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Derivative Instruments and Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2012
Derivative Instruments and Fair Value Measurements  
Fair value of derivative instruments designated as hedging instruments

 

 

 

 

 

 

Asset (Liability)

 

(In millions)

 

Borrowing Group

 

Balance Sheet Location

 

June 30,
 2012

 

December 31,
2011

 

Assets

 

 

 

 

 

 

 

 

 

Interest rate exchange contracts*

 

Finance

 

Other assets

 

$

16

 

$

22

 

Foreign currency exchange contracts

 

Manufacturing

 

Other current assets

 

5

 

9

 

Total

 

 

 

 

 

$

21

 

$

31

 

Liabilities

 

 

 

 

 

 

 

 

 

Interest rate exchange contracts*

 

Finance

 

Other liabilities

 

$

(9

)

$

(7

)

Foreign currency exchange contracts

 

Manufacturing

 

Accrued liabilities

 

(1

)

(5

)

Total

 

 

 

 

 

$

(10

)

$

(12

)

Assets measured at fair value on a nonrecurring basis

 

 

 

 

 

 

Gain (Loss)

 

 

 

Balance at

 

Six Months Ended

 

(In millions)

 

June 30,
2012

 

July 2,
2011

 

June 30,
2012

 

July 2,
2011

 

Finance receivables held for sale

 

$

244

 

$

180

 

$

44

 

$

(14

)

Impaired finance receivables

 

110

 

407

 

(7

)

(50

)

Repossessed assets and properties

 

138

 

91

 

(32

)

(18

)

Carrying value and estimated fair values of financial instruments

 

 

June 30, 2012

 

December 31, 2011

 

(In millions)

 

Carrying
Value

 

Estimated
Fair Value

 

Carrying
Value

 

Estimated
Fair Value

 

Manufacturing group

 

 

 

 

 

 

 

 

 

Long-term debt, excluding leases

 

$

(2,189

)

$

(2,536

)

$

(2,328

)

$

(2,561

)

Finance group

 

 

 

 

 

 

 

 

 

Finance receivables held for investment, excluding leases

 

1,750

 

1,676

 

1,997

 

1,848

 

Debt

 

(1,810

)

(1,749

)

(1,974

)

(1,854

)