Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2013

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

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, 2013 and December 31, 2012:



	March 31, 2013								December 31, 2012
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets	(in millions)
Investments:
Equity securities:
Basic materials	$	53	$	9	$	—	$	62	$	144	$	9	$	—	$	153
Communications	1,036		14		—		1,050		560		16		—		576
Consumer, non-cyclical	1,894		—		—		1,894		1,340		—		—		1,340
Consumer, cyclical	337		—		—		337		261		—		—		261
Diversified	28		—		—		28		—		—		—		—
Energy	1,921		19		—		1,940		1,052		55		—		1,107
Financial	234		—		—		234		244		—		—		244
Funds	—		—		—		—		—		308		—		308
Technology	641		525		—		1,166		325		—		—		325
Utilities	2		—		—		2		208		—		—		208
	6,146		567		—		6,713		4,134		388		—		4,522
Corporate debt:
Consumer, cyclical	—		—		290		290		—		—		288		288
Financial	—		15		—		15		—		50		—		50
Sovereign debt	—		3		—		3		—		5		—		5
Utilities	—		30		—		30		—		31		—		31
	—		48		290		338		—		86		288		374
Mortgage-backed securities:
Financial	—		175		—		175		—		188		—		188
	6,146		790		290		7,226		4,134		662		288		5,084
Derivative contracts, at fair value⁽¹⁾	—		1		—		1		—		—		—		—
	$	6,146	$	791	$	290	$	7,227	$	4,134	$	662	$	288	$	5,084
Liabilities
Securities sold, not yet purchased, at fair value:
Equity securities:
Consumer, cyclical	$	620	$	—	$	—	$	620	$	473	$	—	$	—	$	473
Funds	—		—		—		—		—		60		—		60
	620		—		—		620		473		60		—		533
Derivative contracts, at fair value⁽²⁾	—		478		—		478		—		84		—		84
	$	620	$	478	$	—	$	1,098	$	473	$	144	$	—	$	617


⁽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 our Investment segment has used Level 3 input to determine fair value are as follows:



	Three Months Ended March 31,
	2013			2012
	(in millions)
Balance at January 1	$	288		$	289
Gross realized and unrealized gains (losses)	4			(13		)
Gross proceeds	(2		)	(3		)
Balance at March 31	$	290		$	273

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

Other Segments and Holding Company

The following table summarizes the valuation of our Automotive and Energy segments and our Holding Company investments, derivative contracts and other liabilities by the above fair value hierarchy levels as of March 31, 2013 and December 31, 2012:



	March 31, 2013								December 31, 2012
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets	(in millions)
Marketable equity and debt securities	$	1	$	—	$	—	$	1	$	1	$	—	$	—	$	1
Trading securities	—		—		125		125		—		—		60		60
Derivative contracts, at fair value⁽¹⁾	—		1		—		1		—		1		21		22
	$	1	$	1	$	125	$	127	$	1	$	1	$	81	$	83
Liabilities
Other liabilities	$	—	$	32	$	—	$	32	$	—	$	1	$	—	$	1
Derivative contracts, at fair value⁽²⁾	—		45		—		45		—		89		—		89
	$	—	$	77	$	—	$	77	$	—	$	90	$	—	$	90


⁽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.

Holding Company [Member]

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

Schedule of investments measured at fair value with Level 3 Input

The changes in trading securities measured at fair value for which our Holding Company have used Level 3 input to determine fair value are as follows:



	Three Months Ended March 31,
	2013			2012
	(in millions)
Balance at January 1	$	81		$	—
Purchase	46			—
Gross unrealized losses	(2		)	—
Balance at March 31	$	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.

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