Kimberly-Clark 2010 Annual Report Download - page 49

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KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 3. Fair Value Information
Fair Value Measurements
The following fair value information is based on a fair value hierarchy that prioritizes the inputs to valuation
techniques used to measure fair value. The three levels in the hierarchy used to measure fair value are:
Level 1—Unadjusted quoted prices in active markets accessible at the reporting date for identical assets and
liabilities.
Level 2—Quoted prices for similar assets or liabilities in active markets. Quoted prices for identical or
similar assets and liabilities in markets that are not considered active or financial instruments for which all
significant inputs are observable, either directly or indirectly.
Level 3—Prices or valuations that require inputs that are significant to the valuation and are unobservable.
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is
significant to the fair value measurement.
During 2010 and 2009, there were no significant transfers among level 1, 2 or 3 fair value determinations.
Set forth below are the financial assets and liabilities measured at fair value as of December 31, 2010 and
2009, together with the inputs used to develop those fair value measurements.
December 31,
2010
Fair Value Measurements
Level 1 Level 2 Level 3
(Millions of dollars)
Assets
Company-owned life insurance (“COLI”) .................... $ 46 $— $ 46 $—
Available-for-sale securities ............................... 15 15 — —
Derivatives ............................................. 70 — 70 —
Total .............................................. $131 $ 15 $116 $—
Liabilities
Derivatives ............................................. $ 48 $— $ 48 $—
December 31,
2009
Fair Value Measurements
Level 1 Level 2 Level 3
(Millions of dollars)
Assets
Company-owned life insurance ............................. $ 43 $— $ 43 $—
Available-for-sale securities ............................... 19 13 — 6
Derivatives ............................................. 58 — 58 —
Total .............................................. $120 $ 13 $101 $ 6
Liabilities
Derivatives ............................................. $ 87 $— $ 87 $—
45