Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Fair Value Measurement Inputs

The following table presentsinformation about assets and liabilities required to be carried at fair value on a recurring basis as of September 30, 2014 and December 31, 2013, respectively (millions):

	September 30, 2014								December 31, 2013
		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
										(recast)
Assets:
Trading securities:
Diversified equity securities(a)	$	233	$	5	$	-	$	238	$	254	$	5	$	-	$	259
Available-for-sale securities:
Equity securities		25		-		-		25		56		-		-		56
Debt securities		-		61		-		61		-		40		-		40
Derivatives:
Foreign exchange contracts		-		16		-		16		-		10		-		10
Other		-		-		159		159		6		-		8		14
Liabilities:
Derivatives:
Foreign exchange contracts		-		-		-		-		-		(17)		-		(17)
Other		-		-		(6)		(6)		-		-		(7)		(7)
Total	$	258	$	82	$	153	$	493	$	316	$	38	$	1	$	355
__________

(a)       Consists of investments related to deferred compensation.

Level 3 Asset and Liability Reconciliation

The following table reconciles the beginning and ending balances of net derivative assets and liabilities classified as Level 3 and identifies the total gains (losses) the Company recognized during thenine months ended September 30, 2014and2013on such assets and liabilities that were included in the Consolidated Balance Sheet as of September 30, 2014 and 2013(millions):

	September 30, 2014		September 30, 2013
Balance as of the beginning of the period	$	1	$	7
Included in other loss, net		(58)		12
Purchases		213		-
Settlements		(19)		(13)
Issuances		16		(2)
Transfers in and/or out of Level 3		-		-
Balance as of the end of the period	$	153	$	4
Net gain (loss) for the period included in net income related to assets and liabilities
still held as of the end of the period	$	(57)	$	10

Carrying Value Fair Value, by investment

Information about the Company's investments in CME that are not required to be carried at fair value on a recurring basis is as follows (millions):

	Carrying Value		Fair Value		Fair Value Hierarchy
Class A common stock(a)	$	45	$	163		Level 1
Series B convertible redeemable preferred shares		227		204		Level 2
Senior secured notes		222		364		Level 2
__________

(a)       Includes one share of Series Aconvertible preferred stock.

Fair Value Measurements, Nonrecurring

The following table presentscertain theatrical film and television production costs, which were recorded as inventory in the Consolidated Balance Sheet, that were written down to fair value (millions):

	Carrying value before write down		Carrying value after write down
Fair value measurements made during the three months ended September 30,:
2014	$	46	$	-
2013		70		45
Fair value measurements made during the nine months ended September 30,:
2014	$	234	$	140
2013		105		49