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52
Amortization expense for acquired intangibles was $168 million, $163 million, and $149 million in 2013, 2012, and
2011. Expected future amortization expense of acquired intangible assets as of December 31, 2013 is as follows (in millions):
Year Ended December 31,
2014 $ 157
2015 140
2016 121
2017 101
2018 54
Thereafter 72
$ 645
Note 5—EQUITY-METHOD INVESTMENTS
LivingSocial’s summarized condensed financial information, as provided to us by LivingSocial, is as follows (in
millions):
Year Ended December 31,
2013 2012 2011
Statement of Operations:
Revenue $ 399 $ 455 $ 238
Operating expense 461 666 613
Impairment charge 41 579 —
Operating loss from continuing operations (103)(790)(375)
Net loss from continuing operations (1) (101)(532)(417)
Loss from discontinued operations, net of tax (2) (82)(121)(82)
Net loss $ (183) $ (653) $ (499)
___________________
(1) The difference between operating loss from continuing operations and net loss from continuing operations for 2012 is
primarily due to non-operating, non-cash gains on previously held equity positions in companies that LivingSocial
acquired during Q1 2012.
(2) In November 2013, LivingSocial announced that it had reached an agreement to sell its Korean operations for $260
million. The transaction closed in January 2014. The statement of operations information above has been recast to
present its Korean operations as discontinued operations.
December 31,
2013 2012
Balance Sheet:
Current assets $ 81 $ 74
Non-current assets 152 216
Current liabilities 298 336
Non-current liabilities 36 14
Redeemable stock 315 205
Balance sheet financial information as of December 31, 2013 includes $146 million in assets and $122 million in
liabilities that LivingSocial has classified as held for sale for its Korean operations.
As of December 31, 2013, the book value of our equity-method investment in LivingSocial has been reduced to zero due
to our recognition of equity-method losses over time. In Q1 2013 we made a $56 million investment in LivingSocial that we
have recorded as a cost method investment, bringing our total investment in LivingSocial to approximately 31% of voting
stock. In Q4 2013, we recognized additional equity-method losses and reduced this cost method investment to $38 million as of
December 31, 2013.