d.  Fair value measurements The fair value guidance requires disclosure that establishes a framework for measuring fair value and expands disclosure  about fair value measurements. The standard describes a fair value hierarchy based on three levels of inputs that may be  used to measure fair value. The level in the fair value hierarchy within which the fair value measurement in its entirely  falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety.  These levels are: Level 1:  Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at  the measurement date; Level 2:  Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for  substantially the full term of the asset or liability; or Level 3:  Prices or valuation techniques that require inputs that are both significant to the fair value measurement and  are unobservable. Assets and liabilities measured at fair value on a recurring basis The following table presents our assets and liabilities measured at fair value on a recurring basis at December 31, 2010 and  2011: December 31, 2010 Level 1 Level 2 Level 3 Total NT$ NT$ NT$ NT$ (In Millions) Assets Derivatives - currency swap contracts  $  ─  $  34  $  ─  $  34 Convertible bonds 43 ─ ─ 43 Available-for-sale securities Open-end mutual funds 1,562 ─ ─ 1,562 Domestic listed stocks 527 ─ ─ 527 Corporate bonds ─ 102 ─ 102  $  2,132  $  136  $  ─  $  2,268 December 31, 2011 Level 1 Level 2 Level 3 Total NT$ NT$ NT$ NT$ (In Millions) Assets Derivatives - currency swap contracts  $  ─  $  6  $  ─  $  6 Convertible bonds 40 ─ ─ 40 Available-for-sale securities Open-end mutual funds 2,137 ─ ─ 2,137 Domestic listed stocks 343 ─ ─ 343 Corporate bonds ─ 77 ─ 77  $  2,520  $  83  $  ─  $  2,603 Liabilities Derivative - currency swap contracts  $  ─  $  4  $  ─  $  4 F-77