Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v2.4.0.8
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 28, 2014
Fair Value Measurements [Abstract]  
Assets and liabilities measured at fair value on a recurring basis
The following table summarizes those assets and liabilities measured at fair value on a recurring basis as of March 28, 2014 (in millions):
 
Level 1

Level 2

Level 3

 
Netting
Adjustment1

Fair Value
Measurements

 
Assets
 
 
 
 
 
 
 
Trading securities2
$
206

$
167

$
4

 
$
—

$
377

 
Available-for-sale securities2
3,228

3,298

113

3 
—

6,639

 
Derivatives4
26

684

—

 
(190
)
520

5 
Total assets
$
3,460

$
4,149

$
117

 
$
(190
)
$
7,536

 
Liabilities
 
 
 
 
 
 
 
Derivatives4
$
1

$
249

$
—

 
$
(190
)
$
60

5 
Total liabilities
$
1

$
249

$
—

 
$
(190
)
$
60

 
1 Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions and also cash collateral held or placed with the same counterparties. There are no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements.
2 
Refer to Note 3 for additional information related to the composition of our trading securities and available-for-sale securities.
3 Primarily related to long-term debt securities that mature in 2018.
4 Refer to Note 5 for additional information related to the composition of our derivative portfolio.
5 The Company's derivative financial instruments are recorded at fair value in our condensed consolidated balance sheet as follows: $520 million in the line item other assets; $4 million in the line item accounts payable and accrued expenses; and $56 million in the line item other liabilities. Refer to Note 5 for additional information related to the composition of our derivative portfolio.
The following table summarizes those assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 (in millions):
 
Level 1

Level 2

Level 3

 
Netting
Adjustment1

Fair Value
Measurements

 
Assets
 
 
 
 
 
 
 
Trading securities2
$
206

$
163

$
3

 
$
—

$
372

 
Available-for-sale securities2
1,453

3,281

108

3 
—

4,842

 
Derivatives4
17

822

—

 
(150
)
689

5 
Total assets
$
1,676

$
4,266

$
111

 
$
(150
)
$
5,903

 
Liabilities
 
 
 
 
 
 
 
Derivatives4
$
10

$
165

$
—

 
$
(151
)
$
24

5 
Total liabilities
$
10

$
165

$
—

 
$
(151
)
$
24

 
1 Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions and also cash collateral held or placed with the same counterparties. There are no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements.
2 
Refer to Note 3 for additional information related to the composition of our trading securities and available-for-sale securities.
3 Primarily related to long-term debt securities that mature in 2018.
4 Refer to Note 5 for additional information related to the composition of our derivative portfolio.
5 The Company's derivative financial instruments are recorded at fair value in our condensed consolidated balance sheet as follows: $129 million in the line item prepaid expenses and other assets; $560 million in the line item other assets; $12 million in the line item accounts payable and accrued expenses; and $12 million in the line item other liabilities. Refer to Note 5 for additional information related to the composition of our derivative portfolio.