DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS

6 Months Ended

Jun. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS

NOTE 8. DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS

The Company has entered into various transactions to limit the exposure against equity price risk on its shares of Comcast Corporation ("Comcast") common stock.  The Company has monetized all of its stock holdings in Comcast through the execution of prepaid forward contracts, collateralized by an equivalent amount of the respective underlying stock.  At maturity, the contracts provide for the option to deliver cash or shares of Comcast stock with a value determined by reference to the applicable stock price at maturity.  These contracts, at maturity, are expected to offset declines in the fair value of these securities below the hedge price per share while allowing the Company to retain upside appreciation from the hedge price per share to the relevant cap price.

The following represents the location of the assets and liabilities associated with the Company's derivative instruments within the condensed consolidated balance sheets at June 30, 2015 and December 31, 2014:

Derivatives Not Designated as Hedging Instruments		Asset Derivatives				Liability Derivatives
	Balance Sheet Location	Fair Value at June 30, 2015		Fair Value at December 31, 2014		Fair Value at June 30, 2015		Fair Value at December 31, 2014
Prepaid forward contracts	Current derivative contracts	$	453	$	—	$	36,495	$	93,010
Prepaid forward contracts	Long-term derivative contracts	30,361		7,317		—		9,207
Total derivative contracts		$	30,814	$	7,317	$	36,495	$	102,217

These prepaid forward contracts are not designated as hedging instruments for accounting purposes and the related gain (loss) of $(22,693) and $23,473, respectively, for the three and six months ended June 30, 2015 and $(32,613) and $6,036, respectively, for the three and six months ended June 30, 2014, have been reflected in gain (loss) on equity derivative contracts, net in the accompanying condensed consolidated statements of income.

Settlements of Collateralized Indebtedness

The following table summarizes the settlement of the Company's collateralized indebtedness relating to Comcast shares that were settled by delivering cash equal to the collateralized loan value, net of the value of the related equity derivative contracts for the six months ended June 30, 2015.  The cash was obtained from the proceeds of new monetization contracts covering an equivalent number of Comcast shares.  The terms of the new contracts allow the Company to retain upside participation in Comcast shares up to each respective contract's upside appreciation limit with downside exposure limited to the respective hedge price.

Number of shares	8,069,934
Collateralized indebtedness settled	$	(326,446	)
Derivative contracts settled	(65,746		)
	(392,192		)
Proceeds from new monetization contracts	467,804
Net cash receipt	$	75,612