v2.3.0.11
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 26, 2011
Fair Value Measurements  
Fair Value, Assets and Liabilities Measured on Recurring Basis

     Fair Value Hierarchy  (1)         

As of June 26, 2011

    Level 1      Level 2      Total  
     (In millions)  

Assets

         

Equity securities

    $ 90       $ —         $ 90   

Mutual funds

      346         —           346   

U.S. Government securities

      —           510         510   

Other securities

      —           103         103   

Derivative assets

      —           39         39   

Liabilities

         

Derivative liabilities

      —           28         28   

 

     Fair Value Hierarchy  (1)         

As of December 31, 2010

    Level 1      Level 2      Total  
     (In millions)  

Assets

         

Equity securities

    $ 86       $ —         $ 86   

Mutual funds

      450         —           450   

U.S. Government securities

      —           719         719   

Other securities

      —           104         104   

Derivative assets

      —           26         26   

Liabilities

         

Derivative liabilities

      —           33         33   
(1) We considered the following fair value hierarchy to prioritize the inputs we used in the valuation techniques to determine the fair values of the assets and liabilities included in the preceding tables:

 

  •  

Level 1 – Observable inputs – quoted prices in active markets for identical assets and liabilities. Level 1 assets in the preceding tables include equity securities and interests in mutual funds which are valued using quoted market prices.

 

  •  

Level 2 – Observable inputs other than the quoted prices in active markets for identical assets and liabilities – includes quoted prices for similar instruments, quoted prices for identical or similar instruments in inactive markets, and amounts derived from valuation models where all significant inputs are observable in active markets. Level 2 assets in the preceding tables are valued based on inputs other than quoted prices that are observable for the asset (e.g., interest rates and yield curves observable at commonly quoted intervals). The Level 2 derivative assets and liabilities relate to foreign currency exchange and interest rate swap contracts and are valued based on observable market prices, but are not exchanged in an active market.