Liberty Media Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Assets And Liabilities Measured At Fair Value (Tables)

Assets And Liabilities Measured At Fair Value (Tables)

6 Months Ended

Jun. 30, 2015

Assets and Liabilities Measured at Fair Value


	Fair Value Measurements at				Fair Value Measurements at
	June 30, 2015				December 31, 2014
			Quoted			Quoted
			prices			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	$	449	449	—	507	507	—
Short term marketable securities	$	51	—	51	199	—	199
Available-for-sale securities	$	604	554	50	769	691	78
Financial instrument assets	$	305	134	171	305	96	209
Debt	$	941	—	941	990	—	990

Realized and Unrealized Gains (Losses) on Financial Instruments


	Three months ended			Six months ended
	June 30,			June 30,
	2015		2014	2015	2014
	amounts in millions
Fair Value Option Securities	$	9	78	(22)	63
Cash convertible notes (a)		49	(82)	49	(23)
Change in fair value of bond hedges (a)		(46)	4	(38)	(88)
Other derivatives (b)		28	25	23	8
	$	40	25	12	(40)

(a)

Liberty issued $1 billion of cash convertible notes in October 2013 which are accounted for at fair value (Level 2), as elected by Liberty at the issuance of the notes. Contemporaneously with the issuance of the convertible notes, Liberty entered into privately negotiated cash convertible note hedges, which are expected to offset potential cash payments Liberty 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 8 for additional discussion of the convertible notes and the bond hedges.

(b)

Derivatives are marked to market based on the trading price of underlying securities and other observable market data as the significant inputs (Level 2). During September 2014, Liberty entered into a forward contract to acquire up to 15.9 million shares of Live Nation common stock. The counterparty has acquired 11.2 million shares of Live Nation common stock through June 30, 2015 at a volume weighted average share price of $23.71 per share. Prior to the contract’s original expiration during March 2015, the Company extended the contract through September 2015. Upon expiration of the contract, Liberty has the option to cash settle the contract.