EQUITY METHOD INVESTMENTS

12 Months Ended

Dec. 31, 2011

Note 5—EQUITY-METHOD INVESTMENTS

Our equity-method investments include a 31% interest in LivingSocial. Summarized condensed financial information for this investee, as provided to us by LivingSocial, is as follows (in millions):


	Year Ended December 31,
	2011
Statement of Operations:
Revenue	$	245
Operating expense		686
Other income (expense)		(117	)

Net loss	$	(558	)


	December 31,
	2011
Balance Sheet
Current assets	$	156
Noncurrent assets		285
Current liabilities		225
Noncurrent liabilities		21
Mandatorily redeemable stock		199

As of December 31, 2011, the book value of our LivingSocial investment was $208 million. The summarized financial information is included for the periods in which we held an equity method ownership interest.

- Definition

The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.

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