ended
Mar. 31, 2014
Investments in Available-for-Sale Securities and Other Cost Investments [Abstract]  
Investments in Available-for-Sale Securities and Other Cost Investments
Investments in Available-for-Sale Securities and Other Cost Investments
All marketable equity and debt securities held by the Company are classified as available-for-sale ("AFS") and are carried at fair value generally based on quoted market prices. GAAP permits entities to choose to measure many financial instruments, such as AFS securities, and certain other items at fair value and to recognize the changes in fair value of such instruments in the entity's statement of operations (the "fair value option"). The Company previously entered into economic hedges for certain of its non-strategic AFS securities (although such instruments were not accounted for as fair value hedges by the Company). Changes in the fair value of these economic hedges were reflected in the Company's statement of operations as unrealized gains (losses). In order to better match the changes in fair value of the subject AFS securities and the changes in fair value of the corresponding economic hedges in the Company's financial statements, the Company elected the fair value option for those of its AFS securities which it considers to be non-strategic ("Fair Value Option Securities"). Accordingly, changes in the fair value of Fair Value Option Securities, as determined by quoted market prices, are reported in realized and unrealized gains (losses) on financial instruments in the accompanying condensed consolidated statements of operations.
Investments in AFS securities, including Fair Value Option Securities separately aggregated, and other cost investments are summarized as follows:
 
March 31,
2014
 
December 31,
2013
 
amounts in millions
Fair Value Option Securities
 
 
 
  Time Warner, Inc. (a)
$
278

 
297

  Time Warner Cable, Inc. (a)
324

 
320

  Viacom, Inc. (a)
309

 
317

  Barnes & Noble, Inc. (b)
259

 
255

  Other equity securities
40

 
37

  Other debt securities
26

 
27

      Total Fair Value Option Securities
1,236

 
1,253

AFS and cost investments
 
 
 
  Live Nation Entertainment, Inc. ("Live Nation") debt securities
24

 
24

    Other AFS and cost investments
39

 
47

      Total AFS and cost investments
63

 
71

 
$
1,299

 
1,324


(a)
See note 8 for details regarding the number and fair value of shares pledged as collateral pursuant to certain margin loan agreements as of March 31, 2014.
(b)
In April 2014 Liberty reduced its overall ownership interest in Barnes & Noble, Inc. to less than 2% through the sale of approximately 90% of the preferred stock held by Liberty as of such date for approximately $250 million in proceeds.

Unrealized Holding Gains and Losses
Unrealized holding gains and losses related to investments in AFS securities are summarized below.
 
March 31, 2014
 
December 31, 2013
 
Equity
securities
 
Debt
securities
 
Equity
securities
 
Debt
securities
 
amounts in millions
Gross unrealized holding gains
$
2

 
1

 
6

 
1

Gross unrealized holding losses
$