| Schedule of assets and liabilities measured at fair value |
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|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
|
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June 30, 2015
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December 31, 2014
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|
|
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Quoted prices
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Significant
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|
|
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Quoted prices
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Significant
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|
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|
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in active
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other
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in active
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other
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markets for
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observable
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markets for
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observable
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|
|
|
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|
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identical assets
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inputs
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|
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identical assets
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inputs
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Description
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Total
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(Level 1)
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|
(Level 2)
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Total
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(Level 1)
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|
(Level 2)
|
|
|
|
|
(amounts in thousands)
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|
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Cash and cash equivalents
|
|
$
|
745,178
|
|
745,178
|
|
—
|
|
36,002
|
|
36,002
|
|
—
|
|
|
Short-term marketable securities
|
|
$
|
9,008
|
|
9,008
|
|
—
|
|
9,001
|
|
9,001
|
|
—
|
|
|
Available-for-sale securities
|
|
$
|
421,914
|
|
421,914
|
|
—
|
|
360,762
|
|
360,762
|
|
—
|
|
|
Time Warner Cable financial instruments (1) (2)
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|
$
|
(41,132)
|
|
—
|
|
(41,132)
|
|
(75,356)
|
|
—
|
|
(75,356)
|
|
|
(1)
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As of December 31, 2014, the Company had an outstanding written call option on 625,000 Time Warner Cable shares with a strike price of $92.02 per share which expired in February 2015. Upon expiration, this written call option was rolled into a new written call option on 625,000 Time Warner Cable shares with a strike price of $100.39 per share which the Company cash settled during June 2015 for $48.3 million. Additionally, as of December 31, 2014, the Company had another outstanding written call option on 625,000 Time Warner Cable shares with a strike price of $90.84 per share which the Company cash settled during April 2015 for $36.7 million.
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(2)
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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 with a put option strike price of $136.80 per share and a call option strike price of $161.62 per share. The collar was originally scheduled to expire during March 2017. Accordingly, the liability associated with this instrument is included in the Other liabilities line item on the face of the condensed consolidated balance sheet as of June 30, 2015. 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 (note 7).
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| Schedule of realized and unrealized gains (losses) on financial instruments |
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|
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Three months ended
|
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Six months ended
|
|
|
|
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June 30,
|
|
June 30,
|
|
|
|
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2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
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(amounts in thousands)
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|
|
Charter warrants (1)
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|
$
|
NA
|
|
38,421
|
|
|
NA
|
|
23,209
|
|
|
Time Warner Cable investment and financial instruments
|
|
|
12,354
|
|
10,558
|
|
|
11,025
|
|
13,068
|
|
|
|
|
$
|
12,354
|
|
48,979
|
|
|
11,025
|
|
36,277
|
|
As discussed in note 5, Liberty Broadband exercised all of the Company’s outstanding warrants to purchase shares of Charter common stock during November 2014, subsequent to the completion of the Broadband Spin-Off.
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