Cablevision 2012 Annual Report Download - page 179
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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Dollars in thousands, except per share amounts)
I-51
Settlements of Collateralized Indebtedness
The following table summarizes the settlement of the Company's collateralized indebtedness relating to
Comcast Corporation shares that were settled by delivering cash equal to the collateralized loan value, net
of the value of the related equity derivative contracts for the years ended December 31, 2012 and 2011.
The cash was obtained from the proceeds of new monetization contracts covering an equivalent number
of Comcast shares. The terms of the new contracts allow the Company to retain upside participation in
Comcast shares up to each respective contract's upside appreciation limit with downside exposure limited
to the respective hedge price.
NOTE 12. FAIR VALUE MEASUREMENT
The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that
are either observable or unobservable. Observable inputs reflect assumptions market participants would
use in pricing an asset or liability based on market data obtained from independent sources while
unobservable inputs reflect a reporting entity's pricing based upon their own market assumptions. The
fair value hierarchy consists of the following three levels:
xLevel I - Quoted prices for identical instruments in active markets.
xLevel II - Quoted prices for similar instruments in active markets; quoted prices for identical
or similar instruments in markets that are not active; and model-derived valuations whose
inputs are observable or whose significant value drivers are observable.
xLevel III - Instruments whose significant value drivers are unobservable.
Years Ended December 31,
2012 2011
N
umber of shares ..................................................................................................
.
8,069,934 13,407,684
Collateralized indebtedness settled .......................................................................
.
$(148,175) $(204,431)
Derivative contracts settled...................................................................................
.
(70,579) (53,482)
(218,754) (257,913)
Proceeds from new monetization contracts ..........................................................
.
248,388 307,763
N
et cash receip
t
....................................................................................................
.
$ 29,634 $ 49,850