Snapple 2010 Annual Report Download - page 107
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DR PEPPER SNAPPLE GROUP, INC.
NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
14. Fair Value of Financial Instruments
U.S. GAAP provides a framework for measuring fair value and establishes a three-level hierarchy for fair value measurements
based upon the transparency of inputs to the valuation of an asset or liability. The three-level hierarchy for disclosure of fair value
measurements is as follows:
Level 1 — Quoted market prices in active markets for identical assets or liabilities.
Level 2 — Observable inputs such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical
or similar assets or liabilities in markets that are not active; and model-derived valuations in which all significant inputs and
significant value drivers are observable in active markets.
Level 3 — Valuations with one or more unobservable significant inputs that reflect the reporting entity's own assumptions.
The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis
as of December 31, 2010 (in millions):
Commodity futures
Interest rate swap contracts
Total assets
Commodity futures
Interest rate swap contracts
Treasury lock contract
Foreign exchange forward contracts
Total liabilities
Fair Value Measurements at Reporting Date Using
Quoted Prices in
Active Markets
for
Identical Assets
Level 1
$—
—
$—
$—
—
—
—
$—
Significant Other
Observable
Inputs
Level 2
$13
8
$21
$3
6
1
4
$14
Significant
Unobservable
Inputs
Level 3
$—
—
$—
$—
—
—
—
$—
The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis
as of December 31, 2009 (in millions):
Commodity futures
Interest rate swap contracts
Total assets
Interest rate swap contracts
Foreign exchange forward contracts
Total liabilities
Fair Value Measurements at Reporting Date Using
Quoted Prices in
Active Markets
for
Identical Assets
Level 1
$—
—
$—
$—
—
$—
Significant Other
Observable
Inputs
Level 2
$10
6
$16
$17
2
$19
Significant
Unobservable
Inputs
Level 3
$—
—
$—
$—
—
$—
87