Investments (Tables)

12 Months Ended

Dec. 31, 2013

Investments Debt And Equity Securities [Abstract]

The following is a continuity of the Company’s investment in ABCP:


	2013			2012			2011

Balance, beginning of year	$	90		$	82		$	84
Valuation adjustment [i]		8			15			0
Cash receipts		0			(9	)		0
Foreign exchange and other		(6	)		2			(2	)

	$	92		$	90		$	82

[i]

The carrying value of this investment was based on a valuation technique estimating the fair value from the perspective of a market participant. During the year ended December 31, 2013, the Company recorded an $8 million [2012 - $15 million] increase in the carrying value of its investment in ABCP in selling, general and administrative expense, due to a reduction of the spread between the anticipated return on the restructured notes and current market indices.

Company's Combined Proportionate Share of Major Components of Financial Statements

[b]

The Company’s net income includes the proportionate share of net income or loss of its equity method investees. When a proportionate share of net income is recorded, it increases equity income in the consolidated statements of income and the carrying value of those investments. Conversely, when a proportionate share of a net loss is recorded, it decreases equity income in the consolidated statements of income and the carrying value of those investments. The following is the Company’s combined proportionate share of the major components of the financial statements of the entities in which the Company accounts for using the equity method:

Balance Sheets


	2013		2012

Current assets	$	373	$	344

Long-term assets	$	82	$	74

Current liabilities	$	167	$	150

Long-term liabilities	$	76	$	60

Statements of Income


	2013		2012		2011

Sales	$	1,013	$	967	$	881
Cost of goods sold, expenses and income taxes		839		814		805

Net income	$	174	$	153	$	76