Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2015 and December 31, 2014:



	September 30, 2015								December 31, 2014
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets	(in millions)
Investments:
Equity securities⁽¹⁾:
Basic materials	$	816	$	—	$	—	$	816	$	—	$	—	$	—	$	—
Communications	356		—		—		356		2,846		—		—		2,846
Consumer, non-cyclical	3,493		—		—		3,493		2,308		—		—		2,308
Consumer, cyclical	166		—		—		166		436		—		—		436
Diversified	20		—		—		20		23		—		—		23
Energy	1,795		—		—		1,795		1,895		—		—		1,895
Financial	128		108		—		236		417		—		—		417
Industrial	176		—		—		176		79		20		—		99
Technology	5,825		44		—		5,869		5,635		—		—		5,635
	12,775		152		—		12,927		13,639		20		—		13,659
Corporate debt:
Consumer, cyclical	—		—		63		63		—		—		75		75
Energy	—		1		—		1		—		19		—		19
Financial	—		—		—		—		—		7		—		7
Utilities	—		16		—		16		—		28		—		28
	—		17		63		80		—		54		75		129
Mortgage-backed securities:
Financial	—		164		—		164		—		173		—		173
	12,775		333		63		13,171		13,639		247		75		13,961
Derivative contracts, at fair value⁽²⁾	—		749		—		749		—		3		—		3
	$	12,775	$	1,082	$	63	$	13,920	$	13,639	$	250	$	75	$	13,964
Liabilities
Securities sold, not yet purchased, at fair value⁽¹⁾:
Equity securities:
Basic Materials	$	—	$	3	$	—	$	3	$	—	$	—	$	—	$	—
Communications	—		—		—		—		—		—		—		—
Consumer, non-cyclical	—		—		—		—		—		—		—		—
Consumer, cyclical	1,121		—		—		1,121		334		—		—		334
Energy	—		—		—		—		—		—		—		—
Financial	—		—		—		—		—		—		—		—
Funds	—		113		—		113		—		—		—		—
Industrials	—		21		—		21		—		—		—		—
	1,121		137		—		1,258		334		—		—		334
Debt securities:
Funds	—		—		—		—		—		3		—		3
	1,121		137		—		1,258		334		3		—		337
Derivative contracts, at fair value⁽³⁾	—		92		—		92		—		614		—		614
	$	1,121	$	229	$	—	$	1,350	$	334	$	617	$	—	$	951

⁽¹⁾

At September 30, 2015, equity forward contracts and equity call options are included in Level 2 Investments - Financial, Technology and Industrial. At September 30, 2015, written put options are included in Level 2 Investments - Basic Materials and Funds. At December 31, 2014, equity call options are included in Level 2 Investments - Industrial and written put options on debt securities are included in Level 2 Investments - Funds.


⁽²⁾	Included in other assets in our condensed consolidated balance sheets.


⁽³⁾	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:



	Nine Months Ended September 30,
	2015			2014
	(in millions)
Balance at January 1	$	75		$	287
Gross realized and unrealized losses included in earnings	(12		)	(100		)
Distribution-in-kind	—			(110		)
Gross proceeds	—			(2		)
Balance at September 30	$	63		$	75

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 September 30, 2015 and December 31, 2014:



	September 30, 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	$	11	$	—	$	191	$	202	$	75	$	3	$	108	$	186
Trading securities	—		—		—		—		—		—		55		55
Derivative contracts, at fair value⁽¹⁾	—		29		—		29		—		47		—		47
	$	11	$	29	$	191	$	231	$	75	$	50	$	163	$	288
Liabilities
Other liabilities	$	—	$	—	$	—	$	—	$	—	$	50	$	—	$	50
Derivative contracts, at fair value⁽²⁾	—		3		—		3		—		2		—		2
	$	—	$	3	$	—	$	3	$	—	$	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.

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:



	Nine Months Ended September 30,
	2015			2014
	(in millions)
Balance at January 1	$	154		$	138
Transfer out	(46		)	—
Net realized and unrealized losses	(28		)	(97		)
Distribution-in-kind	—			110
Purchases, additions and settlements, net	102			2
Balance at September 30	$	182		$	153