Derivative contracts (Tables)

9 Months Ended

Sep. 30, 2011

Derivative contracts outstanding

earnings as derivative gains/losses. A summary of derivative contracts of our finance and financial products businesses follows (in millions).

	September 30, 2011									December 31, 2010
	Assets (3)			Liabilities			Notional Value			Assets (3)			Liabilities			Notional Value
Equity index put options	$	—		$	8,849		$	34,378	(1)	$	—		$	6,712		$	33,891	(1)
Credit default contracts:
High yield indexes		—			247			4,841	(2)		—			159			4,893	(2)
States/municipalities		—			1,091			16,042	(2)		—			1,164			16,042	(2)
Individual corporate		52			38			3,565	(2)		84			—			3,565	(2)
Other		240			237						341			375
Counterparty netting		(93	)		(41	)					(82	)		(39	)
	$	199		$	10,421					$	343		$	8,371

(1) Represents the aggregate undiscounted amount payable at the contract expiration dates assuming that the value of each index is zero at the contract expiration date.

(2) Represents the maximum undiscounted future value of losses payable under the contracts. The number of losses required to exhaust contract limits under substantially all of the contracts is dependent on the loss recovery rate related to the specific obligor at the time of a default.

(3) Included in Other assets of finance and financial products businesses.

Derivative gains/losses included in the Consolidated Statements of Earnings

A summary of derivative gains/losses of our finance and financial products businesses included in the Consolidated Statements of Earnings is as follows (in millions).

	Third Quarter						First Nine Months
	2011			2010			2011			2010
Equity index put options	$	(2,089	)	$	(700	)	$	(2,137	)	$	(2,319	)
Credit default contracts		(247	)		519			(35	)		407
Other		(107	)		35			(184	)		1
	$	(2,443	)	$	(146	)	$	(2,356	)	$	(1,911	)