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, 2018

FAIR VALUE

听

Schedule of fair values of financial instruments

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

听

听	听	听	听	听	听	听	听	听	听	听	听
听	June听30,听2018					听	December听31,听2017
听	Carrying		听	Estimated		听	Carrying		听	Estimated
听	Value		听听听听	Fair听Value		听听听听	Value		听听听听	Fair听Value
Non-qualified employee benefit plan investments	$	25	听	$	25	听	$	33	听	$	33
Interest rate contracts	听	(1)	听	听	(1)	听	听	(1)	听	听	(1)
Long-term debt (including current portion)	听	(2,566)	听	听	(2,705)	听	听	(2,298)	听	听	(2,483)

听

Schedule of 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

Fair听Value听Amounts听Using

听

Quoted听prices

听

Significant听other

听

Significant

听

in active markets

听

observable

听

unobservable听

听

June听30,听

听

for identical

听

inputs

听

听inputs

Description

听听听听

2018

听听听听

assets听(Level听1)(2)

听听听听

(Level听2)(2)

听听听听

(Level听3)

Assets:

听

听听听听

听

Equity securities:

听

Non-qualified employee benefit plan investments

听

听鈥�

听

听鈥�

听

Liabilities:

听

Derivatives:

听

Interest rate contracts(1)

听

(1)

听

听鈥�

听

(1)

听

听鈥�

听

Fair听Value听Amounts听Using

听

Quoted听prices

听

Significant听other

听

Significant

听

in active markets

听

observable

听

unobservable听

听

December听31,听

听

for identical

听

inputs

听

听inputs

Description

听听听听

2017

听听听听

assets听(Level听1)(2)

听听听听

(Level听2)(2)

听听听听

(Level听3)

Assets:

听

Equity securities:

听

Non-qualified employee benefit plan investments

听

听鈥�

听

听鈥�

听

Liabilities:

听

Derivatives:

听

Interest rate contracts(1)

听

(1)

听

听鈥�

听

(1)

听

听鈥�

(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 and yield curves at stated intervals. There were no material changes to the valuation method or assumptions used to determine the fair value during the current period.

听

(2)

There were no听transfers between Levels听1 and 2 within the fair value hierarchy during the six months ended June 30, 2018 and the year ended December听31, 2017.

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

The following table shows a reconciliation of beginning and ending balances for the three and six months ended June 30, 2017 for instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (dollars in millions). During the six months ended June 30, 2018, there were no instruments categorized as Level 3 within the fair value hierarchy.

听

听	听	听	听	听	听	听
听	听	Three months		听	Six months
听	听	ended		听	ended
听	听	June听30,听2017		听	June听30,听2017
听	听	Cross-Currency		听	Cross-Currency
听	听	Interest		听	Interest
听	听听听听	Rate听Contracts		听	Rate听Contracts
Fair Value Measurements Using Significant Unobservable Inputs (Level听3)	听听听听	听		听	听
Beginning balance	听	$	29	听	$	29
Transfers into Level 3	听	听	听鈥�	听	听	听鈥�
Transfers out of Level 3	听	听	听鈥�	听	听	听鈥�
Total (losses) gains:	听	听	听	听	听	听
Included in earnings	听	听	听鈥�	听	听	听鈥�
Included in other comprehensive (loss) income	听	听	(13)	听	听	(13)
Purchases, sales, issuances and settlements	听	听	听鈥�	听	听	听鈥�
Ending balance, June 30, 2017	听	$	16	听	$	16
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 30, 2017	听	$	听鈥�	听	$	听鈥�

听