Quarterly report pursuant to Section 13 or 15(d)

Assets and Liabilities Measured at Fair Value (Tables)

v3.4.0.3
Assets and Liabilities Measured at Fair Value (Tables)
 3 Months Ended
Mar. 31, 2016
Assets and Liabilities Measured at Fair Value  
Schedule of assets and liabilities measured at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2016

 

December 31, 2015

 

 

 

 

 

 

Quoted prices

 

Significant

 

 

 

Quoted prices

 

Significant

 

 

 

 

 

 

in active

 

other

 

 

 

in active

 

other

 

 

 

 

 

 

markets for

 

observable

 

 

 

markets for

 

observable

 

 

 

 

 

 

identical assets

 

inputs

 

 

 

identical assets

 

inputs

 

Description

 

Total

 

(Level 1)

 

(Level 2)

 

Total

 

(Level 1)

 

(Level 2)

 

 

 

(amounts in thousands)

 

Cash equivalents

 

$
775,379

 
775,379

 

 —

 
639,956

 
639,956

 

 —

 

Short-term marketable securities

 

$
77,685

 
77,685

 

 —

 
9,014

 
9,014

 

 —

 

Available-for-sale securities

    

$
484,084

    
484,084

    

 —

    
439,560

    
439,560

    

 —

 

 

Schedule of realized and unrealized gains (losses) on financial instruments

 

 

 

 

 

 

 

 

 

Three months ended

 

 

 

March 31,

 

 

 

2016

 

2015

 

 

 

(amounts in thousands)

 

Time Warner Cable investment and financial instruments (1)(2)

 

$
45,005

 
(1,329)

 

 

 

$
45,005

 
(1,329)

 

(1)

During the three months ended March 31, 2015 the Company had an outstanding written call option on 625,000 Time Warner Cable shares which was cash settled during June 2015 for $48.3 million. Also during the three months ended March 31, 2015 the Company had an additional outstanding written call option on 625,000 Time Warner Cable shares which was cash settled during April 2015 for $36.7 million. No written call options on Time Warner Cable shares are outstanding as of March 31, 2016 or December 31, 2015. The unrealized gain during the three months ended March 31, 2016 is due to an increase in the Time Warner Cable stock price during the period.

On March 27, 2015, Liberty Broadband entered into a cashless collar agreement with a financial institution on 1.7 million Time Warner Cable shares held by the Company. The collar was originally scheduled to expire during March 2017. The Company unwound the agreement during July 2015 for $67.1 million cash paid to the counterparty. In connection with this collar agreement, the Company also entered into a revolving loan agreement with an availability of $234 million, which was terminated upon unwinding of the collar agreement during July 2015.