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Fair Value Measurements and Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2011
Fair Value Measurements and Financial Instruments  
Schedule of assets and liabilities that are measured at fair value on a recurring basis

 

 

 
   
  Fair Value Measurements Using  
 
  Balance at
December 31, 2011

  Quoted Prices in
Active Markets
for Identical
Assets (Level 1)

  Significant
Other
Observable
Inputs (Level 2)

  Significant
Unobservable
Inputs
(Level 3)

 
   

Assets:

                         

Money market funds and highly liquid debt securities (1)

  $ 2,428   $ 2,403   $ 25   $ —  

Other investments

                         

Fixed maturity securities

                         

Corporate bonds

    12     —     —     12  

Government bonds

    3     —     3     —  

Derivatives

                         

Interest rate contracts

    16     —     16     —  

Foreign exchange contracts

    141     —     141     —  

Liabilities:

                         

Derivatives

                         

Foreign exchange contracts

    189     —     189     —  
   
(1)
Includes $2,403 million of money market funds and $25 million of highly liquid debt securities that are classified as fiduciary assets, short-term investments or cash equivalents in the Consolidated Statements of Financial Position, depending on their nature and initial maturity. See Note 7 "Investments" for additional information regarding the Company's investments.

 
   
  Fair Value Measurements Using  
 
  Balance at
December 31, 2010

  Quoted Prices in
Active Markets
for Identical
Assets (Level 1)

  Significant
Other
Observable
Inputs (Level 2)

  Significant
Unobservable
Inputs
(Level 3)

 
   

Assets:

                         

Money market funds and highly liquid debt securities (1)

  $ 2,618   $ 2,591   $ 27   $ —  

Other investments

                         

Fixed maturity securities

                         

Corporate bonds

    12     —     —     12  

Government bonds

    3     —     3     —  

Derivatives

                         

Interest rate contracts

    15     —     15     —  

Foreign exchange contracts

    159     —     159     —  

Liabilities:

                         

Derivatives

                         

Foreign exchange contracts

    158     —     158     —  
   
(1)
Includes $2,591 million of money market funds and $27 million of highly liquid debt securities that are classified as fiduciary assets, short-term investments or cash equivalents in the Consolidated Statements of Financial Position, depending on their nature and initial maturity. See Note 7 "Investments" for additional information regarding the Company's investments.
Schedule of changes in the Level 3 fair-value category

 

 

 
  Fair Value Measurements Using Level 3 Inputs  
 
  Other
Investments

  Guarantees
 
   

Balance at January 1, 2010

    100     (4 )

Total gains (losses):

             

Included in earnings

    —     4  

Included in other comprehensive income

    —     —  

Purchases and sales

    (1 )   —  

Transfers (1)

    (87     —  
   

Balance at December 31, 2010

  $ 12   $ —  
   

Total gains (losses):

             

Included in earnings

    —     —  

Included in other comprehensive income

    —     —  

Purchases

    —     —  

Sales

    —     —  

Transfers (1)

    —     —  
   

Balance at December 31, 2011

  $ 12   $ —  
   
(1)
Transfers represent the removal of the investment in PEPS I preferred stock as a result of consolidating PEPS I on January 1, 2010.
Schedule of financial instruments where the carrying amounts and fair values differ

 

 

As of December 31
  2011
  2010
 
   
 
  Carrying
Value

  Fair
Value

  Carrying
Value

  Fair
Value

 
   

Long-term debt

  $ 4,155   $ 4,494   $ 4,014   $ 4,172