Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2012

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Schedule of Fair Value Measurements, Nonrecurring

Assets measured at fair value on a nonrecurring basis during the nine months ended September 30, 2012 are set forth in the table below:



	September 30, 2012

	Level 3		Recognized
Category	Asset		Loss
	(in millions)
Property, plant and equipment	$	77	$	39
Intangibles	56		48

Investment Segment [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table summarizes the valuation of the Investment Funds' investments by the above fair value hierarchy levels as of September 30, 2012 and December 31, 2011:



	September 30, 2012								December 31, 2011
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets	(in millions)
Investments:
Equity securities:
Basic materials	$	84	$	—	$	—	$	84	$	128	$	—	$	—	$	128
Communications	211		43		—		254		2,593		—		—		2,593
Consumer, non-cyclical	1,300		—		—		1,300		1,778		26		—		1,804
Consumer, cyclical	409		3		—		412		376		378		—		754
Energy	966		—		—		966		1,644		29		—		1,673
Financial	237		—		—		237		263		—		—		263
Funds	—		304		—		304		—		—		—		—
Industrial	—		—		—		—		—		32		—		32
Technology	268		—		—		268		254		—		—		254
Utilities	56		67		—		123		83		21		—		104
	3,531		417		—		3,948		7,119		486		—		7,605
Corporate debt:
Communications	—		—		—		—		—		84		—		84
Consumer, cyclical	—		—		293		293		—		150		289		439
Financial	—		48		—		48		—		109		—		109
Sovereign debt	—		3		—		3		—		10		—		10
Utilities	—		31		—		31		—		34		—		34
	—		82		293		375		—		387		289		676
Mortgage-backed securities:
Financial	—		177		—		177		—		167		—		167
	3,531		676		293		4,500		7,119		1,040		289		8,448
Derivative contracts, at fair value⁽¹⁾	—		—		—		—		—		3		—		3
	$	3,531	$	676	$	293	$	4,500	$	7,119	$	1,043	$	289	$	8,451
Liabilities
Securities sold, not yet purchased, at fair value:
Equity securities:
Consumer, cyclical	$	295	$	—	$	—	$	295	$	—	$	—	$	—	$	—
Energy	—		—		—		—		—		—		—		—
Funds	—		19		—		19		4,466		10		—		4,476
	295		19		—		314		4,466		10		—		4,476
Derivative contracts, at fair value⁽²⁾	—		383		—		383		—		42		—		42
	$	295	$	402	$	—	$	697	$	4,466	$	52	$	—	$	4,518


⁽¹⁾	Included in other assets in our consolidated balance sheets.


⁽²⁾	Included in accrued expenses and other liabilities in our consolidated balance sheets.

Schedule of investments measured at fair value with Level 3 Input

The changes in investments measured at fair value for which the Investment segment has used Level 3 input to determine fair value are as follows:



	Nine Months Ended September 30,
	2012			2011
	(in millions)
Balance at January 1	$	289		$	329
Gross realized and unrealized gains	8			2
Gross proceeds	(4		)	(47		)
Balance at September 30	$	293		$	284

Other Segments and Holding Company [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table summarizes the valuation of our Automotive and Energy segments and our Holding Company investments and derivative contracts by the above fair value hierarchy levels as of September 30, 2012 and December 31, 2011:



	September 30, 2012						December 31, 2011
	Level 1		Level 2		Total		Level 1		Level 2		Total
Assets	(in millions)
Marketable equity and debt securities	$	1	$	—	$	1	$	20	$	—	$	20
Trading securities	—		60		60		—		—		—
Investments in precious metals	—		—		—		150		—		150
Derivative contracts, at fair value⁽¹⁾	—		—		—		—		3		3
	$	1	$	60	$	61	$	170	$	3	$	173
Liabilities
Derivative contracts, at fair value⁽²⁾	$	—	$	144	$	144	$	—	$	57	$	57


⁽¹⁾	Amounts are classified within other assets in our consolidated balance sheets.


⁽²⁾	Amounts are classified within accrued expenses and other liabilities in our consolidated balance sheets.

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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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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