3M 2012 Annual Report Download - page 104
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98
Fair Value Measurements
(Millions)
Fair Value at
Using Inputs Considered as
Description
Dec. 31, 2011
Level 1
Level 2
Level 3
Assets:
Available-for-sale:
Marketable securities:
U.S. government agency securities
$
480
$
―
$
480
$
―
Foreign government agency securities
23
―
23
―
Corporate debt securities
668
―
668
―
Certificates of deposit/time deposits
49
―
49
―
Commercial paper
30
―
30
―
Asset-backed securities:
Automobile loan related
718
―
718
―
Credit card related
268
―
268
―
Equipment lease related
64
―
64
―
Other
5
―
5
―
U.S. treasury securities
34
34
―
―
U.S. municipal securities
14
―
14
―
Auction rate securities
4
―
―
4
Investments
4
4
―
―
Derivative instruments — assets:
Foreign currency forward/option contracts
107
98
9
―
Interest rate swap contracts
28
―
28
―
Liabilities:
Derivative instruments — liabilities:
Foreign currency forward/option contracts
42
42
―
―
Commodity price swap contracts
7
7
―
―
The following table provides a reconciliation of the beginning and ending balances of items measured at fair value on a
recurring basis in the table above that used significant unobservable inputs (Level 3).
(Millions)
Marketable securities – auction rate securities only
2012
2011
2010
Beginning balance
$
4
$
7
$
5
Total gains or losses:
Included in earnings
―
―
―
Included in other comprehensive income
3
(3)
2
Purchases, issuances, and settlements
―
―
―
Transfers in and/or out of Level 3
―
―
―
Ending balance (December 31)
7
4
7
Additional losses included in earnings due to reclassifications from
other comprehensive income for:
Securities sold during the period ended December 31
―
―
―
Securities still held at December 31
―
―
―
In addition, the plan assets of 3M’s pension and postretirement benefit plans are measured at fair value on a recurring
basis (at least annually). Refer to Note 10.
Assets and Liabilities that are Measured at Fair Value on a Nonrecurring Basis:
Disclosures are required for certain assets and liabilities that are measured at fair value, but are recognized and disclosed
at fair value on a nonrecurring basis in periods subsequent to initial recognition. For 3M, such measurements of fair value
relate primarily to long-lived asset impairments. There were no material long-lived asset impairments for 2012, 2011 and
2010.