Yahoo 2015 Annual Report Download - page 111
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debt, money market funds, commercial paper, certificates of deposit and time deposits with financial
institutions. The fair value of any debt or equity security 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.
Available-for-sale marketable debt securities 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, 2014 (in thousands):
Fair Value Measurements at Reporting Date Using
Assets Level 1 Level 2 Level 3 Total
Money market funds(1)
$ 373,822 $ — $ — $ 373,822
Available-for-sale marketable debt securities:
Government and agency securities(1)
— 850,002 — 850,002
Commercial paper and bank certificates of
deposit(1)
— 3,602,321 — 3,602,321
Corporate debt securities(1)
— 3,327,017 — 3,327,017
Time deposits(1)
— 1,361,165 — 1,361,165
Available-for-sale equity securities:
Other corporate equity securities(2)
660 — — 660
Alibaba Group equity securities
39,867,789 — — 39,867,789
Hortonworks equity securities(2)
104,029 — — 104,029
Hortonworks warrants
— — 98,062 98,062
Foreign currency derivative contracts(3)
— 202,928 — 202,928
Financial assets at fair value
$40,346,300 $9,343,433 $98,062 $49,787,795
Liabilities
Foreign currency derivative contracts(3)
— (6,157) — (6,157)
Total financial assets and liabilities at
fair value
$40,346,300 $9,337,276 $98,062 $49,781,638
107