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TableofContents
Thissensitivityanalysisassumesaparallelshiftofallinterestrates;however,interestratesdonotalwaysmoveinsuchamannerandactualresultsmaydiffer
materially.Wemonitorourinterestrateandcreditrisk,includingourcreditexposurestospecificratingcategoriesandtoindividualissuers.Theseinstrumentsare
notleveragedandwedonotintendtousethemforspeculativepurposes.RefertoNotesEandFtotheconsolidatedfinancialstatementsinPartII,Item8ofthis
AnnualReportonForm10-Kforfurtherinformation.
Equity Price Risk
Strategic Investments
Ourstrategicinvestmentsincludeprivatelyheldcompanieswhichareconsideredtobeinthestart-upordevelopmentstagesandareinherentlyrisky.The
technologiesorproductsthesecompanieshaveunderdevelopmentaretypicallyintheearlystagesandmaynevermaterialize,whichcouldresultinalossofa
substantialpartofourinitialinvestmentinthesecompanies.Thecarryingvaluesofourstrategicinvestmentswereaccountedforunderthecostmethod.We
evaluatethestrategicinvestmentsinourportfoliotoassesswhethertheyareother-than-temporarilyimpaired.Theevaluationisbasedoninformationprovidedby
thesecompanies,whichisnotsubjecttothesamedisclosureregulationsasU.S.publiclytradedcompanies,andassuch,thebasisfortheseevaluationsissubjectto
thetimingandaccuracyofthedataprovided.
Marketable Equity Securities
WehaveminimalexposuretoequitypriceriskonourportfolioofmarketableequitysecuritiesasitwasinsignificantasofDecember31,2015.Asof
December31,2015,ourtotalequityholdingsinpubliclytradedcompanieswas$18million.AsofDecember31,2014,wehadnoequityholdingsinpublicly
tradedcompanies.
49