Cablevision 2014 Annual Report Download - page 130

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Dollars in thousands, except share and per share amounts)
F-41
Derivatives Not Amount of Loss Recognized
Designated as Hedging Location of Loss Years Ended December 31,
Instruments Recognized 2014 2013 2012
Interest rate swap contracts ..... Loss on interest rate swap contracts, net $ — $ — $ (1,828)
Prepaid forward contracts........ Loss on equity derivative contracts, net (45,055)(198,688)(211,335)
$(45,055) $ (198,688) $ (213,163)
For the years ended December 31, 2014, 2013 and 2012, the Company recorded a gain on investments of $129,832, $313,251 and
$293,599, respectively, representing the net increase in the fair values of all investment securities pledged as collateral for the
period.
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, 2014 and 2013. 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.
Years Ended December 31,
2014 2013
Number of shares .............................................................................................................................. 8,069,934 13,407,684
Collateralized indebtedness settled................................................................................................... $ (248,388) $ (307,763)
Derivative contracts settled............................................................................................................... (93,717)(200,246)
(342,105)(508,009)
Proceeds from new monetization contracts....................................................................................... 416,621 569,561
Net cash receipt................................................................................................................................. $ 74,516 $ 61,552
In January 2015, the Company settled collateralized indebtedness relating to 2,668,875 Comcast shares by delivering cash equal
to the collateralized loan value obtained from the proceeds of a new monetization contract covering an equivalent number of
Comcast shares. Accordingly, the consolidated balance sheets of Cablevision and CSC Holdings as of December 31, 2014 reflect
the reclassification of $154,821 of investment securities pledged as collateral from a current asset to a long-term asset and $103,227
of collateralized indebtedness from a current liability to a long-term liability.