Facebook 2012 Annual Report Download - page 94
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Intangible assets consist of the following (in millions):
Useful lives
from date of
acquisitions
(in years)
December 31, 2012 December 31, 2011
Gross
Carrying
Amount
Accumulated
Amortization
Net Carrying
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net Carrying
Amount
Amortizable intangible assets:
Acquired patents ....... 3–18 $684 $ (53) $ 631 $ 51 $ (4) $ 47
Acquired technology .... 2–10 133 (32) 101 38 (15) 23
Tradename and other .... 2–7 94 (25) 69 23 (13) 10
Total ............. $911 $(110) $ 801 $ 112 $ (32) $ 80
Amortization expense of intangible assets for the years ended December 31, 2012, 2011, and 2010 was $78
million, $20 million, and $9 million, respectively.
As of December 31, 2012, expected amortization expense for the unamortized acquired intangible assets for
the next five years and thereafter is as follows (in millions):
2013 ................................................................................ $126
2014 ................................................................................ 120
2015 ................................................................................ 112
2016 ................................................................................ 102
2017 ................................................................................ 86
Thereafter ........................................................................... 255
Total ............................................................................... $801
Note 8. Accrued expenses and other current liabilities
The components of accrued expenses and other current liabilities were as follows (in millions):
December 31,
2012 2011
Accrued compensation and benefits ................................................ $146 $ 57
Other current liabilities .......................................................... 277 239
Total accrued expenses and other current liabilities ................................ $423 $296
Note 9. Long-term Debt
In 2011, we entered into an agreement for an unsecured five-year revolving credit facility that allowed us to
borrow up to $2.5 billion, with interest payable on borrowed amounts set at LIBOR plus 1.0%. No amounts were
drawn down under this agreement as of December 31, 2011. This credit facility was terminated in February 2012.
In February 2012, we entered into a new agreement for an unsecured five-year revolving credit facility that
allows us to borrow up to $5 billion for general corporate purposes, with interest payable on the borrowed
amounts set at LIBOR plus 1.0%. Origination fees are amortized over the term of the credit facility. Under the
terms of the agreement, we are obligated to pay a commitment fee of 0.10% per annum on the daily undrawn
balance. As of December 31, 2012, no amounts were drawn down and we were in compliance with the covenants
under this credit facility.
Concurrent with our entering into the revolving credit facility in February 2012, we also entered into a
bridge credit facility agreement that allows us to borrow up to $3 billion to fund tax withholding and remittance
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