3M 2013 Annual Report Download - page 105
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99
Fair Value Measurements
(Millions) Fair Value at Using Inputs Considered as
Description
Dec. 31, 2012
Level 1
Level 2
Level 3
Assets:
Available-for-sale:
Marketable securities:
U.S. government agency securities $
287
$
―
$
287
$
―
Foreign government agency securities
67
―
67
―
Corporate debt securities
965
―
965
―
Certificates of deposit/time deposits
41
―
41
―
Commercial paper
116
―
116
―
Asset-backed securities:
Automobile loan related
942
―
942
―
Credit card related
157
―
157
―
Equipment lease related
90
―
90
―
Other
39
―
39
―
U.S. treasury securities
72
72
―
―
U.S. municipal securities
27
―
27
―
Auction rate securities
7
―
―
7
Investments
3
3
―
―
Derivative instruments — assets:
Foreign currency forward/option contracts
49
49
―
―
Interest rate swap contracts
23
―
23
―
Liabilities:
Derivative instruments — liabilities:
Foreign currency forward/option contracts
105
104
1
―
Commodity price swap contracts
1
1
―
―
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
2013
2012
2011
Beginning balance
$
7
$
4
$
7
Total gains or losses:
Included in earnings
―
―
―
Included in other comprehensive income
4
3
(3)
Purchases, issuances, and settlements
―
―
―
Transfers in and/or out of Level 3
―
―
―
Ending balance (December 31)
11
7
4
Change in unrealized gains or losses for the period included in
earnings for securities held at the end of the reporting period
―
―
―
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 2013, 2012 and
2011.