乐天堂fun88(中国区)官方网站 Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE (Tables)

FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 2013

FAIR VALUE

听

Fair values of financial instruments

The fair values of financial instruments were as follows (dollars in millions):

听	听	June听30, 2013					听	December听31, 2012					听

听	听	Carrying Value		听	Estimated Fair Value		听	Carrying Value		听	Estimated Fair Value		听
Non-qualified employee benefit plan investments	听	$	17	听	$	17	听	$	14	听	$	14	听
Cross-currency interest rate contracts	听	听	24	听	听	24	听	听	18	听	听	18	听
Interest rate contracts	听	听	(13	)	听	(13	)	听	(18	)	听	(18	)
Long-term debt (including current portion)	听	听	(3,771	)	听	(3,865	)	听	(3,702	)	听	(3,869	)

Assets and liabilities are measured at fair value on a recurring basis

The following assets and liabilities are measured at fair value on a recurring basis (dollars in millions):

听	听	听		听	Fair Value Amounts Using								听

Description	听	June听30, 2013		听	Quoted prices in active markets for identical assets (Level听1)(3)		听	Significant other observable inputs (Level听2)(3)		听	Significant unobservable inputs (Level听3)		听
Assets:	听	听	听	听	听	听	听	听	听	听	听	听	听
Available-for sale equity securities:	听	听	听	听	听	听	听	听	听	听	听	听	听
Equity mutual funds	听	$	17	听	$	17	听	$	鈥�	听	$	鈥�	听
Derivatives:	听	听	听	听	听	听	听	听	听	听	听	听	听
Cross-currency interest rate contracts(1)听听听听听听听听听听	听	听	24	听	听	鈥�	听	听	24	听	听	鈥�	听
听	听	听		听	听		听	听		听	听		听
Total assets	听	$	41	听	$	17	听	$	24	听	$	鈥�	听
听	听	听		听	听		听	听		听	听		听
Liabilities:	听	听	听	听	听	听	听	听	听	听	听	听	听
Derivatives:	听	听	听	听	听	听	听	听	听	听	听	听	听
Interest rate contracts(2)	听	$	(13	)	$	鈥�	听	$	(13	)	$	鈥�	听
听	听	听		听	听		听	听		听	听		听

听

听	听	听		听	Fair Value Amounts Using								听

Description	听	December听31, 2012		听	Quoted prices in active markets for identical assets (Level听1)(3)		听	Significant other observable inputs (Level听2)(3)		听	Significant unobservable inputs (Level听3)		听
Assets:	听	听	听	听	听	听	听	听	听	听	听	听	听
Available-for sale equity securities:	听	听	听	听	听	听	听	听	听	听	听	听	听
Equity mutual funds	听	$	14	听	$	14	听	$	鈥�	听	$	鈥�	听
Derivatives:	听	听	听	听	听	听	听	听	听	听	听	听	听
Cross-currency interest rate contracts(1)	听	听	18	听	听	鈥�	听	听	18	听	听	鈥�	听
听	听	听		听	听		听	听		听	听		听
Total assets	听	$	32	听	$	14	听	$	18	听	$	鈥�	听
听	听	听		听	听		听	听		听	听		听
Liabilities:	听	听	听	听	听	听	听	听	听	听	听	听	听
Derivatives:	听	听	听	听	听	听	听	听	听	听	听	听	听
Interest rate contracts(2)	听	$	(18	)	$	鈥�	听	$	(18	)	$	鈥�	听
听	听	听		听	听		听	听		听	听		听

(1): The income approach is used to calculate the fair value of these instruments. Fair value represents the present value of estimated future cash flows, calculated using relevant interest rates, exchange rates, and yield curves at stated intervals. There were no material changes to the valuation methods or assumptions used to determine the fair value during the current period.
(2): The income approach is used to calculate the fair value of these instruments. Fair value represents the present value of estimated future cash flows, calculated using relevant interest rates and yield curves at stated intervals. There were no material changes to the valuation methods or assumptions used to determine the fair value during the current period.
(3): There were no transfers between Levels听1 and 2 within the fair value hierarchy for the six months ended June听30, 2013 and the year ended December听31, 2012.

Reconciliation of beginning and ending balances for assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3)

听The following table shows a reconciliation of beginning and ending balances for the six months ended June听30, 2012 for instruments measured at fair value on a recurring basis using significant unobservable inputs (Level听3) (dollars in millions).

听	听	Six months ended June听30, 2012		听

听	听	Cross-Currency Interest Rate Contracts		听
Fair Value Measurements Using Significant Unobservable Inputs (Level听3)	听	听	听	听
Beginning balance	听	$	27	听
Transfers into Level听3	听	听	鈥�	听
Transfers out of Level听3(1)	听	听	(27	)
Total gains (losses):	听	听	听	听
Included in earnings	听	听	鈥�	听
Included in other comprehensive (loss) income	听	听	鈥�	听
Purchases, sales, issuances and settlements	听	听	鈥�	听
听	听	听		听
Ending balance, June听30, 2012	听	$	鈥�	听
听	听	听		听
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at June听30, 2012	听	$	鈥�	听
听	听	听		听

(1): We are party to cross-currency interest rate contracts that are measured at fair value in the financial statements. These instruments have historically been categorized by us as Level听3 within the fair value hierarchy due to an unobservable input associated with the credit valuation adjustment, which we deemed to be a significant input to the overall measurement of fair value at inception. During the six months ended June听30, 2012, this credit valuation adjustment had ceased to be a significant input to the entire fair value measurement of these instruments. The remaining inputs which are significant to the fair value measurement of these instruments represent observable market inputs that are inputs other than quoted prices (Level听2 inputs).

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15

-Subparagraph b-d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 18

-Subparagraph c(2), d, e, f

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32

-Subparagraph a, c(1), c(2), c(3), d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

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-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13467-108611

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

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-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13476-108611

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 30

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 14

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

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-URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 19

-Subparagraph a, b, c(1), d(1)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details