Annual report pursuant to Section 13 and 15(d)

Assets And Liabilities Measured At Fair Value

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Assets And Liabilities Measured At Fair Value
 12 Months Ended
Dec. 31, 2011
Assets And Liabilities Measured At Fair Value  
Assets And Liabilities Measured At Fair Value
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:
 
December 31, 2011
 
December 31, 2010
Description
Total
 
Quoted prices
in active markets
for identical assets
(Level 1)
 
Significant other
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
 
Total
 
Quoted prices
in active markets
for identical assets
(Level 1)
 
Significant other
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
 
 amounts in millions
Short term marketable securities
$
46

 
—

 
46

 
—

 
—

 
—

 
—

 
—

Available-for-sale securities
$
1,165

 
1,165

 
—

 
—

 
1,109

 
1,109

 
—

 
—

Financial instruments
$
61

 
—

 
61

 
—

 
128

 
—

 
128

 
—

Debt
$
2,443

 
—

 
2,443

 
—

 
2,506

 
—

 
2,506

 
—


The majority of the Company's Level 2 financial assets and liabilities are debt instruments with quoted market prices that 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.