Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2011

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
Description	As of December 31, 2010		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
Description	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

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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