Boeing 2009 Annual Report Download - page 114
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Note 19 – Fair Value Measurements
The following tables present our assets and liabilities that are measured at fair value on a recurring
basis and are categorized using the fair value hierarchy. The fair value hierarchy has three levels
based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values
determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values
estimated using significant other observable inputs and Level 3 includes fair values estimated using
significant non-observable inputs.
Fair Value Measurements at December 31, 2009
Total Level 1 Level 2 Level 3
Assets
Money market funds $3,575 $3,575
Available-for-sale investments:
Debt:
Residential mortgage-backed
securities 107 $ 107
Other debt obligations 5$5
Equity 27 27
Derivatives 178 178
Total assets $3,892 $3,602 $ 285 $5
Liabilities
Derivatives $ (108) $(108)
Total liabilities $ (108) $(108)
Fair Value Measurements at December 31, 2008
Total Level 1 Level 2 Level 3
Assets
Money market funds $2,128 $2,128
Available-for-sale debt investments:
Residential mortgage-backed
securities 196 $ 196
Other debt obligations 156 151 $ 5
Derivatives 62 52 10
Total assets $2,542 $2,128 $ 399 $15
Liabilities
Derivatives $ (181) $(181)
Total liabilities $ (181) $(181)
Money market funds and equity securities are valued using a market approach based on the quoted
market prices of identical instruments. Residential mortgage-backed securities are valued using an
income approach based on prepayment speeds, yields, discount margin and collateral performance.
The other debt securities are primarily valued using a market approach based on benchmark yields,
reported trades and broker/dealer quotes.
Derivatives include foreign currency, commodity, interest rate contracts and warrants. Our foreign
currency forward contracts are valued using an income approach based on the present value of the
forward rate less the contract rate multiplied by the notional amount. Commodity derivatives are valued
102