XML 90 R35.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value of Financial Investments and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2012
Financial Investments Included in Other Assets

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

 

     At December 31  
     2012      2011  

Auction rate securities

    $ 22       $ 22   
  

 

 

     

 

 

  

Total recurring investments

      22         22   

Private equity funds

      69         86   

Other investments

      4         4   
  

 

 

     

 

 

  

Total non-recurring investments

      73         90   

Total

    $ 95       $ 112   
  

 

 

     

 

 

  
Company's Investments in Available-for-Sale Securities

The Company’s investments in available-for-sale securities at December 31, 2012 and 2011 were as follows, in millions:

 

            Pre-tax         
     Cost Basis      Unrealized
Gains		      Unrealized
Losses		      Recorded
Basis		  

December 31, 2012

    $ 19       $ 3       $ —       $ 22   

December 31, 2011

    $ 19       $ 3       $ —       $ 22   
Recurring Fair Value Measurements

Financial investments and (liabilities) 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  
     Dec. 31,
2012		      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,
2011		      Quoted
Market
Prices
(Level 1)		      Significant
Other
Observable
Inputs
(Level 2)		      Significant
Unobservable
Inputs
(Level 3)		  

Auction rate securities

    $ 22       $ —       $ —       $ 22   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 22       $ —       $ —       $ 22   
  

 

 

     

 

 

     

 

 

     

 

 

  
Changes in Level 3 Financial Investments Measured at Fair Value on Recurring Basis

The following table summarizes the changes in Level 3 financial investments measured at fair value on a recurring basis, in millions:

 

     Auction Rate Securities
December 31		  
     2012      2011  

Fair value January 1

    $ 22       $ 22   

Total losses included in earnings

      

Unrealized losses

      —         —   

Purchases, issuances, settlements

      —         —   

Transfers from Level 3 to Level 2

      —         —   
  

 

 

     

 

 

  

Fair value at December 31

    $ 22       $ 22   
  

 

 

     

 

 

  
Non-Recurring Fair Value Measurements

Financial investments measured at fair value on a non-recurring basis during 2012 and the amounts for each level within the fair value hierarchy were as follows, in millions:

 

            Fair Value Measurements Using  
     Dec. 31,
2012		      Quoted
Market
Prices
(Level 1)		      Significant
Other
Observable
Inputs
(Level 2)		      Significant
Unobservable
Inputs
(Level 3)		      Total
Gains
(Losses)		  

Private equity funds

    $ 2       $ —       $ —       $ 2       $ (2 ) 
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
   $ 2       $ —       $ —       $ 2       $ (2 ) 
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
Income from Financial Investments, Net, Included in Other, Net, within Other Income (Expense), Net, and Impairment Charges for Financial Investments

Income from financial investments, net, included in other, net, within other income (expense), net, and impairment charges for financial investments were as follows, in millions:

 

     2012     2011      2010  

Realized gains from marketable securities

    $ —      $ 41       $ 10   

Realized losses from marketable securities

      —        —         (8 ) 

Income from other investments, net

      24        32         7   
  

 

 

    

 

 

     

 

 

  

Income from financial investments, net

    $ 24      $ 73       $ 9   
  

 

 

    

 

 

     

 

 

  

Impairment charges:

        

Asahi Tec

    $ —      $ —       $ (28 ) 

Private equity funds

      (2 )      —         (4 ) 

Other private investments

      —        —         (2 ) 
  

 

 

    

 

 

     

 

 

  

Total impairment charges

    $ (2 )    $ —       $ (34 )