Yahoo 2014 Annual Report Download - page 107
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December 31, 2014
Less than 12 Months 12 Months or Longer Total
Fair
Value
Unrealized
Loss
Fair
Value
Unrealized
Loss
Fair
Value
Unrealized
Loss
Government and agency
securities
$ 744,948 $ (792) $ — $ — $ 744,948 $ (792)
Corporate debt securities,
commercial paper, and
bank certificates of deposit
2,601,288 (4,646) 3,234 (7) 2,604,522 (4,653)
Total available-for-sale
marketable securities
$3,346,236 $(5,438) $3,234 $ (7) $3,349,470 $(5,445)
The Company’s investment portfolio includes equity securities, including Alibaba Group and
Hortonworks, as well as liquid high-quality fixed income debt securities including government,
agency and corporate debt, money market funds, and time deposits with financial institutions. The
fair value of any equity investment will vary over time and is subject to a variety of market risks
including: macro-economic, regulatory, industry, company performance, and systemic risks of the
equity markets overall. Consequently, the carrying value of the Company’s investment portfolio will
vary over time as the value of its investment changes. Investments in both fixed rate and floating rate
interest earning instruments carry a degree of interest rate risk. Fixed rate securities may have their
fair value adversely impacted due to a rise in interest rates, while floating rate securities may produce
less income than expected if interest rates fall. Fixed income securities may have their fair value
adversely impacted due to a deterioration of the credit quality of the issuer. The longer the term of
the securities, the more susceptible they are to changes in market rates. Investments are reviewed
periodically to identify possible other-than-temporary impairment. The Company has no current
requirement or intent to sell the securities in an unrealized loss position. The Company expects to
recover up to (or beyond) the initial cost of investment for securities held.
The following table sets forth the financial assets and liabilities, measured at fair value, by level within
the fair value hierarchy as of December 31, 2013 (in thousands):
Fair Value Measurements at Reporting Date Using
Assets Level 1 Level 2 Total
Money market funds(1)
$936,438 $ — $ 936,438
Available-for-sale marketable securities:
Government and agency securities(1)
— 876,197 876,197
Commercial paper and bank certificates of
deposit(1)
— 472,080 472,080
Corporate debt securities(1)
— 2,059,159 2,059,159
Time deposits(1)
— 84,443 84,443
Corporate equity securities(2)
383 — 383
Foreign currency derivative contracts(3)
— 214,041 214,041
Financial assets at fair value
$936,821 $3,705,920 $4,642,741
Liabilities
Foreign currency derivative contracts(3)
— (1,401) (1,401)
Total financial assets and liabilities at fair
value
$936,821 $3,704,519 $4,641,340
103