 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2011, 2010 and 2009 (currencies in millions) At December 31, 2010 LEVEL 1 LEVEL 2 TOTAL Assets: Marketable debt securities  U.S. tax-exempt securities  $365.4  $365.4 U.S. corporate securities  27.6  27.6 U.S. government and agency securities  $2.7  2.7 Non-U.S. corporate securities  37.0  37.0 Other debt securities  17.8 17.8 Total marketable debt securities  $2.7  $447.8  $450.5 Derivatives Interest-rate swaps  $  5.8  $  5.8 Cross currency swaps  3.3  3.3 Foreign-exchange contracts  1.0 1.0 Total derivative assets  $ 10.1  $ 10.1 Liabilities: Derivatives  Cross currency swaps  $ 73.8  $ 73.8 Interest-rate swaps  37.2  37.2 Foreign-exchange contracts  1.6 1.6 Total derivative liabilities  $112.6  $112.6 The Company used the following methods and assumptions to determine the fair value of financial instruments  that are not recognized at fair value as described below.  Debt:  The carrying amounts of financial services commercial paper, variable-rate bank loans and variable-rate term  notes approximate fair value. For fixed-rate debt, fair values are estimated using discounted cash flow analysis based  on current rates for comparable debt. Fixed-rate loans and debt that are not carried at approximate fair value are as follows: Financial Services Net Receivables:  For floating-rate loans, wholesale financings, and interest and other receivables,  fair values approximate carrying values. For fixed-rate loans, fair values are estimated using discounted cash flow  analysis based on current rates for comparable loans. Finance lease receivables and related allowance for credit  losses provisions have been excluded from the accompanying table. Cash and Cash Equivalents:  Carrying amounts approximate fair value. Trade Receivables and Payables:  Carrying amounts approximate fair value. At December 31, 2011 2010 CARRYING FAIR CARRYING FAIR AMOUNT VALUE AMOUNT VALUE Assets: Financial Services fixed-rate loans  $ 2,740.1  $ 2,776.1 $ 2,444.1  $ 2,483.3 Liabilities: Truck and Other fixed-rate debt  $  150.0  $  167.6 $  173.5  $  196.9 Financial Services fixed-rate debt  $ 1,958.6  $ 2,021.1 $ 1,870.7  $ 1,967.9