Dell 2008 Annual Report Download - page 67
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Table of Contents
DELL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
calculation of its derivative instrument portfolio. Credit risk is quantified through the use of Credit Default Swaps spreads based on a composite of
Dell's counterparties, which represents the cost of protection in the event the counterparty or Dell were to default on the obligation.
The following table shows a reconciliation of the beginning and ending balances for fair value measurements using significant unobservable inputs
(Level 3) for the fiscal year ended January 30, 2009:
Investments
Retained Available
Fiscal Year Ended January 30, 2009 Interest for Sale Total
(in millions)
Balance at February 1, 2008 $ 223 $ - $ 223
Net unrealized (losses) gains included in earnings(a) (8) 2 (6)
Issuances and settlements, net 181 - 181
Purchases - 25 25
Balance at January 30, 2009 $ 396 $ 27 $ 423
(a) The unrealized gains on investments available for sale represent accrued interest.
Unrealized losses for the fiscal year ended January 30, 2009, related to the Level 3 retained interest asset and convertible debt security asset still held
at the reporting date, are reported in income.
Items Measured at Fair Value on a Nonrecurring Basis — Certain financial assets and liabilities are measured at fair value on a nonrecurring basis
and therefore not included in the recurring fair value table. The balances are not material relative to Dell's balance sheet, and there were no material
non-recurring adjustments to disclose under the provisions of SFAS 157 for the fiscal year ended January 30, 2009.
Investments
The following table summarizes, by major security type, the fair value and cost of Dell's investments. All investments with remaining maturities in
excess of one year are recorded as long-term investments in the Consolidated Statements of Financial Position.
January 30, 2009 February 1, 2008
Fair Unrealized Unrealized Fair Unrealized Unrealized
Value Cost Gain (Loss) Value Cost Gain (Loss)
(in millions)
Debt securities:
U.S. government and agencies $ 539 $ 537 $ 3 $ (1) $ 1,013 $ 991 $ 23 $ (1)
U.S. corporate 457 464 2 (9) 571 569 10 (8)
International corporate 78 77 1 (0) 68 67 1 -
State and municipal governments 5 5 0 - 5 5 - -
Subtotal 1,079 1,083 6 (10) 1,657 1,632 34 (9)
Equity and other securities 115 115 - - 111 111 - -
Investments $ 1,194 $ 1,198 $ 6 $ (10) $ 1,768 $ 1,743 $ 34 $ (9)
Short-term $ 740 $ 737 $ 4 $ (1) $ 208 $ 206 $ 2 $ -
Long-term 454 461 2 (9) 1,560 1,537 32 (9)
Investments $ 1,194 $ 1,198 $ 6 $ (10) $ 1,768 $ 1,743 $ 34 $ (9)
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