Fair Value of Financial Investments and Liabilities (Tables)

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

Financial Investments Included in Other Assets

E. The Company has maintained investments in available-for-sale securities and a number of private equity funds, principally as part of its tax planning strategies, as any gains enhance the utilization of any current and future tax capital losses. Financial investments included in other assets were as follows, in millions:

	June 30, 2013		December 31, 2012
Auction rate securities	$	22	$	22
Total recurring investments		22		22
Private equity funds		65		69
Other investments		4		4
Total non-recurring investments		69		73
Total	$	91	$	95

Company's Investments in Available-for-Sale Securities

The Company’s investments in available-for-sale securities at June 30, 2013 and December 31, 2012 were as follows, in millions:

			Pre-tax
			Unrealized		Unrealized		Recorded
	Cost Basis		Gains		Losses		Basis
June 30, 2013	$	19	$	3	$	—	$	22
December 31, 2012	$	19	$	3	$	—	$	22

Recurring Fair Value Measurements

Financial investments measured at fair value on a recurring basis at each reporting period and the amounts for each level within the fair value hierarchy were as follows, in millions:

			Fair Value Measurements Using
	June 30, 2013		Quoted Market Prices (Level  1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Auction rate securities	$	22		—		—	$	22
Total	$	22	$	—	$	—	$	22

			Fair Value Measurements Using
	Dec. 31, 2012		Quoted Market Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Auction rate securities	$	22	$	—	$	—	$	22
Total	$	22	$	—	$	—	$	22

Changes in Level 3 Financial Assets Measured at Fair Value on Recurring Basis

The following table summarizes the changes in Level 3 financial assets measured at fair value on a recurring basis for the six months ended June 30, 2013 and the year ended December 31, 2012, in millions:

	June 30, 2013 Auction Rate Securities		December 31, 2012 Auction Rate Securities
Fair value at beginning of period	$	22	$	22
Total losses included in earnings		—		—
Unrealized (losses)		—		—
Purchases		—		—
Settlements		—		—
Transfer from Level 3 to Level 2		—		—
Fair value at period end	$	22	$	22

Income from Financial Investments Net, Included in Other, Net, Within Other Income (Expense), Net

Income (loss) from financial investments, net, included in other, net, within other income (expense), net, was as follows, in millions:

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2013		2012			2013		2012
Realized gains from private equity funds	$	4	$	2		$	7	$	18
Income from other investments, net		1		—			1		—
Total income from financial investments	$	5	$	2		$	8	$	18
Impairment charges – private equity funds	$	—	$	(2	)	$	—	$	(2	)