The following table presents a reconciliation for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended July 28, 2012 (in millions):
|
| | | | | | | | | | | |
| Asset-Backed Securities | | Derivative Assets | | Total |
Balance at July 30, 2011 | $ | 121 |
| | $ | 2 |
| | $ | 123 |
|
Total gains and losses (realized and unrealized): | | | | | |
Included in other income (loss), net | 3 |
| | — |
| | 3 |
|
Included in other comprehensive income | (3 | ) | | — |
| | (3 | ) |
Sales | (14 | ) | | (1 | ) | | (15 | ) |
Transfer into Level 2 | (107 | ) | | — |
| | (107 | ) |
Balance at July 28, 2012 | $ | — |
| | $ | 1 |
| | $ | 1 |
|
The Company’s asset-backed securities, prior to being sold, were reclassified from Level 3 to Level 2 during fiscal 2012, as circumstances indicated an increase in market activity, and related observable market data was available for these financial assets.
