Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2014

Aggregate Fair Values of Derivative Financial Instruments and Debt

The aggregate fair values of PMI’s derivative financial instruments, debt and contingent consideration as of September 30, 2014, were as follows:



(in millions)	Fair Value at September 30, 2014		Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Foreign exchange contracts	$	255	$	—	$	255	$	—
Total assets	$	255	$	—	$	255	$	—
Liabilities:
Debt	$	28,645	$	28,464	$	181	$	—
Foreign exchange contracts	126		—		126		—
Contingent consideration	23		—		—		23
Total liabilities	$	28,794	$	28,464	$	307	$	23

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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