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Fair Value of Financial Investments and Liabilities (Tables)

9 Months Ended

Sep. 30, 2013

Financial Investments Included in Other Assets

Financial investments included in other assets were as follows, in millions:


	September 30, 2013		December 31, 2012
Auction rate securities	$	22	$	22

Total recurring investments		22		22
Private equity funds		63		69
Other investments		4		4

Total non-recurring investments		67		73

Total	$	89	$	95

Company's Investments in Available-for-Sale Securities

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


			Pre-tax
	Cost Basis		Unrealized Gains		Unrealized Losses		Recorded Basis
September 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
	Sep. 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 (Level3)
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 nine months ended September 30, 2013 and the year ended December 31, 2012, in millions:


	Sep. 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 September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Realized gains from private equity funds	$	—	$	2	$	7	$	20
Income from other investments, net		—		—		1		—

Total income from financial investments	$	—	$	2	$	8	$	20

Impairment charges — private equity funds	$	—	$	—	$	—	$	(2	)

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments.

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