Derivative contracts (Tables)

3 Months Ended

Mar. 31, 2012

Derivative contracts outstanding

A summary of derivative contracts of our finance and financial products businesses follows (in millions).

	March 31, 2012									December 31, 2011
	Assets (3)			Liabilities			Notional Value			Assets (3)			Liabilities			Notional Value
Equity index put options	$	—		$	7,810		$	33,806	(1)	$	—		$	8,499		$	34,014	(1)
Credit default contracts:
High yield indexes		—			107			4,512	(2)		—			198			4,568	(2)
States/municipalities		—			1,025			16,042	(2)		—			1,297			16,042	(2)
Individual corporate		46			—			3,565	(2)		55			32			3,565	(2)
Other		240			149						268			156
Counterparty netting		(54	)		(36	)					(67	)		(43	)
	$	232		$	9,055					$	256		$	10,139

(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

Derivative gains/losses of our finance and financial products businesses included in our Consolidated Statements of Earnings for the first quarter of 2012 and 2011 were as follows (in millions).

	First Quarter
	2012			2011
Equity index put options	$	689		$	223
Credit default obligations		340			70
Other		(27	)		(22	)
	$	1,002		$	271