Fair Value and Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities that are measured at fair value on a recurring basis

The following tables present the categorization of the Company’s assets and liabilities that are measured at fair value on a recurring basis at September 30, 2013 and December 31, 2012 (in millions):

			Fair Value Measurements Using
	Balance at September 30, 2013		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)	$	2,098	$	2,073	$	25	$	—
Other investments:
Fixed maturity securities:
Corporate bonds	2		—		—		2
Government bonds	7		—		7		—
Equity securities	9		5		4		—
Derivatives:
Interest rate contracts	8		—		8		—
Foreign exchange contracts	57		—		57		—
Liabilities:
Derivatives:
Foreign exchange contracts	113		—		113		—

  ______________________________________________

(1) Includes $2,073 million of money market funds and $25 million of highly liquid debt securities that are classified as Fiduciary assets, Short-term investments or Cash and cash equivalents in the Condensed Consolidated Statements of Financial Position, depending on their nature and initial maturity.  See Note 8 “Investments” for additional information regarding the Company’s investments.

			Fair Value Measurements Using
	Balance at December 31, 2012		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)	$	2,133	$	2,108	$	25	$	—
Other investments:
Fixed maturity securities:
Corporate bonds	12		—		—		12
Government Bonds	8		—		8		—
Equity securities	5		5		—		—
Derivatives:
Interest rate contracts	17		—		17		—
Foreign exchange contracts	193		—		193		—
Liabilities:
Derivatives:
Foreign exchange contracts	251		—		251		—

  ______________________________________________

(1)  Includes $2,108 million of money market funds and $25 million of highly liquid debt securities that are classified as Fiduciary assets, Short-term investments or Cash and cash equivalents in the Condensed Consolidated Statements of Financial Position, depending on their nature and initial maturity.  See Note 8 “Investments” for additional information regarding the Company’s investments.

Schedule of financial instruments where the carrying amounts and fair values differ

The fair value of all long-term debt instruments is classified as Level 2. The following table discloses the Company’s financial instruments where the carrying amounts and fair values differ (in millions):

	September 30, 2013				December 31, 2012
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt	$	3,352	$	3,583	$	3,713	$	4,162