Western Digital 2011 Annual Report Download - page 76

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The following table presents information about the Company’s financial assets and liabilities that are measured at
fair value on a recurring basis as of July 1, 2011, and indicates the fair value hierarchy of the valuation techniques utilized
to determine such value (in millions):
Quoted Prices
in Active
Markets for
Identical
Instruments
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3) Total
Fair Value Measurements at
Reporting Date Using
Assets:
Cash equivalents
Money market funds ..................... $721 $ — $— $721
U.S. Treasury securities ................... — 60 — 60
U.S. Government agency securities ........... — 78 — 78
Total cash equivalents................... 721 138 — 859
Auction-rate securities ...................... — — 15 15
Total assets at fair value . . . .............. $721 $138 $15 $874
Liabilities:
Foreign exchange contracts................... $ — $ (5) $— $ (5)
Total liabilities at fair value .............. $ — $ (5) $— $ (5)
The following table presents information about the Company’s financial assets that are measured at fair value on a
recurring basis as of July 2, 2010, and indicates the fair value hierarchy of the valuation techniques utilized to determine
such value (in millions):
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3) Total
Fair Value Measurements at
Reporting Date Using
Cash equivalents
Money market funds .................... $458 $ — $— $ 458
U.S. Treasury securities .................. — 385 — 385
U.S. Government agency securities .......... — 370 — 370
Total cash equivalents ................. 458 755 — 1,213
Auction-rate securities .................... — — 15 15
Foreign exchange contracts ................. — 17 — 17
Total assets at fair value ................ $458 $772 $15 $1,245
Money Market Funds. The Company’s money market funds are funds that invest in U.S. Treasury securities and are
recorded within cash and cash equivalents in the consolidated balance sheets. Money market funds are valued based on
quoted market prices.
70
WESTERN DIGITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)