Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

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

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

Investment

The following table summarizes the valuation of the Investment Funds' investments and derivative contracts by the above fair value hierarchy levels as of March 31, 2015 and December 31, 2014:



	March 31, 2015								December 31, 2014
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets	(in millions)
Investments:
Equity securities:
Basic materials	$	66	$	23	$	—	$	89	$	—	$	—	$	—	$	—
Communications	3,050		—		—		3,050		2,846		—		—		2,846
Consumer, non-cyclical	2,413		—		—		2,413		2,308		—		—		2,308
Consumer, cyclical	384		—		—		384		436		—		—		436
Diversified	22		—		—		22		23		—		—		23
Energy	1,608		—		—		1,608		1,895		—		—		1,895
Financial	69		—		—		69		417		—		—		417
Industrial	210		—		—		210		79		20		—		99
Technology	6,259		—		—		6,259		5,635		—		—		5,635
	14,081		23		—		14,104		13,639		20		—		13,659
Corporate debt:
Consumer, cyclical	—		—		75		75		—		—		75		75
Energy	—		12		—		12		—		19		—		19
Financial	—		8		—		8		—		7		—		7
Utilities	—		25		—		25		—		28		—		28
	—		45		75		120		—		54		75		129
Mortgage-backed securities:
Financial	—		169		—		169		—		173		—		173
	14,081		237		75		14,393		13,639		247		75		13,961
Derivative contracts, at fair value⁽¹⁾	—		43		—		43		—		3		—		3
	$	14,081	$	280	$	75	$	14,436	$	13,639	$	250	$	75	$	13,964
Liabilities
Securities sold, not yet purchased, at fair value:
Equity securities:
Consumer, cyclical	$	879	$	—	$	—	$	879	$	334	$	—	$	—	$	334
Funds	48		30		—		78		—		—		—		—
	927		30		—		957		334		—		—		334
Debt securities:
Energy	—		1		—		1		—		3		—		3
	927		31		—		958		334		3		—		337
Derivative contracts, at fair value⁽²⁾	—		840		—		840		—		614		—		614
	$	927	$	871	$	—	$	1,798	$	334	$	617	$	—	$	951


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


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

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The changes in investments measured at fair value on a recurring basis for which our Investment segment has used Level 3 input to determine fair value are as follows:



	Three Months Ended March 31,
	2015		2014
	(in millions)
Balance at January 1	$	75	$	287
Gross proceeds	—		(1		)
Balance at March 31	$	75	$	286

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 [Table Text Block]

Other Segments and Holding Company

The following table summarizes the valuation of our Automotive, Energy and Gaming segments and our Holding Company investments, derivative contracts and other liabilities by the above fair value hierarchy levels as of March 31, 2015 and December 31, 2014:



	March 31, 2015								December 31, 2014
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets	(in millions)
Marketable equity and debt securities	$	1	$	—	$	110	$	111	$	75	$	3	$	108	$	186
Trading securities	38		—		40		78		—		—		55		55
Derivative contracts, at fair value⁽¹⁾	—		22		—		22		—		47		—		47
	$	39	$	22	$	150	$	211	$	75	$	50	$	163	$	288
Liabilities
Other liabilities	$	—	$	42	$	—	$	42	$	—	$	50	$	—	$	50
Derivative contracts, at fair value⁽²⁾	—		21		—		21		—		2		—		2
	$	—	$	63	$	—	$	63	$	—	$	52	$	—	$	52


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


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

Holding Company [Member]

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

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The changes in investments measured at fair value on a recurring basis for which our Gaming segment and Holding Company have used Level 3 inputs to determine fair value are as follows:



	Three Months Ended March 31,
	2015			2014
	(in millions)
Balance at January 1	$	154		$	138
Gross unrealized losses	(14		)	(14		)
Purchases and settlements, net	1			1
Balance at March 31	$	141		$	125

- 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.

+ References+ Details