NOTE 6 — FAIR VALUE MEASUREMENTS
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present the fair value of our financial instruments that are measured at fair value on a recurring basis:
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(In millions)
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Level 1
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Level 2
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Level 3
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Gross
Fair
Value
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Netting(a)
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Net Fair
Value
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June 30, 2010
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Assets
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Mutual funds
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$
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1,120
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$
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0
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$
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0
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$
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1,120
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$
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0
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$
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1,120
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Commercial paper
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0
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172
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0
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172
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0
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172
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Certificates of deposit
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0
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348
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0
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348
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0
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348
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U.S. Government and Agency securities
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16,473
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4,756
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0
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21,229
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0
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21,229
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Foreign government bonds
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239
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294
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0
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533
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0
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533
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Mortgage-backed securities
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0
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3,264
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0
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3,264
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0
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3,264
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Corporate notes and bonds
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0
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7,460
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167
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7,627
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0
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7,627
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Municipal securities
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0
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747
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0
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747
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0
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747
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Common and preferred stock
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6,988
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43
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5
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7,036
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0
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7,036
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Derivatives
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22
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745
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9
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776
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(207
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)
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569
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Total
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$
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24,842
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$
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17,829
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$
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181
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$
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42,852
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$
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(207
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)
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$
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42,645
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Liabilities
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Derivatives and other
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$
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85
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$
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137
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$
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0
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$
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222
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$
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(205
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)
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$
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17
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(In millions)
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Level 1
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Level 2
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Level 3
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Gross
Fair
Value
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Netting(a)
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Net Fair
Value
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June 30, 2009
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Assets
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Mutual funds
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$
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982
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$
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0
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$
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0
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$
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982
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$
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0
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$
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982
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Commercial paper
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0
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2,601
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0
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2,601
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0
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2,601
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Certificates of deposit
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0
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555
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0
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555
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0
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555
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U.S. Government and Agency securities
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7,134
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6,105
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0
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13,239
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0
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13,239
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Foreign government bonds
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501
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3,022
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0
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3,523
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0
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3,523
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Mortgage-backed securities
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0
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3,593
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0
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3,593
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0
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3,593
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Corporate notes and bonds
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0
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4,073
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253
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4,326
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0
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4,326
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Municipal securities
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0
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256
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0
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256
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0
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256
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Common and preferred stock
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4,218
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28
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5
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4,251
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0
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4,251
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Derivatives
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5
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623
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5
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633
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(235
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398
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Total
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$
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12,840
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$
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20,856
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$
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263
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$
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33,959
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$
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(235
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)
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$
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33,724
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Liabilities
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Derivatives and other
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$
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5
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$
|
344
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$
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0
|
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$
|
349
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$
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(231
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)
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$
|
118
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