Quarterly report pursuant to Section 13 or 15(d)

Assets And Liabilities Measured At Fair Value

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Assets And Liabilities Measured At Fair Value
 6 Months Ended
Jun. 30, 2011
Assets And Liabilities Measured At Fair Value  
Assets And Liabilities Measured At Fair Value

(5)        Assets and Liabilities Measured at Fair Value

For assets and liabilities required to be reported at fair value, GAAP provides a hierarchy that prioritizes inputs to valuation techniques used to measure fair value into three broad levels.  Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.  Level 2 inputs are inputs, other than quoted market prices included within Level 1, that are observable for the asset or liability, either directly or indirectly.  Level 3 inputs are unobservable inputs for the asset or liability.

 

The Company's assets and liabilities measured at fair value are as follows:

 

 

            Fair Value Measurements at June 30, 2011            

 

 

      Quoted prices    

Significant other

   Significant 

 

 

    in active markets 

      observable     

unobservable

 

 

   for identical assets

         inputs        

      inputs    

                       Description          

     Total    

          (Level 1)        

       (Level 2)       

     (Level 3)   

 

 

amounts in millions

 

 

 

 

 

Short term marketable securities

$         372

                   372

                    --

                 --

Available-for-sale securities

$       4,233

                4,042

                 191

                 --

Financial instruments

$       1,251

                1,147

                 104

                 --

Debt

$       2,661

                      --

              2,661

                 --

 

The majority of the Company's Level 2 financial assets and liabilities are debt instruments with quoted market prices which are not considered to be traded on "active markets," as defined in GAAP. Accordingly, the financial instruments are reported in the foregoing table as Level 2 fair value.