eBay 2011 Annual Report Download - page 79
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Investment Risk
As of December 31, 2011 , our cost and equity method investments totaled $189.9 million , which represented approximately 2% of our
total cash and investment portfolio and were primarily related to equity method investments in companies. We review our investments for
impairment when events and circumstances indicate a decline in fair value of such assets below carrying value is other-than-temporary. Our
analysis includes a review of recent operating results and trends, recent sales/acquisitions of the securities in which we have invested and other
publicly available data. During 2011, we did not record any material impairment on our cost or equity method investments.
On October 13, 2011, Microsoft Corp. completed its acquisition of Skype and we received approximately $2.3 billion in cash for our 30%
interest in Skype, resulting in a pre-tax gain of approximately $1.7 billion .
Equity Price Risk
We are exposed to equity price risk on marketable equity instruments due to market volatility. At December 31, 2011 , the total fair value of
our marketable equity instruments was $646.3 million , which represented approximately 8% of our total cash and investment portfolio and was
primarily related to our equity holdings in MercadoLibre.
European Debt Exposures
We actively monitor our exposure to the European markets, including the impact of sovereign debt issues associated with Greece, Ireland,
Portugal, Italy and Spain. As of December 31, 2011, we do not have any direct or indirect investments in the sovereign debt, corporations, or
financial institutions of these countries. We do maintain a small number of operating bank accounts with Spanish and Italian banks that have
immaterial balances.
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