Fair Value Information (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Fair Value Assets And Liabilities Measured On A Recurring Basis

Set forth below are the assets and liabilities that are measured on a recurring basis at fair value and the inputs used to develop those fair value measurements.

	September 30, 2014		Fair Value Measurements
			Level 1		Level 2		Level 3
Assets
Company-owned life insurance (“COLI”)	$	57	$	—	$	57	$	—
Available-for-sale securities	24		24		—		—
Derivatives	44		—		44		—
Total	$	125	$	24	$	101	$	—
Liabilities
Derivatives	$	105	$	—	$	105	$	—

	December 31, 2013		Fair Value Measurements
			Level 1		Level 2		Level 3
Assets
COLI	$	55	$	—	$	55	$	—
Available-for-sale securities	22		22		—		—
Derivatives	62		—		62		—
Total	$	139	$	22	$	117	$	—
Liabilities
Derivatives	$	49	$	—	$	49	$	—

Fair Value, by Balance Sheet Grouping

The following table includes the fair value of our financial instruments for which disclosure of fair value is required:

	Fair Value Hierarchy Level	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
		September 30, 2014				December 31, 2013
Assets
Cash and cash equivalents(a)	1	$	1,431	$	1,431	$	1,054	$	1,054
Time deposits(b)	1	154		154		222		222
Liabilities and redeemable securities of subsidiaries
Short-term debt(c)	2	213		213		63		63
Long-term debt(d)	2	6,193		6,856		5,698		6,271
Redeemable preferred securities of subsidiaries(e)	3	532		535		532		552
Redeemable common securities of subsidiary(f)	3	46		46		46		46

(a) Cash equivalents are composed of certificates of deposit, time deposits and other interest-bearing investments with original maturity dates of 90 days or less. Cash equivalents are recorded at cost, which approximates fair value.

(b) Time deposits are composed of deposits with original maturities of more than 90 days but less than one year and instruments with original maturities of greater than one year, included in other current assets or other assets in the Consolidated Balance Sheet, as appropriate. Time deposits are recorded at cost, which approximates fair value.

(c) Short-term debt is composed of U.S. commercial paper and/or other similar short-term debt issued by non-U.S. subsidiaries, all of which are recorded at cost, which approximates fair value.

(d) Long-term debt includes the current portion of these debt instruments. Fair values were estimated based on quoted prices for financial instruments for which all significant inputs were observable, either directly or indirectly.

(e) Redeemable preferred securities of subsidiaries are not traded in active markets. Accordingly, their fair values were calculated using a floating rate pricing model that compared the stated spread to the fair value spread to determine the price at which each of the financial instruments should trade. The model used the following inputs to calculate fair values: face value, current LIBOR rate, unobservable fair value credit spread, stated spread, maturity date and interest or dividend payment dates.

(f) The fair value of the redeemable common securities of subsidiary was based on various inputs, including an independent third-party appraisal, adjusted for current market conditions.