Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014

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, 2014 and December 31, 2013:



	March 31, 2014								December 31, 2013
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets	(in millions)
Investments:
Equity securities:
Communications	$	1,861	$	—	$	—	$	1,861	$	820	$	—	$	—	$	820
Consumer, non-cyclical	3,719		—		—		3,719		3,344		178		—		3,522
Consumer, cyclical	368		—		—		368		414		—		—		414
Diversified	28		—		—		28		29		—		—		29
Energy	2,798		293		—		3,091		3,050		—		—		3,050
Financial	480		—		—		480		300		—		—		300
Funds	—		—		—		—		—		6		—		6
Technology	4,355		—		—		4,355		3,173		—		—		3,173
	13,609		293		—		13,902		11,130		184		—		11,314
Corporate debt:
Consumer, cyclical	—		—		286		286		—		—		287		287
Financial	—		11		—		11		—		11		—		11
Sovereign debt	—		5		—		5		—		5		—		5
Utilities	—		31		—		31		—		29		—		29
	—		47		286		333		—		45		287		332
Mortgage-backed securities:
Financial	—		178		—		178		—		180		—		180
	13,609		518		286		14,413		11,130		409		287		11,826
Derivative contracts, at fair value⁽¹⁾	—		1		—		1		—		—		—		—
	$	13,609	$	519	$	286	$	14,414	$	11,130	$	409	$	287	$	11,826
Liabilities
Securities sold, not yet purchased, at fair value:
Equity securities:
Communications	$	9	$	—	$	—	$	9	$	—	$	—	$	—	$	—
Consumer, non-cyclical	—		—		—		—		44		—		—		44
Consumer, cyclical	880		—		—		880		787		—		—		787
Financial	9		—		—		9		45		—		—		45
Funds	—		—		—		—		—		8		—		8
	898		—		—		898		876		8		—		884
Derivative contracts, at fair value⁽²⁾	—		820		—		820		—		639		—		639
	$	898	$	820	$	—	$	1,718	$	876	$	647	$	—	$	1,523


⁽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,
	2014			2013
	(in millions)
Balance at January 1	$	287		$	288
Gross realized and unrealized gains	—			4
Gross proceeds	(1		)	(2		)
Balance at March 31	$	286		$	290

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, 2014 and December 31, 2013:



	March 31, 2014								December 31, 2013
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets	(in millions)
Marketable equity and debt securities	$	5	$	—	$	—	$	5	$	1	$	—	$	—	$	1
Trading securities	—		—		102		102		—		—		116		116
Derivative contracts, at fair value⁽¹⁾	—		72		—		72		—		1		—		1
	$	5	$	72	$	102	$	179	$	1	$	1	$	116	$	118
Liabilities
Other liabilities	$	—	$	29	$	—	$	29	$	—	$	16	$	—	$	16
Derivative contracts, at fair value⁽²⁾	—		25		—		25		—		35		—		35
	$	—	$	54	$	—	$	54	$	—	$	51	$	—	$	51


⁽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 inputs to determine fair value are as follows:



	Three Months Ended March 31,
	2014			2013
	(in millions)
Balance at January 1	$	116		$	81
Purchase	—			46
Gross unrealized losses	(14		)	(2		)
Balance at March 31	$	102		$	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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