Amortization expense for acquired intangibles was $163 million, $149 million, and $105
million in 2012, 2011, and 2010. Expected future amortization expense of acquired intangible assets as of December 31, 2012 is as follows (in millions):
|
|
|
|
|
| Year Ended December 31, |
|
| 2013 |
|
$ |
159 |
|
| 2014 |
|
|
143 |
|
| 2015 |
|
|
126 |
|
| 2016 |
|
|
103 |
|
| 2017 |
|
|
82 |
|
| Thereafter |
|
|
112 |
|
|
|
|
|
|
|
|
$ |
725 |
|
|
|
|
|
|
Note 5EQUITY-METHOD INVESTMENTS
Our equity-method investments include a 29% 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, |
|
| |
|
2012 |
|
|
2011 |
|
| Statement of Operations: |
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
536 |
|
|
$ |
250 |
|
| Operating expense |
|
|
862 |
|
|
|
669 |
|
| Impairment charge |
|
|
579 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating loss |
|
|
(905 |
) |
|
|
(419 |
) |
| Net loss (1) |
|
$ |
(650 |
) |
|
$ |
(499 |
) |
| (1) |
The difference between the operating loss and net loss for 2012 is primarily due to the recognition of non-operating, non-cash gains on previously held equity positions
in companies that LivingSocial acquired during Q1 2012. |
|
|
|
|
|
|
|
|
|
| |
|
December 31, |
|
| |
|
2012 |
|
|
2011 |
|
| Balance Sheet: |
|
|
|
|
|
|
|
|
| Current assets |
|
$ |
76 |
|
|
$ |
176 |
|
| Noncurrent assets |
|
|
218 |
|
|
|
271 |
|
| Current liabilities |
|
|
338 |
|
|
|
210 |
|
| Noncurrent liabilities |
|
|
14 |
|
|
|
32 |
|
| Mandatorily redeemable stock |
|
|
205 |
|
|
|
201 |
|
LivingSocial tested its goodwill and certain long-lived assets for impairment based on certain triggering
events. Although its goodwill impairment test is not complete as of the date of this filing, LivingSocial believes an impairment loss is probable and has provided to us its best estimate. Completion of this impairment test by LivingSocial may result
in an adjustment to this estimate.
As of December 31, 2012, the book value of our LivingSocial investment was $52
million. The summarized financial information is included for the periods in which we held an equity method ownership interest.
56