Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

 v2.3.0.11
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
6 Months Ended
Jun. 26, 2011
FAIR VALUE OF FINANCIAL INSTRUMENTS  
Summary of financial instruments recorded at fair value

 

 

 

 

Fair Value Measurements Using

 

 

 

Quoted prices in
active markets for
identical assets

 

Significant other
observable inputs

 

Significant 
unobservable inputs

 

 

 

In millions

 

(Level 1)

 

(Level 2)

 

(Level 3)

 

Total

 

Available-for-sale debt securities:

 

 

 

 

 

 

 

 

 

Debt mutual funds

 

$

85

 

$

102

 

$

—

 

$

187

 

Bank debentures

 

—

 

91

 

—

 

91

 

Certificates of deposit

 

—

 

71

 

—

 

71

 

Government debt securities-non-U.S.

 

—

 

3

 

—

 

3

 

Corporate debt securities

 

—

 

2

 

—

 

2

 

Total available-for-sale debt securities

 

85

 

269

 

—

 

354

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale equity securities:

 

 

 

 

 

 

 

 

 

Financial services industry

 

9

 

—

 

—

 

9

 

Total available-for-sale equity securities

 

9

 

—

 

—

 

9

 

 

 

 

 

 

 

 

 

 

 

Derivative assets:

 

 

 

 

 

 

 

 

 

Commodity swap contracts

 

—

 

3

 

—

 

3

 

Interest rate contracts

 

—

 

51

 

—

 

51

 

Total derivative assets

 

—

 

54

 

—

 

54

 

 

 

 

 

 

 

 

 

 

 

Derivative liabilities:

 

 

 

 

 

 

 

 

 

Commodity swap contracts

 

—

 

1

 

—

 

1

 

Foreign currency forward contracts

 

—

 

1

 

—

 

1

 

Total derivative liabilities

 

—

 

2

 

—

 

2

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

94

 

$

321

 

$

—

 

$

415

 

 

The following table summarizes our financial instruments recorded at fair value in our Condensed Consolidated Balance Sheets at December 31, 2010:

 

 

 

Fair Value Measurements Using

 

 

 

Quoted prices in
active markets for
identical assets

 

Significant other
observable inputs

 

Significant
unobservable inputs

 

 

 

In millions

 

(Level 1)

 

(Level 2)

 

(Level 3)

 

Total

 

Available-for-sale debt securities:

 

 

 

 

 

 

 

 

 

Debt mutual funds

 

$

75

 

$

105

 

$

—

 

$

180

 

Bank debentures

 

—

 

85

 

—

 

85

 

Certificates of deposit

 

—

 

59

 

—

 

59

 

Government debt securities-non-U.S.

 

—

 

3

 

—

 

3

 

Corporate debt securities

 

—

 

2

 

—

 

2

 

Total available-for-sale debt securities

 

75

 

254

 

—

 

329

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale equity securities:

 

 

 

 

 

 

 

 

 

Financial services industry

 

10

 

—

 

—

 

10

 

Total available-for-sale equity securities

 

10

 

—

 

—

 

10

 

 

 

 

 

 

 

 

 

 

 

Derivative assets:

 

 

 

 

 

 

 

 

 

Commodity swap contracts

 

—

 

21

 

—

 

21

 

Interest rate contracts

 

—

 

41

 

—

 

41

 

Total derivative assets

 

—

 

62

 

—

 

62

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

85

 

$

316

 

$

—

 

$

401

 

Fair value and carrying value of total debt

 

 

June 26,

 

December 31,

 

In millions

 

2011

 

2010

 

Fair value of total debt

 

$

917

 

$

886

 

Carrying value of total debt

 

847

 

843