Cablevision 2013 Annual Report Download - page 157

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Dollars in thousands, except per share amounts)
F-48
Settlements of Collateralized Indebtedness
The following table summarizes the settlement of the Company's collateralized indebtedness relating to
Comcast 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, 2013 and 2012. 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 11. 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:
x Level I - Quoted prices for identical instruments in active markets.
x Level 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.
x Level III - Instruments whose significant value drivers are unobservable.
The following table presents for each of these hierarchy levels, the Company's financial assets and
financial liabilities that are measured at fair value on a recurring basis at December 31, 2013 and
December 31, 2012:
At December 31, 2013:
Level I Level II Level III Total
Assets:
Money market funds ................................. $ 608,225 $ - $ - $ 608,225
Investment securities ................................. 138 - - 138
Investment securities pledged as
collateral ................................................ 1,116,084 - - 1,116,084
Prepaid forward contracts .......................... - 3,385 - 3,385
Liabilities:
Liabilities under derivative contracts:
Prepaid forward contracts ....................... - 146,947 - 146,947
Years Ended December 31,
2013
2012
N
umber of shares .............................................................................................
.
13,407,684
8,069,934
Collateralized indebtedness settled ....................................................................
.
$(307,763)
$(148,175)
Derivative contracts settled ...............................................................................
.
(200,246)
(70,579)
(508,009)
(218,754)
Proceeds from new monetization contracts ........................................................
.
569,561
248,388
N
et cash receipt ................................................................................................
.
$ 61,552
$ 29,634