Derivative contracts (Tables)

12 Months Ended

Dec. 31, 2011

Derivative contracts outstanding

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

	December 31, 2011									December 31, 2010
	Assets (3)			Liabilities			Notional Value			Assets (3)			Liabilities			Notional Value
Equity index put options	$	—		$	8,499		$	34,014	(1)	$	—		$	6,712		$	33,891	(1)
Credit default contracts:
High yield indexes		—			198			4,489	(2)		—			159			4,893	(2)
States/municipalities		—			1,297			16,042	(2)		—			1,164			16,042	(2)
Individual corporate		55			32			3,565	(2)		84			—			3,565	(2)
Other		268			156						341			375
Counterparty netting		(67	)		(43	)					(82	)		(39	)
	$	256		$	10,139					$	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

Derivative gains/losses of our finance and financial products businesses included in our Consolidated Statements of Earnings for each of the three years ending December 31, 2011 were as follows (in millions).

	2011			2010			2009
Equity index put options	$	(1,787	)	$	172		$	2,713
Credit default obligations		(251	)		250			789
Other		(66	)		(161	)		122
	$	(2,104	)	$	261		$	3,624