Dow Chemical 2012 Annual Report Download - page 122
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96
NOTE 11 – FAIR VALUE MEASUREMENTS
Fair Value Measurements on a Recurring Basis
The following tables summarize the bases used to measure certain assets and liabilities at fair value on a recurring basis:
Basis of Fair Value Measurements
on a Recurring Basis
at December 31, 2012
In millions
Quoted Prices
in Active
Markets for
Identical Items
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Counterparty
and Cash
Collateral
Netting (1) Total
Assets at fair value:
Cash equivalents (2) $ — $ 1,953 $ — $ — $ 1,953
Interests in trade accounts receivable
conduits (3) — — 1,057 — 1,057
Equity securities (4) 702 38 — — 740
Debt securities: (4)
Government debt (5) — 565 — — 565
Corporate bonds — 756 — — 756
Derivatives relating to: (6)
Interest rates —1——1
Commodities 9 22 — (5) 26
Foreign currency — 55 — (21) 34
Total assets at fair value $ 711 $ 3,390 $ 1,057 $ (26) $ 5,132
Liabilities at fair value:
Long-term debt (7) $ — $ 23,762 $ — $ — $ 23,762
Derivatives relating to: (6)
Interest rates —6——6
Commodities 16 11 — (20) 7
Foreign currency — 41 — (21) 20
Total liabilities at fair value $ 16 $ 23,820 $ — $ (41) $ 23,795
(1) Cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master
netting arrangements between the Company and its counterparties and the payable or receivable for cash collateral held or placed with
the same counterparty.
(2) Primarily Treasury Bills included in "Cash and cash equivalents" in the consolidated balance sheets and held at amortized cost, which
approximates fair value.
(3) Included in “Accounts and notes receivable – Other” in the consolidated balance sheets. See Note 15 for additional information on
transfers of financial assets.
(4) The Company’s investments in equity and debt securities are primarily classified as available-for-sale and are included in “Other
investments” in the consolidated balance sheets.
(5) U.S. Treasury obligations, U.S. agency obligations, agency mortgage-backed securities and other municipalities’ obligations.
(6) See Note 10 for the classification of derivatives in the consolidated balance sheets.
(7) See Note 10 for information on fair value adjustments to long-term debt, included at cost in the consolidated balance sheets.