| Fair Value, by Balance Sheet Grouping |
Assets and liabilities
measured at fair value on a recurring basis are summarized below
(in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
As of
December 31,
2010 |
|
|
Fair Value Measurement at Reporting Date Using |
|
| |
|
Quoted Prices
in Active Markets
for Identical Assets
(Level 1) |
|
|
Significant Other
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time deposits
|
|
$ |
973 |
|
|
$ |
0 |
|
|
$ |
973 |
|
|
$ |
0 |
|
|
Money market and other
funds
|
|
|
7,547 |
|
|
|
5,936 |
|
|
|
1,611 |
(1) |
|
|
0 |
|
|
U.S. government notes
|
|
|
300 |
|
|
|
300 |
|
|
|
0 |
|
|
|
0 |
|
|
Foreign government bonds
|
|
|
150 |
|
|
|
0 |
|
|
|
150 |
|
|
|
0 |
|
|
Corporate debt securities
|
|
|
8 |
|
|
|
0 |
|
|
|
8 |
|
|
|
0 |
|
|
Marketable securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time deposits
|
|
|
307 |
|
|
|
0 |
|
|
|
307 |
|
|
|
0 |
|
|
U.S. government agencies
|
|
|
1,857 |
|
|
|
0 |
|
|
|
1,857 |
|
|
|
0 |
|
|
U.S. government notes
|
|
|
3,930 |
|
|
|
3,930 |
|
|
|
0 |
|
|
|
0 |
|
|
Foreign government bonds
|
|
|
1,172 |
|
|
|
0 |
|
|
|
1,172 |
|
|
|
0 |
|
|
Municipal securities
|
|
|
2,503 |
|
|
|
0 |
|
|
|
2,503 |
|
|
|
0 |
|
|
Corporate debt securities
|
|
|
5,742 |
|
|
|
0 |
|
|
|
5,742 |
|
|
|
0 |
|
|
Agency residential mortgage-backed
securities
|
|
|
5,673 |
|
|
|
0 |
|
|
|
5,673 |
|
|
|
0 |
|
|
Marketable equity security
|
|
|
161 |
|
|
|
161 |
|
|
|
0 |
|
|
|
0 |
|
|
Derivative contracts
|
|
|
342 |
|
|
|
0 |
|
|
|
342 |
|
|
|
0 |
|
|
Auction rate securities
|
|
|
153 |
|
|
|
0 |
|
|
|
0 |
|
|
|
153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
30,818 |
|
|
$ |
10,327 |
|
|
$ |
20,338 |
|
|
$ |
153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative contracts
|
|
$ |
8 |
|
|
$ |
0 |
|
|
$ |
8 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
8 |
|
|
$ |
0 |
|
|
$ |
8 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
|
|
|
Fair Value Measurement at Reporting Date Using |
|
| |
As of
December 31,
2011 |
|
|
Quoted Prices
in Active Markets
for Identical Assets
(Level 1) |
|
|
Significant Other
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time deposits
|
|
$ |
534 |
|
|
$ |
0 |
|
|
$ |
534 |
|
|
$ |
0 |
|
|
Money market and other
funds
|
|
|
4,462 |
|
|
|
3,202 |
|
|
|
1,260 |
(1) |
|
|
0 |
|
|
U.S. government agencies
|
|
|
275 |
|
|
|
0 |
|
|
|
275 |
|
|
|
0 |
|
|
Marketable securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time deposits
|
|
|
495 |
|
|
|
0 |
|
|
|
495 |
|
|
|
0 |
|
|
U.S. government agencies
|
|
|
6,226 |
|
|
|
0 |
|
|
|
6,226 |
|
|
|
0 |
|
|
U.S. government notes
|
|
|
11,579 |
|
|
|
11,579 |
|
|
|
0 |
|
|
|
0 |
|
|
Foreign government bonds
|
|
|
1,629 |
|
|
|
0 |
|
|
|
1,629 |
|
|
|
0 |
|
|
Municipal securities
|
|
|
1,794 |
|
|
|
0 |
|
|
|
1,794 |
|
|
|
0 |
|
|
Corporate debt securities
|
|
|
6,112 |
|
|
|
0 |
|
|
|
6,112 |
|
|
|
0 |
|
|
Agency residential mortgage-backed
securities
|
|
|
6,501 |
|
|
|
0 |
|
|
|
6,501 |
|
|
|
0 |
|
|
Marketable equity
securities
|
|
|
307 |
|
|
|
307 |
|
|
|
0 |
|
|
|
0 |
|
|
Derivative contracts
|
|
|
337 |
|
|
|
0 |
|
|
|
337 |
|
|
|
0 |
|
|
Auction rate securities
|
|
|
118 |
|
|
|
0 |
|
|
|
0 |
|
|
|
118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
40,369 |
|
|
$ |
15,088 |
|
|
$ |
25,163 |
|
|
$ |
118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative contracts
|
|
$ |
6 |
|
|
$ |
0 |
|
|
$ |
6 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
6 |
|
|
$ |
0 |
|
|
$ |
6 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
This
balance represents cash collateral received in connection with our
securities lending program, which was invested in reverse
repurchase agreements maturing within three months.
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation |
The following table
presents reconciliations for our assets measured and recorded at
fair value on a recurring basis, using significant unobservable
inputs (Level 3) (in millions):
|
|
|
|
|
| |
|
Level 3 |
|
|
Balance at January 1,
2009
|
|
$ |
197 |
|
|
Change in unrealized loss included in
other comprehensive income
|
|
|
12 |
|
|
Net settlements
|
|
|
(27 |
) |
|
|
|
|
|
|
Balance at December 31,
2009
|
|
|
182 |
|
|
Change in unrealized loss included in
other comprehensive income
|
|
|
4 |
|
|
Net settlements
|
|
|
(33 |
) |
|
|
|
|
|
|
Balance at December 31,
2010
|
|
|
153 |
|
|
Change in unrealized loss included in
other comprehensive income
|
|
|
(3 |
) |
|
Net settlements
|
|
|
(32 |
) |
|
|
|
|
|
|
Balance at December 31,
2011
|
|
$ |
118 |
|
|
|
|
|
|
|