following as of March 31, 2012 (in millions):
Neowiz Games, collectively referred to as "Neowiz." During the fiscal year ended March 31, 2013, we sold our
investment in Neowiz and received proceeds of $72 million and realized a gain of $39 million, net of costs to
sell. The realized gain is included in gains on strategic investments, net, in our Consolidated Statements of
Operations. We did not recognize any impairment charges on our marketable equity securities during the fiscal
years 2013 and 2012.
The9 Limited ("The9") and received proceeds of $121 million and $11 million, respectively, and realized a gain
of $28 million and a loss of $3 million, respectively, net of costs to sell. The realized gain and loss are included
in gains on strategic investments, net, in our Consolidated Statements of Operations.
these securities had been below adjusted cost and our intent to hold certain securities, we recognized impairment
charges attributed to unrealized losses on our investment in The9 that we concluded were other-than-temporary
in the amount of $2 million during the fiscal year ended March 31, 2011. The impairment charges for the fiscal
year ended March 31, 2011 are included in gains on strategic investments, net, in our Consolidated Statements of
2016 as of March 31, 2013 and 2012 (in millions):
conversion feature, which was classified as equity upon issuance, while the fair value is based on quoted market
prices for the 0.75% Convertible Senior Notes due 2016, which includes the equity conversion feature. The fair
value of the 0.75% Convertible Senior Notes due 2016 is classified as Level 2 within the fair value hierarchy. See
Note 11 for additional information related to our 0.75% Convertible Senior Notes due 2016.
value in other current assets or accrued and other current liabilities, respectively, on our Consolidated Balance
Sheets. As discussed below, the accounting for gains and losses resulting from changes in fair value depends on
the use of the derivative instrument and whether it is designated and qualifies for hedge accounting.
denominated in foreign currencies, subjecting us to foreign currency risk. We purchase foreign currency option
contracts, generally with maturities of 12 months or less, to reduce the volatility of cash flows primarily related
to forecasted revenue and expenses denominated in certain foreign currencies. Our cash flow risks are primarily
related to fluctuations in the Euro, British pound sterling and Canadian dollar. In addition, we utilize foreign
currency forward contracts to mitigate foreign exchange rate risk associated with foreign-currency-denominated