Fair Values Of Assets And Liabilities

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value Of Financial Instruments

Fair Values of Assets and Liabilities

Refer to Note 10 - "Fair Values of Assets and Liabilities" to the consolidated financial statements in our Form 10-K for further discussion of valuation techniques and fair value measurement levels.

Assets and liabilities itemized below were measured at fair value on a recurring basis, using either the market approach (i), the cost approach (ii) or the income approach (iii) (in millions):

	March 31, 2014
	Fair Value Measurements Using
	Level 1		Level 2		Level 3
	Quoted Prices In Active Markets For Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Assets/ Liabilities At Fair Value
Assets
Money market funds(i)(a)	$	1,790	$	—	$	—	$	1,790
Derivatives not designated as hedging instruments:
Interest rate swaps(iii)	—		—		8		8
Interest rate caps(i)	—		6		—		6
Foreign currency swaps(i)	—		2		—		2
Total assets	$	1,790	$	8	$	8	$	1,806
Liabilities
Derivatives not designated as hedging instruments:
Interest rate swaps(iii)	$	—	$	—	$	20	$	20
Interest rate caps(i)	—		6		—		6
Foreign currency swaps(i)	—		39		—		39
Total liabilities	$	—	$	45	$	20	$	65

_________________ 

(a) Excludes cash in banks of $1.5 billion.

	December 31, 2013
	Fair Value Measurements Using
	Level 1		Level 2		Level 3
	Quoted Prices In Active Markets For Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Assets/ Liabilities At Fair Value
Assets
Money market funds(i)(a)	$	1,452	$	—	$	—	$	1,452
Derivatives not designated as hedging instruments:
Interest rate swaps(iii)	—		—		11		11
Interest rate caps(i)	—		7		—		7
Foreign currency swaps(i)	—		3		—		3
Total assets	$	1,452	$	10	$	11	$	1,473
Liabilities
Derivatives not designated as hedging instruments:
Interest rate swaps(iii)	$	—	$	—	$	17	$	17
Interest rate caps(i)	—		7		—		7
Foreign currency swaps(i)	—		29		—		29
Total liabilities	$	—	$	36	$	17	$	53

_________________ 

(a) Excludes cash in banks of $1.6 billion.

The tables below present a reconciliation for interest rate swap agreements measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in millions):

	Three Months Ended March 31, 2014
	Assets			Liabilities
Balance at beginning of period	$	11		$	(17	)
Total realized and unrealized gains included in earnings	(3		)	(7		)
Purchases	—			—
Settlements	—			4
Foreign currency translation	—			—
Balance at end of period	$	8		$	(20	)