HCA Holdings 2012 Annual Report Download - page 136
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HCA HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
NOTE 9 — ASSETS AND LIABILITIES MEASURED AT FAIR VALUE (continued)
Derivative Financial Instruments (continued)
December 31, 2011
Fair Value Measurements Using
Fair Value
Quoted Prices in
Active Markets for
Identical Assets
and Liabilities
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
Assets:
Investments of insurance subsidiaries:
Debt securities:
States and municipalities . . . $417 $ — $417 $ —
Auction rate securities ..... 131 — — 131
Asset-backed securities ..... 20 — 20 —
Money market funds ....... 53 53 — —
621 53 437 131
Equity securities .............. 7 1 5 1
Investments of insurance
subsidiaries ............ 628 54 442 132
Less amounts classified as
current assets ........... (80) (54) (26) —
$548 $ — $416 $132
Liabilities:
Cross currency swap (Income taxes and
other liabilities) ................. $ 16 $— $ 16 $ —
Interest rate swaps (Income taxes and
other liabilities) ................. 399 — 399 —
The following table summarizes the activity related to the auction rate and equity securities investments of
our insurance subsidiaries which have fair value measurements based on significant unobservable inputs
(Level 3) during the year ended December 31, 2012 (dollars in millions):
Asset balances at December 31, 2011 ...................... $132
Unrealized gains included in other comprehensive income ..... 3
Settlements .......................................... (65)
Asset balances at December 31, 2012 ...................... $ 70
The estimated fair value of our long-term debt was $30.781 billion and $27.199 billion at December 31,
2012 and 2011, respectively, compared to carrying amounts aggregating $28.930 billion and $27.052 billion,
respectively. The estimates of fair value are generally based upon the quoted market prices or quoted market
prices for similar issues of long-term debt with the same maturities.
F-28