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We maintain significant operations in the United States (&#8220;U.S.&#8221;), Canada, the United Kingdom (&#8220;U.K.&#8221;), France, Germany,&#160;Ireland,&#160;Italy, Sweden, Spain, the Netherlands, Australia, South Korea and China.</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0px;">The </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Business Combination and Share Repurchase</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;">Activision Blizzard is the result of the 2008 business combination (&#8220;Business Combination&#8221;) by and among </font><font style="font-family:Times New Roman;font-size:10pt;">the Company (then known as </font><font style="font-family:Times New Roman;font-size:10pt;">Activision,&#160;Inc.</font><font style="font-family:Times New Roman;font-size:10pt;">)</font><font style="font-family:Times New Roman;font-size:10pt;">, Sego Merger Corporation, a wholly-owned subsidiary of Activision,&#160;Inc., Vivendi&#160;S.A. 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(&#8220;Activision&#8221;) is a leading </font><font style="font-family:Times New Roman;font-size:10pt;">global</font><font style="font-family:Times New Roman;font-size:10pt;"> developer and publisher of interactive software products and content. Activision delivers content to a broad range of gamers, ranging from children to adults, and from core gamers to mass-market consumers to &#8220;value&#8221; buyers seeking budget-priced software, in a variety of geographies. Activision develops games based on internally-developed properties, including games in the Call of Duty&#174; and </font><font style="font-family:Times New Roman;font-size:10pt;">Skylanders</font><font style="font-family:Times New Roman;font-size:10pt;">&#174; franchises, and to a lesser extent, based on licensed intellectual properties. Additionally, we have established a long-term alliance with Bungie to publish its game universe, </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Destiny</font><font style="font-family:Times New Roman;font-size:10pt;">. Activision sells games through both retail and digital online channels. Activision currently offers games that operate on the Microsoft Corporation (&#8220;Microsoft&#8221;) Xbox One (&#8220;Xbox One&#8221;) and Xbox&#160;360 (&#8220;Xbox&#160;360&#8221;), Nintendo&#160;Co.&#160;Ltd. (&#8220;Nintendo&#8221;) Wii U (&#8220;Wii U&#8221;) and Wii (&#8220;Wii&#8221;), and Sony Computer Entertainment,&#160;Inc. (&#8220;Sony&#8221;) PlayStation 4 (&#8220;PS4&#8221;) and PlayStation 3 (&#8220;PS3&#8221;) console systems (Xbox One, Wii U, and PS4 are collectively referred to as &#8220;</font><font style="font-family:Times New Roman;font-size:10pt;">next</font><font style="font-family:Times New Roman;font-size:10pt;">-generation&#8221;; Xbox 360, Wii, and PS3 are collectively referred to as &#8220;</font><font style="font-family:Times New Roman;font-size:10pt;">prior</font><font style="font-family:Times New Roman;font-size:10pt;">-generation&#8221;); the PC; the Nintendo 3DS, Nintendo Dual Screen, and Sony PlayStation Vita handheld game systems; and mobile </font><font style="font-family:Times New Roman;font-size:10pt;">and tablet </font><font style="font-family:Times New Roman;font-size:10pt;">devices.</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;margin-left:0px;">(ii) Blizzard Entertainment,&#160;Inc.</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;">Blizzard Entertainment,&#160;Inc. (&#8220;Blizzard&#8221;) is a leader in the subscription-based massively multi-pla</font><font style="font-family:Times New Roman;font-size:10pt;">yer online role-playing game</font><font style="font-family:Times New Roman;font-size:10pt;"> category in terms of both subscriber base and revenues generated through its World of Warcraft</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;">&#174;</font><font style="font-family:Times New Roman;font-size:10pt;"> franchise, which it develops, hosts and supports. Blizzard also develops, markets, and sells role-playing action and strategy games for the PC</font><font style="font-family:Times New Roman;font-size:10pt;">, console, mobile and tablet platforms</font><font style="font-family:Times New Roman;font-size:10pt;">, including games in the multiple-award winning Diablo</font><font style="font-family:Times New Roman;font-size:10pt;">&#174;</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">StarCraft</font><font style="font-family:Times New Roman;font-size:10pt;">&#174;</font><font style="font-family:Times New Roman;font-size:10pt;">, and Hearthstone&#174;: Heroes of Warcraft&#8482;</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;"> </font><font style="font-family:Times New Roman;font-size:10pt;">franchises. In addition, Blizzard maintains a proprietary online game-related service, Battle.net</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;">&#174;</font><font style="font-family:Times New Roman;font-size:10pt;">. Blizzard distributes its products and generates revenues worldwide through various means, including: subscriptions; sales of prepaid subscription cards; value-added services, such as in-game purchases and services; retail sales of physical &#8220;boxed&#8221; products; online download sales of PC products; </font><font style="font-family:Times New Roman;font-size:10pt;">purchases and downloads via third-party console, mobile and tablet platforms; </font><font style="font-family:Times New Roman;font-size:10pt;">and licensing of software to third-party or related-party companies that distribute </font><font style="font-family:Times New Roman;font-size:10pt;">World of Warcraft</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">Diablo, StarCraft and Hearthstone: Heroes of Warcraft </font><font style="font-family:Times New Roman;font-size:10pt;">products</font><font style="font-family:Times New Roman;font-size:10pt;">. 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Accordingly, certain notes or other information that are normally required by U.S. GAAP have been condensed or omitted if they substantially duplicate the disclosures contained in the annual audited consolidated financial statements. 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In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for the fair statement of our financial position and results of operations in accordance with U.S. GAAP have been included in the accompanying unaudited condensed consolidated financial statements. Actual results could differ from these estimates and assumptions.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;">The accompanying condensed consolidated financial statements include the accounts and operations of the Company. 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text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 66px; text-align:left;border-color:#000000;min-width:66px;">&#160;</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 66px; text-align:left;border-color:#000000;min-width:66px;">&#160;</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 12px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 66px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:66px;">&#160;</td><td style="width: 22px; text-align:left;border-color:#000000;min-width:22px;">&#160;</td></tr><tr style="height: 17px"><td style="width: 22px; text-align:left;border-color:#000000;min-width:22px;">&#160;</td><td style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td style="width: 240px; text-align:left;border-color:#000000;min-width:240px;">&#160;</td><td style="width: 86px; text-align:left;border-color:#000000;min-width:86px;">&#160;</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 66px; text-align:left;border-color:#000000;min-width:66px;">&#160;</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 66px; text-align:left;border-color:#000000;min-width:66px;">&#160;</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 66px; 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text-align:left;border-color:#000000;min-width:66px;">&#160;</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 66px; text-align:left;border-color:#000000;min-width:66px;">&#160;</td><td style="width: 22px; text-align:left;border-color:#000000;min-width:22px;">&#160;</td></tr><tr style="height: 15px"><td style="width: 22px; text-align:left;border-color:#000000;min-width:22px;">&#160;</td><td style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td style="width: 240px; text-align:center;border-color:#000000;min-width:240px;">&#160;</td><td colspan="10" style="width: 356px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:356px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">At&#160;December 31, 2014</font></td><td style="width: 22px; 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text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 12px; text-align:center;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 251px; text-align:center;border-color:#000000;min-width:251px;">&#160;</td><td style="width: 9px; text-align:center;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 101px; text-align:center;border-color:#000000;min-width:101px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">ARS</font></td><td colspan="2" style="width: 102px; text-align:center;border-color:#000000;min-width:102px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">fair</font></td></tr><tr style="height: 15px"><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 12px; text-align:center;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 251px; 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text-align:left;border-color:#000000;min-width:263px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">Total unrealized gains included in other</font></td><td style="width: 9px; text-align:center;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 12px; text-align:center;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 89px; text-align:center;border-color:#000000;min-width:89px;">&#160;</td><td style="width: 9px; text-align:center;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 13px; text-align:center;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 89px; text-align:center;border-color:#000000;min-width:89px;">&#160;</td></tr><tr style="height: 15px"><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 251px; text-align:left;border-color:#000000;min-width:251px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">comprehensive income</font></td><td style="width: 9px; 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margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;">(a)</font><font style="font-family:Times New Roman;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:Times New Roman;font-size:10pt;">Fair value measurements have been estimated using an income-approach model</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">When estimating the fair value, we consider both observable market data and non-observable factors, including credit quality, duration, insurance wraps, collateral composition, maximum rate formulas,</font><font style="font-family:Times New Roman;font-size:10pt;"> comparable trading instruments</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> and the likelihood of redemption. 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In addition, the Company transacts intercompany business in various foreign currencies other than its functional currency, subjecting us to variability in the functional currency-equivalent cash flows. To mitigate our foreign currency risk resulting from our foreign currency-denominated monetary assets, liabilities and earnings and our foreign currency risk related to functional currency-equivalent cash flows resulting from our intercompany transactions, we periodically enter into currency derivative contracts, principally forward contracts with maturities of generally less than one year. 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margin-bottom:10pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;margin-left:18px;">Foreign Currency Forward Contracts Designated as Hedges</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;">For foreign currency forward contracts </font><font style="font-family:Times New Roman;font-size:10pt;">entered in</font><font style="font-family:Times New Roman;font-size:10pt;">to</font><font style="font-family:Times New Roman;font-size:10pt;"> to</font><font style="font-family:Times New Roman;font-size:10pt;"> hedge forecasted </font><font style="font-family:Times New Roman;font-size:10pt;">intercompany cash flows that are subject to foreign currency risk and which we designated as cash flow hedges in accordance with ASC </font><font style="font-family:Times New Roman;font-size:10pt;">Topic </font><font style="font-family:Times New Roman;font-size:10pt;">815</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">w</font><font style="font-family:Times New Roman;font-size:10pt;">e assess</font><font style="font-family:Times New Roman;font-size:10pt;"> the effectiveness of these cash flow hedges at inception and on an ongoing basis to determine if the hedges are effective at providing offsetting changes in cash flows of the hedged items. We record the effective portion of changes in the estimated fair value of these derivatives in &#8220;Accumulated other comprehensive income (loss)&#8221; and subsequently reclassify the related amount of accumulated other comprehensive income (loss) to earnings within &#8220;General and administrative expense&#8221; when the hedged item impacts earnings. 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The net unrealized gains of approximately $14 million related to these contracts at March 31, 2015 are expected to be reclassified into earnings within the next twelve months.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">We did not have any outstanding foreign currency forward contracts designated as cash flow hedges at December 31, 2014</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> o</font><font style="font-family:Times New Roman;font-size:10pt;">r </font><font style="font-family:Times New Roman;font-size:10pt;">for the three months ended March</font><font style="font-family:Times New Roman;font-size:10pt;"> 31, 2014.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:10pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:18px;">Fair Value Measurements on a Non-Recurring Basis</font></p><p style='margin-top:0pt; 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text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td style="width: 200px; text-align:left;border-color:#000000;min-width:200px;">&#160;</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td colspan="11" style="width: 467px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:467px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months Ended March 31, 2014</font></td></tr><tr style="height: 15px"><td style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td style="width: 200px; text-align:left;border-color:#000000;min-width:200px;">&#160;</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td colspan="2" style="width: 107px; 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On January&#160;28, 2014, the parties filed a stipulation and proposed order temporarily staying the California action. On February&#160;6, 2014, the court entered the order granting a stay of the California action.</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;">In addition, on August&#160;14, 2013, we received a letter dated August&#160;9, 2013, from a shareholder seeking, pursuant to Section&#160;220 of the Delaware General Corporation Law, to inspect the books and records of the Company to ascertain whether the Purchase Transaction and Private Sale were in the best interests of the Company. In response to that request, we provided the stockholder with certain materials under a confidentiality agreement. On September&#160;11, 2013, a complaint was filed under seal by the same stockholder in the Court of Chancery of the State of Delaware in an action captioned </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Pacchia</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> v. </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Kotick</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> et al.</font><font style="font-family:Times New Roman;font-size:10pt;">, C.A. No.&#160;8884</font><font style="font-family:Times New Roman;font-size:10pt;">-VCL. A public version of that complaint was filed on September&#160;16, 2013. The allegations in the complaint were substantially similar to the allegations in the above referenced matter filed on August&#160;1, 2013. On October&#160;25, 2013, </font><font style="font-family:Times New Roman;font-size:10pt;">Pacchia</font><font style="font-family:Times New Roman;font-size:10pt;"> filed an amended complaint under seal. The amended complaint added claims on behalf of an alleged class of Activision stockholders other than the Company's Chief Executive Officer and Chairman, Vivendi, ASAC, investors in ASAC and other stockholders affiliated with the investors of ASAC. The added class claims are against the Company's Chief Executive Officer and Chairman, the Vivendi affiliated directors, the members of the special committee of the Board of Directors formed in connection with the Company's consideration of the transactions with Vivendi and ASAC, and Vivendi for breach of fiduciary duty, as well as aiding and abetting a breach of fiduciary duty against ASAC. The amended complaint removed the derivative claims for waste of corporate assets and disgorgement but continued to allege derivative claims for breach of fiduciary duties. The amended complaint seeks, among other things, certification of a class, damages, reformation of the Private Sale, and disgorgement of any alleged profits received by the Company's Chief Executive Officer, Chairman and ASAC. On October&#160;29, 2013, </font><font style="font-family:Times New Roman;font-size:10pt;">Pacchia</font><font style="font-family:Times New Roman;font-size:10pt;"> filed a motion to consolidate the </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Pacchia</font><font style="font-family:Times New Roman;font-size:10pt;"> case with the </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Hayes</font><font style="font-family:Times New Roman;font-size:10pt;"> case described below. On November&#160;2, 2013, the Court of Chancery consolidated the </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Pacchia</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Hayes</font><font style="font-family:Times New Roman;font-size:10pt;"> cases and ordered the plaintiffs to file supplemental papers related to determining lead plaintiff and lead counsel no later than November&#160;8, 2013. On December&#160;3, 2013, the court selected </font><font style="font-family:Times New Roman;font-size:10pt;">Pacchia</font><font style="font-family:Times New Roman;font-size:10pt;"> as lead plaintiff. </font><font style="font-family:Times New Roman;font-size:10pt;">Pacchia</font><font style="font-family:Times New Roman;font-size:10pt;"> filed a second amended complaint on December&#160;11, 2013, and Activision filed an answer on January&#160;31, 2014. Also on January&#160;31, 2014, the special committee, ASAC, Messrs.&#160;</font><font style="font-family:Times New Roman;font-size:10pt;">Kotick</font><font style="font-family:Times New Roman;font-size:10pt;"> and Kelly, Vivendi and the Vivendi</font><font style="font-family:Times New Roman;font-size:10pt;">-affiliated directors each filed motions to dismiss certain claims in the second amended complaint. On February&#160;21, 2014, </font><font style="font-family:Times New Roman;font-size:10pt;">Pacchia</font><font style="font-family:Times New Roman;font-size:10pt;"> filed a third amended complaint under seal. In response to </font><font style="font-family:Times New Roman;font-size:10pt;">Pacchia's</font><font style="font-family:Times New Roman;font-size:10pt;"> filing of a third amended complaint, the special committee, ASAC, Messrs.&#160;</font><font style="font-family:Times New Roman;font-size:10pt;">Kotick</font><font style="font-family:Times New Roman;font-size:10pt;"> and Kelly, Vivendi and the Vivendi</font><font style="font-family:Times New Roman;font-size:10pt;">-affiliated directors each filed motions to </font><font style="font-family:Times New Roman;font-size:10pt;">dismiss certain claims in the third amended complaint. On June&#160;6, 2014, the Court of Chancery denied the defendants' motions to dismiss such claims, with the exception of a breach of contract claim. Subsequently, </font><font style="font-family:Times New Roman;font-size:10pt;">Pacchia</font><font style="font-family:Times New Roman;font-size:10pt;"> filed a fourth amended complaint containing substantially all of his prior claims, but with the addition of new allegations gleaned from discovery in the matter. ASAC filed a motion to dismiss the re</font><font style="font-family:Times New Roman;font-size:10pt;">-pleaded breach of contract claim and the other defendants filed answers in response to the fourth amended complaint.</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;">On September&#160;11, 2013, another stockholder of the Company filed a putative class action and stockholder derivative action in the Court of Chancery of the State of Delaware, captioned </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Hayes v. Activision Blizzard,&#160;Inc., et al.</font><font style="font-family:Times New Roman;font-size:10pt;">, No.&#160;8885</font><font style="font-family:Times New Roman;font-size:10pt;">-VCL. The complaint names our Board of Directors, Vivendi, New VH, the ASAC Entities, Davis Selected Advisers,&#160;L.P. (&#8220;Davis&#8221;) and Fidelity Management&#160;&amp; Research&#160;Co. (&#8220;FMR&#8221;) as defendants, and the Company as a nominal defendant. The complaint alleges that the defendants violated certain provisions of our Amended and Restated Certificate of Incorporation by failing to submit the matters contemplated by the Stock Purchase Agreement for approval by a majority of our stockholders (other than Vivendi and its controlled affiliates); that our Board of Directors committed breaches of their fiduciary duties in approving the Stock Purchase Agreement; that Vivendi violated fiduciary duties owed to other stockholders of the Company in entering into the Stock Purchase Agreement; that our Chief Executive Officer and our Chairman usurped a corporate opportunity from the Company; that our Board of Directors and Vivendi have engaged in actions to entrench our Board of Directors and officers in their offices; that the ASAC Entities, Davis and FMR aided and abetted breaches of fiduciary duties by the Board of Directors and Vivendi; and that our Chief Executive Officer and our Chairman, the ASAC Entities, Davis and FMR will be unjustly enriched through the Private Sale. The complaint seeks, among other things, the rescission of the Private Sale; an order requiring the transfer to the Company of all or part of the shares that are the subject of the Private Sale; an order implementing measures to eliminate or mitigate the alleged entrenching effects of the Private Sale; an order requiring our Chief Executive Officer and our Chairman, the ASAC Entities, Davis and FMR to disgorge to the Company the amounts by which they have allegedly been unjustly enriched; and alleged damages sustained by the class and the Company. In addition, the stockholder sought a temporary restraining order preventing the defendants from consummating the transactions contemplated by the Stock Purchase Agreement without stockholder approval. Following a hearing on the motion for a temporary restraining order, on September&#160;18, 2013, the Court of Chancery issued a preliminary injunction order, enjoining the consummation of the transactions contemplated by the Stock Purchase Agreement pending (a)&#160;the issuance of a final decision after a trial on the merits; (b)&#160;receipt of a favorable Activision Blizzard stockholder vote on the transactions contemplated by the Stock Purchase Agreement under Section&#160;9.1(b) of our Amended and Restated Certificate of Incorporation or (c)&#160;modification of such preliminary injunction order by the Court of Chancery or the Delaware Supreme Court. On September&#160;20, 2013, the Court of Chancery certified its order issuing the preliminary injunction for interlocutory appeal to the Delaware Supreme Court. The defendants moved the Delaware Supreme Court to accept and hear the appeal on an expedited basis. On September&#160;23, 2013, the Delaware Supreme Court accepted the appeal of the Court of Chancery's decision and granted the defendant's motion to hear the appeal on an expedited basis.</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;">Following a hearing on October&#160;10, 2013, the Delaware Supreme Court reversed the Court of Chancery's order issuing a preliminary injunction, and determined that the Stock Purchase Agreement was not a merger, business combination or similar transaction that would require a vote of Activision's unaffiliated stockholders under the charter.</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;">On October&#160;29, 2013, an amended complaint was filed. It added factual allegations but no new claims or relief. Also on October&#160;29, 2013, Hayes filed a motion to consolidate the </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Hayes</font><font style="font-family:Times New Roman;font-size:10pt;"> case with the </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Pacchia</font><font style="font-family:Times New Roman;font-size:10pt;"> case. As noted above, on November&#160;2, 2013, the Court of Chancery consolidated the </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Pacchia</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Hayes</font><font style="font-family:Times New Roman;font-size:10pt;"> cases and ordered the plaintiffs to file supplemental papers related to determining lead plaintiff and lead counsel no later than November&#160;8, 2013. See the discussion above related to the </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Pacchia</font><font style="font-family:Times New Roman;font-size:10pt;"> matter (now the consolidated matter) for any further updates to the status of the litigation.</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;">Further, on September&#160;18, 2013, the Company received a letter from another purported stockholder of the Company, Milton Pfeiffer, seeking, pursuant to Section&#160;220 of the Delaware General Corporation Law, to inspect the books and records of the Company to investigate potential wrongdoing or mismanagement in connection with the approval of the Stock Purchase Agreement. On November&#160;11, 2013, Pfeiffer filed a lawsuit in the Court of Chancery of the State of Delaware pursuant to Delaware Section&#160;220 containing claims similar to </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Hayes</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Pacchia</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Miller</font><font style="font-family:Times New Roman;font-size:10pt;">. The Company answered on November&#160;27, 2013. On January&#160;21, 2014, the Court of Chancery entered the parties' stipulation and order of dismissal.</font></p><p style='margin-top:0pt; margin-bottom:8pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;">On December&#160;17, 2013, the Company received a letter from Mark </font><font style="font-family:Times New Roman;font-size:10pt;">Benston</font><font style="font-family:Times New Roman;font-size:10pt;"> requesting certain books and records of the Company pursuant to Section&#160;220 of the Delaware General Corporation Law. </font><font style="font-family:Times New Roman;font-size:10pt;">Benston</font><font style="font-family:Times New Roman;font-size:10pt;"> is represented by the same law firm as Pfeiffer. On January&#160;2, 2014, </font><font style="font-family:Times New Roman;font-size:10pt;">Benston</font><font style="font-family:Times New Roman;font-size:10pt;"> filed a lawsuit in the Court of Chancery of the State of Delaware pursuant to Delaware Section&#160;220 containing claims similar to </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Hayes</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Pacchia</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Pfeiffer</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Miller</font><font style="font-family:Times New Roman;font-size:10pt;">. The Company answered on January&#160;17, 2014. On February&#160;14, 2014, the Court of Chancery entered the parties' stipulation and order of dismissal.</font></p><p style='margin-top:0pt; margin-bottom:8pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;">On March&#160;14, 2014, </font><font style="font-family:Times New Roman;font-size:10pt;">Benston</font><font style="font-family:Times New Roman;font-size:10pt;"> filed a putative class action and derivative complaint in the Court of Chancery, captioned </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Benston</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> v. Vivendi&#160;S.A. et al.</font><font style="font-family:Times New Roman;font-size:10pt;">, No.&#160;9447</font><font style="font-family:Times New Roman;font-size:10pt;">-VCL. The complaint makes claims similar to </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Hayes, </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Pacchia</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">, Pfeiffer and Miller</font><font style="font-family:Times New Roman;font-size:10pt;">, but also </font><font style="font-family:Times New Roman;font-size:10pt;">adds J.P. Morgan Chase&#160;&amp;&#160;Co. and J.P. Morgan Securities&#160;LLC as defendants and a so</font><font style="font-family:Times New Roman;font-size:10pt;">-called </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Brophy</font><font style="font-family:Times New Roman;font-size:10pt;"> claim for insider trading against certain of the defendants. </font><font style="font-family:Times New Roman;font-size:10pt;">Benston</font><font style="font-family:Times New Roman;font-size:10pt;"> and his attorneys petitioned the Court of Chancery to appoint them as co</font><font style="font-family:Times New Roman;font-size:10pt;">-lead plaintiff and co</font><font style="font-family:Times New Roman;font-size:10pt;">-lead counsel, respectively, for purposes of pursuing the </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Brophy</font><font style="font-family:Times New Roman;font-size:10pt;"> claim as part of the consolidated </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Pacchia</font><font style="font-family:Times New Roman;font-size:10pt;"> litigation. On June&#160;6, 2014, the Court of Chancery denied </font><font style="font-family:Times New Roman;font-size:10pt;">Benston's</font><font style="font-family:Times New Roman;font-size:10pt;"> motion for a leadership role in the consolidated </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Pacchia</font><font style="font-family:Times New Roman;font-size:10pt;"> litigation. As a result, </font><font style="font-family:Times New Roman;font-size:10pt;">Pacchia</font><font style="font-family:Times New Roman;font-size:10pt;"> continues to serve as the lead plaintiff in the consolidated cases.</font></p><p style='margin-top:0pt; margin-bottom:8pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;">Certain of defendants filed a motion to dismiss the breach of contract claim set forth in the Fourth Amended Complaint. </font><font style="font-family:Times New Roman;font-size:10pt;">Pacchia</font><font style="font-family:Times New Roman;font-size:10pt;"> obtained leave to file&#160;a Fifth Amended Complaint, which adds additional color to his allegations of wrongdoing based on information learned in discovery, including with respect to the appointment and subsequent election of several of the directors to our Board of Directors. For the most part, fact and expert discovery was completed in the </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Pacchia</font><font style="font-family:Times New Roman;font-size:10pt;"> matter, including the exchange of expert damage and other reports. </font><font style="font-family:Times New Roman;font-size:10pt;">Pacchia's</font><font style="font-family:Times New Roman;font-size:10pt;"> expert's reports allege damages to the Company in excess of $540&#160;million and to the purported class in excess of $640&#160;million, in addition to disgorgement claims, which could, in theory, exceed $1&#160;billion. Defendants' experts' reports maintain there are no damages to the Company or to the purported class because the Purchase Transaction and the Private Sale were the best transactions available to the parties and the alternate transactions hypothesized by the plaintiff were inferior.</font></p><p style='margin-top:0pt; margin-bottom:8pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;">For the quarter ended September&#160;30, 2014, we accrued a loss contingency in our consolidated financial statements in connection with this matter. The accrual related to potential liabilities associated with legal fees, costs and expenses for services already received prior to the quarter's end, where such fees, costs and expenses had not yet been paid at the quarter's end, and the Company's potential contribution toward the potential settlement of the matter. Although the Company has D&amp;O insurance in connection with the consolidated litigation in a total amount up to $200&#160;million, various insurers have raised arguments that they believe give them the right to deny coverage for a portion of these fees, costs and expenses, as well as for all or a portion of the ultimate liability which may occur in settlement or at trial. Under our Amended and Restated Certificate of Incorporation and certain agreements with members of our Board of Directors, the Company has indemnification obligations to the director defendants to advance fees, costs and expenses and to pay liabilities which arise in connection with their service to the Company, in each case, to the maximum extent permitted by Delaware law. In light of these indemnification obligations and the positions taken by the parties and the various insurers, we determined that a liability was probable and estimable, and accordingly, an accrual was required, as of the quarter ended September&#160;30, 2014.</font></p><p style='margin-top:0pt; margin-bottom:8pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;">On November&#160;19, 2014, the Company announced that an agreement had been reached to settle the </font><font style="font-family:Times New Roman;font-size:10pt;">Pacchia</font><font style="font-family:Times New Roman;font-size:10pt;"> matter. The Company believes the settlement agreement, which acknowledges no wrongdoing on the part of any party, is in the best interest of the Company and all of its shareholders. Pursuant to the settlement agreement, multiple insurance companies, along with various defendants, will pay $275&#160;million to a settlement fund (&#8220;Settlement Fund&#8221;). Payment of reasonable and customary fees and costs of plaintiff's attorney, likely not to exceed $72.5&#160;million, will be made from the Settlement Fund. The remaining balance of the Settlement Fund, likely to be at least $202.5&#160;million, will be paid to the Company and will be recorded within &#8220;Shareholders' equity&#8221; in our consolidated balance sheet. Other terms of the settlement agreement include the addition of two unaffiliated persons to the Company's Board of Directors, an adjustment of certain voting rights and a global release of claims against the defendants. On December&#160;29, 2014, the Company filed a Current Report on Form&#160;8</font><font style="font-family:Times New Roman;font-size:10pt;">-K, describing and attaching the Stipulation of Compromise and Settlement, which was filed with the Delaware Chancery Court with respect to the settlement of the </font><font style="font-family:Times New Roman;font-size:10pt;">Pacchia</font><font style="font-family:Times New Roman;font-size:10pt;"> matter (the &#8220;Stipulation&#8221;). Pursuant to the Stipulation, the Company has notified the applicable shareholders of the settlement agreement. Applicable shareholders were provided an opportunity to object to the settlement, which is subject to approval by the Delaware Chancery Court.</font></p><p style='margin-top:0pt; margin-bottom:8pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;">Objections to the Stipulation have been filed by several shareholders. The plaintiff in the </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Hayes</font><font style="font-family:Times New Roman;font-size:10pt;"> matter has objected to the settlement on the grounds that a portion of the $275&#160;million Settlement Fund should be reallocated to the members of the class, that the amount of any attorney's fee award should be reduced and that the court should deny any &#8220;special award&#8221; to the plaintiff in the </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Pacchia</font><font style="font-family:Times New Roman;font-size:10pt;"> matter. In the absence of such a reallocation, Hayes argues the court should deny approval of the settlement and appoint Hayes and his counsel to lead the class</font><font style="font-family:Times New Roman;font-size:10pt;">-based claims. Hayes also contends the notice of settlement provided by the Company is inadequate. The Company disputes this allegation. The plaintiffs in the </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Benston</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Pfeiffer</font><font style="font-family:Times New Roman;font-size:10pt;"> matters have also filed applications to the court requesting that their counsel receive an attorney's fee award of $7.25&#160;million to be paid out of the attorneys' fees contemplated by the proposed Settlement. Certain defendants have also filed objections to the $50,000 &#8220;special award&#8221; requested by the </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Pacchia</font><font style="font-family:Times New Roman;font-size:10pt;"> plaintiff. The Delaware Court of Chancery held a hearing on March&#160;4, 2015, to consider the approval of the Stipulation, and a decision by the court is expected on or before June 2, 2015.</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;">Since the Stipulation does not require the Company to pay any liability on behalf of its defendant directors, the Company reversed the accrual described above as of December&#160;31, 2014. The reversal of the accrual was partially offset by a new accrual for liabilities associated with legal fees, costs and expenses for services already received prior to the year's end, where such fees, costs and expenses had not yet been paid at the year's end.</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;">Due to the inherent uncertainties of litigation, including the possibility t</font><font style="font-family:Times New Roman;font-size:10pt;">hat the Delaware Chancery Court does not approve the Stipulation, other potential outcomes are reasonably possible, including outcomes which could include an increase in the Company's liability. The Company believes the possibility that this lawsuit will have a material impact on the Company's business, </font><font style="font-family:Times New Roman;font-size:10pt;">financial condition, results of operation or liquidity is remote. However, if this assessment is incorrect, then an unfavorable resolution of this lawsuit could have a material adverse effect on the Company's business, financial condition, results of operation or liquidity, particularly in the period in which any potential liabilities may be recognized.</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;">We believe that the defendants have meritorious defenses. If the Delaware Chancery Court does not approve the Stipulation and the parties are not otherwise able to settle the matter subsequently, then we believe the defendants intend to defend the lawsuit and other related cases vigorously at trial. However, these lawsuits and any other lawsuits are subject to inherent uncertainties and the actual outcome and costs will depend upon many unknown factors. The outcome of litigation is necessarily uncertain, and the Company could be forced to expend significant resources in the defense of these lawsuits and the Company and the defendants may not prevail. The Company also may be subject to additional claims in connection with the Purchase Transaction and Private Sale. Monitoring and defending against legal actions is time consuming for our management and detracts from our ability to fully focus our internal resources on our business.</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0px;">Other Matters</font></p><p style='margin-top:0pt; margin-bottom:8pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:Times New Roman;font-size:10pt;">In addition, we are party to routine claims, suits, investigations, audits and other proceedings arising from the ordinary course of business, including with respect to intellectual property rights, contractual claims, labor and employment matters, regulatory matters, tax matters, unclaimed property matters, compliance matters, and collection matters. 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