2013 | 2012 | |||||||||||||||
(Dollars in Millions) | Level 1 | Level 2 | Level 3 | Total | Total (1) | |||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Assets: | ||||||||||||||||
Forward foreign exchange contracts | $ | — | 537 | — | 537 | 423 | ||||||||||
Interest rate contracts (2) | — | 169 | — | 169 | 98 | |||||||||||
Total | — | 706 | — | 706 | 521 | |||||||||||
Liabilities: | ||||||||||||||||
Forward foreign exchange contracts | — | 133 | — | 133 | 252 | |||||||||||
Interest rate contracts (3) (4) | — | 26 | — | 26 | 10 | |||||||||||
Total | — | 159 | — | 159 | 262 | |||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||
Assets: | ||||||||||||||||
Forward foreign exchange contracts | — | 25 | — | 25 | 75 | |||||||||||
Liabilities: | ||||||||||||||||
Forward foreign exchange contracts | — | 29 | — | 29 | 23 | |||||||||||
Other investments (5) | $ | 333 | — | — | 333 | 1,247 | ||||||||||
(1) | 2012 assets and liabilities are all classified as Level 2 with the exception of Other investments of $1,247 million, which are classified as Level 1. |
(2) | Includes $169 million and $96 million of non-current assets for the fiscal years ending December 29, 2013 and December 30, 2012, respectively. |
(3) | Includes $19 million and $4 million of non-current liabilities for the fiscal years ending December 29, 2013 and December 30, 2012, respectively. |
(4) | Includes cross currency interest rate swaps and interest rate swaps. |
(5) | Classified as non-current other assets. The change in the fair value from December 30, 2012 was primarily due to the sale of Elan American Depositary Shares. |