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Notes to the Financial Statements
Ford Motor Company | 2011 Annual Report 101
NOTE 4. FAIR VALUE MEASUREMENTS (Continued)
Input Hierarchy of Items Measured at Fair Value on a Recurring Basis
The following tables categorize the fair values of items measured at fair value on a recurring basis on our balance
sheet at December 31 (in millions):
Automotive Sector
Assets
Cash equivalents – financial instruments (b)
U.S. government
U.S. government-sponsored enterprises
Non-U.S. government
Non-U.S. government agencies (c)
Corporate debt
Total cash equivalents – financial instruments
Marketable securities (d)
U.S. government
U.S. government-sponsored enterprises
Non-U.S. government agencies (c)
Corporate debt
Mortgage-backed and other asset-backed
Equities
Non-U.S. government
Other liquid investments (e)
Total marketable securities
Derivative financial instruments
Foreign exchange contracts
Commodity contracts
Other – warrants
Total derivative financial instruments (f)
Total assets at fair value
Liabilities
Derivative financial instruments
Foreign exchange contracts
Commodity contracts
Total derivative financial instruments (f)
Total liabilities at fair value
2011
Level 1 (a)
$—
—
—
—
—
—
2,960
—
—
—
—
129
—
—
3,089
—
—
—
—
$3,089
$—
—
—
$—
Level 2 (a)
$—
319
168
820
2
1,309
—
4,852
4,558
1,631
38
—
598
17
11,694
198
1
—
199
$13,202
$442
289
731
$731
Level 3
$—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
14
1
4
19
$19
$6
83
89
$89
Total
$—
319
168
820
2
1,309
2,960
4,852
4,558
1,631
38
129
598
17
14,783
212
2
4
218
$ 16,310
$448
372
820
$820
__________
(a) There were no transfers between Level 1 and 2 during the year.
(b) "Cash equivalents - financial instruments" in this table excludes time deposits, certificates of deposit, money market accounts, and other cash
equivalents reported at par value totaling $4.6 billion as of December 31, 2011 for the Automotive sector. In addition to these cash equivalents, our
Automotive sector also had cash on hand totaling $2.1 billion as of December 31, 2011.
(c) Includes notes issued by Non-U.S. government agencies, as well as notes issued by supranational institutions.
(d) Excludes an investment in Ford Credit debt securities held by the Automotive sector with a carrying value of $201 million and an estimated fair
value of $201 million as of December 31, 2011; see Note 18 for additional detail.
(e) "Other liquid investments" in this table includes certificates of deposit and time deposits subject to changes in value.
(f) See Note 25 for additional information regarding derivative financial instruments.