HP 2009 Annual Report Download - page 120
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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 9: Fair Value (Continued)
The following table presents HP’s assets and liabilities as of October 31, 2009 that are measured at
fair value on a recurring basis:
Fair Value Measured Using Total
Level 1 Level 2 Level 3 Balance
In millions
Assets
Time deposits ...................................... $ — $ 8,925 $— $ 8,925
Commercial paper ................................... — 1,388 — 1,388
Money market funds ................................. 262 — — 262
Other debt securities ................................. 15 372 36 423
Marketable equity securities ............................ 7 3 — 10
Derivatives ......................................... — 755 1 756
Total ........................................... $284 $11,443 $37 $11,764
Liabilities
Derivatives ......................................... $ — $ 773 $ 1 $ 774
Total ........................................... $ — $ 773 $ 1 $ 774
The following tables present the changes in level 3 instruments in fiscal 2009 that are measured at
fair value on a recurring basis. The majority of the level 3 balances consist of investment securities
classified as available-for-sale with changes in fair value recorded in other comprehensive income
(‘‘OCI’’).
Fair Value Measured Using
Significant Unobservable Inputs
(Level 3)
Other Debt Derivative
Securities Instruments Total
In millions
Beginning balance at November 1, 2008 ........................ $64 $(1) $63
Total gains or losses (realized/unrealized):
Included in earnings(1) ................................. (2) 2 —
Included in other comprehensive income .................... (25) (2) (27)
Purchases, issuances, and settlements ........................ (1) 1 —
Ending balance at October 31, 2009 ........................... $36 $— $36
The amount of total losses for the period included in earnings
attributable to the change in unrealized losses relating to assets still
held as of October 31, 2009 ............................... $ (2) $— $ (2)
(1) Included in Interest and other, net in the accompanying Consolidated Statements of Earnings.
HP measures certain assets including cost and equity method investments at fair value on a
nonrecurring basis. These assets are recognized at fair value when they are deemed to be
other-than-temporarily impaired. As of October 31, 2009, such assets with a total fair value of
113