Derivative contracts (Tables) (Finance and Financial Products [Member])

3 Months Ended

Mar. 31, 2014

Finance and Financial Products [Member]

Derivative contracts outstanding

A summary of derivative contracts of our finance and financial products businesses follows (in millions).

	March 31, 2014							December 31, 2013
	Assets		Liabilities		Notional Value			Assets		Liabilities		Notional Value
Equity index put options	$	—	$	4,800	$	32,225	(1)	$	—	$	4,667	$	32,095	(1)
Credit default		—		275		7,792	(2)		—		648		7,792	(2)
Other, principally interest rate and foreign currency		—		20					—		16
	$	—	$	5,095				$	—	$	5,331

⁽¹⁾  Represents the aggregate undiscounted amount payable at the contract expiration dates assuming that the value of the related index is zero at each contract’s expiration date.

⁽²⁾  Represents the maximum undiscounted future value of losses payable under the contracts, if all underlying issuers default and the residual value of the specified obligations is zero.

Derivative gains/losses included in the Consolidated Statements of Earnings

Derivative gains/losses of our finance and financial products businesses included in our Consolidated Statements of Earnings for the first quarter of 2014 and 2013 were as follows (in millions).

	First Quarter
	2014			2013
Equity index put options	$	(132	)	$	1,246
Credit default		373			(14	)
Other, principally interest rate and foreign currency		(5	)		(26	)
	$	236		$	1,206