AMAZON COM INC | 2013 | FY | 3

EQUITY-METHOD INVESTMENTS
LivingSocial’s summarized condensed financial information, as provided to us by LivingSocial, is as follows (in millions):
 
  
Year Ended December 31,
 
2013
 
2012
 
2011
Statement of Operations:
 
 
 
 
 
Revenue
$
399

 
$
455

 
$
238

Operating expense
461

 
666

 
613

Impairment charge
41

 
579

 
—

Operating loss from continuing operations
(103
)
 
(790
)
 
(375
)
Net loss from continuing operations (1)
(101
)
 
(532
)
 
(417
)
Loss from discontinued operations, net of tax (2)
(82
)
 
(121
)
 
(82
)
Net loss
$
(183
)
 
$
(653
)
 
$
(499
)
___________________
(1)
The difference between operating loss from continuing operations and net loss from continuing operations for 2012 is primarily due to non-operating, non-cash gains on previously held equity positions in companies that LivingSocial acquired during Q1 2012.
(2)
In November 2013, LivingSocial announced that it had reached an agreement to sell its Korean operations for $260 million. The transaction closed in January 2014. The statement of operations information above has been recast to present its Korean operations as discontinued operations.

 
December 31,
 
2013
 
2012
Balance Sheet:
 
 
 
Current assets
$
81

 
$
74

Non-current assets
152

 
216

Current liabilities
298

 
336

Non-current liabilities
36

 
14

Redeemable stock
315

 
205


Balance sheet financial information as of December 31, 2013 includes $146 million in assets and $122 million in liabilities that LivingSocial has classified as held for sale for its Korean operations.
As of December 31, 2013, the book value of our equity-method investment in LivingSocial has been reduced to zero due to our recognition of equity-method losses over time. In Q1 2013 we made a $56 million investment in LivingSocial that we have recorded as a cost method investment, bringing our total investment in LivingSocial to approximately 31% of voting stock. In Q4 2013, we recognized additional equity-method losses and reduced this cost method investment to $38 million as of December 31, 2013.

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