Proctor and Gamble 2012 Annual Report Download - page 63
Download and view the complete annual report
Please find page 63 of the 2012 Proctor and Gamble annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.The Procter & Gamble Company 61
Amounts in millions of dollars except per share amounts or as otherwise specified.
The following table sets forth the Company's financial assets and liabilities as of June 30, 2012 and 2011 that were measured at
fair value on a recurring basis during the period, segregated by level within the fair value hierarchy:
Level 1 Level 2 Level 3 Total
As of June 30 2012 2011 2012 2011 2012 2011 2012 2011
ASSETS RECORDED AT FAIR
VALUE
Investment securities $9
$ 16 $—
$—
$ 24 $ 23 $ 33 $ 39
Derivatives relating to:
Foreign currency hedges ———1———1
Other foreign currency instruments(1) ——86 182 ——86 182
Interest rates ——298 163 ——298 163
Net investment hedges ——32 ———32 —
Commodities ——34——34
TOTAL ASSETS RECORDED AT
FAIR VALUE(2) 916 419 350 24 23 452 389
LIABILITIES RECORDED AT
FAIR VALUE
Derivatives relating to:
Foreign currency hedges $—
$—
$ 142 $ 119 $—
$—
$ 142 $ 119
Other foreign currency instruments(1) ——23 43 ——23 43
Net investment hedges ——19 138 ——19 138
Commodities ——21——21
TOTAL LIABILITIES AT FAIR
VALUE(3) ——186 301 ——186 301
LIABILITIES NOT RECORDED AT
FAIR VALUE
Long-term debt (4) 25,829 24,940 2,119 1,486 ——27,948 26,426
TOTAL LIABILITIES RECORDED
AND NOT RECORDED AT FAIR
VALUE 25,829 24,940 2,305 1,787 ——28,134 26,727
(1) Other foreign currency instruments are comprised of foreign currency financial instruments that do not qualify as hedges.
(2) Investment securities are presented in other noncurrent assets and all derivative assets are presented in prepaid expenses and other
current assets or other noncurrent assets.
(3) All liabilities are presented in accrued and other liabilities or other noncurrent liabilities.
(4) Long-term debt includes the current portion ($4,095 and $3,008 as of June 30, 2012 and 2011, respectively) of debt instruments. Long-
term debt is not recorded at fair value on a recurring basis, but is measured at fair value for disclosure purposes. Fair values are
generally estimated based on quoted market prices for identical or similar instruments.
The Company recognizes transfers between levels within the fair value hierarchy, if any, at the end of each quarter. There were
no transfers between levels during the years presented. In addition, there was no significant activity within the Level 3
financial assets and liabilities during the years presented.
The Company re-measured operating real estate assets to estimated fair value of $8 during the year ended June 30, 2012, using
comparable prices for similar assets, resulting in a $220 impairment. Except for this and the goodwill and intangible assets
discussed in Note 2, there were no additional significant assets or liabilities that were re-measured at fair value on a non-
recurring basis during the years presented.