Activision 2015 Annual Report Download - page 76

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58
A summary of our debt is as follows (amounts in millions):
December 31, 2015
Gross Carrying
Amount
Unamortized
Discount
Net Carrying
Amount
Term Loan ............................................................
$ 1,869
$ (9)
$ 1,860
2021 Notes ...........................................................
1,500
(20)
1,480
2023 Notes ...........................................................
750
(11)
739
Total long-term debt ............................................
$ 4,119
$ (40)
$ 4,079
December 31, 2014
Gross Carrying
Amount
Unamortized
Discount
Net Carrying
Amount
Term Loan ............................................................
$ 2,119
$ (10)
$ 2,109
2021 Notes ...........................................................
1,500
(23)
1,477
2023 Notes ...........................................................
750
(12)
738
Total long-term debt ............................................
$ 4,369
$ (45)
$ 4,324
For the years ended December 31, 2015 and 2014, interest expense was $193 million and $201 million, respectively, amortization of
the debt discount for the Credit Facilities and Notes was $6 million and $6 million, respectively, and commitment fees for the
Revolver were not material.
As of December 31, 2015, the scheduled maturities and contractual principal repayments of our debt for each of the five succeeding
years are as follows (amounts in millions):
For the year ending December 31,
2016 ...............................................................................................................................................
$ —
2017 ...............................................................................................................................................
—
2018 ...............................................................................................................................................
—
2019 ...............................................................................................................................................
—
2020 ...............................................................................................................................................
1,869
Thereafter ................................................................................................................................
2,250
Total ...........................................................................................................................................
$ 4,119
As of December 31, 2015 and 2014, the carrying value of the Term Loan approximates the fair value, based on Level 2 inputs
(observable market prices in less than active markets), as the interest rate is variable over the selected interest period and is similar to
current rates at which we can borrow funds. Based on Level 2 inputs, the fair values of the 2021 Notes and 2023 Notes were
$1,571 million and $795 million, respectively, as of December 31, 2015 and $1,586 million and $810 million, respectively, as of
December 31, 2014.
12. Accumulated Other Comprehensive Income (Loss)
The components of accumulated other comprehensive income (loss) at December 31, 2015 and 2014, were as follows (amounts in
millions):
For the Year Ended December 31, 2015
Foreign
currency
translation
adjustments
Unrealized gain
(loss)
on available-for-
sale securities
Unrealized
gain
(loss)
on forward
contracts
Total
Balance at December 31, 2014 .....................................................
$ (304)
$ 1
$ —
$ (303)
Other comprehensive income (loss) before reclassifications ...
(326)
1
10
(315)
Amounts reclassified from accumulated other comprehensive
income (loss) ........................................................................
—
(1)
(14)
(15)
Balance at December 31, 2015 .....................................................
$ (630)
$ 1
$ (4)
$ (633)
10-K Activision_Master_032416_PrinterMarksAdded.pdf 58 3/24/16 11:00 PM