Expedia 2012 Annual Report Download - page 103

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a current asset of discontinued operations of $456 million primarily related to the deposit for the redemption
price of the 8.5% Notes as well as a current liability of discontinued operations of $420 million for the 8.5%
Notes, accrued interest expense related to the 8.5% Notes and accrued spin-off costs. The interest expense and
amortization of debt issuance and discount costs related to the 8.5% Notes of $35 million for the years ended
December 31, 2011 and 2010 were included within discontinued operations within our consolidated statement of
operations.
NOTE 5 — Fair Value Measurements
Financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2012 are
classified using the fair value hierarchy in the table below:
Total Level 1 Level 2
(In thousands)
Assets
Cash equivalents:
Money market funds $ 677,523 $677,523 $ —
Time deposits 89,084 — 89,084
Restricted cash:
Time deposits 9,855 — 9,855
Investments:
Time deposits 525,533 — 525,533
Corporate debt securities 245,477 — 245,477
Total assets $1,547,472 $677,523 $869,949
Liabilities
Derivatives:
Foreign currency forward contracts $ 3,290 $ — $ 3,290
Financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2011 are
classified using the fair value hierarchy in the table below:
Total Level 1 Level 2
(In thousands)
Assets
Cash equivalents:
Money market funds $ 310,075 $310,075 $ —
Restricted cash:
Time deposits 9,754 — 9,754
Derivatives:
Foreign currency forward contracts 1,043 — 1,043
Investments:
Time deposits 592,162 — 592,162
Corporate debt securities 268,664 — 268,664
Total assets $1,181,698 $310,075 $871,623
We classify our cash equivalents and investments within Level 1 and Level 2 as we value our cash
equivalents and investments using quoted market prices or alternative pricing sources and models utilizing
market observable inputs. Valuation of the foreign currency forward contracts is based on foreign currency
exchange rates in active markets, a Level 2 input.
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