eBay 2002 Annual Report Download - page 123

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eBay Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (CONTINUED)
December 31, 2002
Gross Gross Gross Estimated
Amortized Unrealized Unrealized Fair
Cost Gains Losses Value
Short-term investments:
Municipal bonds and notes ÏÏÏÏÏÏÏÏÏÏÏ $ 46,158 $ 157 $ Ì $ 46,315
Government securities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì Ì Ì Ì
Time deposits and other ÏÏÏÏÏÏÏÏÏÏÏÏÏ 43,299 152 (76) 43,375
Total ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 89,457 $ 309 $ (76) $ 89,690
Long-term investments:
Restricted cash and investments ÏÏÏÏÏÏ $133,541 $1,103 $ Ì $134,644
Municipal bonds and notes ÏÏÏÏÏÏÏÏÏÏÏ 388,535 2,320 Ì 390,855
Government securities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 35,232 281 (291) 35,222
Equity instrumentsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 44,150 Ì Ì 44,150
Total ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $601,458 $3,704 $(291) $604,871
The estimated fair value of short and long-term investments classiÑed by date of contractual maturity
at December 31, 2002 are as follows (in thousands):
December 31,
2002
Due within one year or lessÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 89,690
Due after one year through two years ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 221,683
Due after two years through three years ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 179,272
Due after three years through four years ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 25,412
Restricted cash and investments expiring in less than Ñve years ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 134,644
Equity investments ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 43,860
$694,561
During the year ended December 31, 2001, we recorded impairment charges totaling $16.2 million
relating primarily to the impairment in the fair value of certain private equity investments. We recorded
impairment charges for these investments based upon the deterioration of the Ñnancial condition of certain
investees and based upon Ñnancing obtained by certain other investees at a valuation below which we
made our investment.
During the year ended December 31, 2002, we recorded impairment charges totaling $3.8 million
relating to the impairment in the fair value of certain equity investments. We recorded an approximately
$640,000 impairment charge for an equity investment in a public company based upon a signiÑcant decline
in the market value of our investment during 2002, which we determined to be other than temporary. We
recorded $3.2 million in impairment charges for certain private equity investments based upon the
deterioration of the Ñnancial condition of certain investees and as a result of Ñnancing obtained by certain
other investees at a valuation below which we made our investment.
121