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Fair Value Measurements and Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2014
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 March 31, 2014 and December 31, 2013 (in millions):
 
 
 
Fair Value Measurements Using
 
Balance at March 31, 2014
 
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)
$
2,086

 
$
2,061

 
$
25

 
$
—

Other investments:
 

 
 

 
 

 
 

Fixed maturity securities:
 

 
 

 
 

 
 

Corporate bonds
1

 
—

 
—

 
1

Government bonds
7

 
—

 
7

 
—

Equity securities
15

 
6

 
9

 
—

Derivatives:
 

 
 

 
 

 
 

Interest rate contracts
9

 
—

 
9

 
—

Foreign exchange contracts
73

 
—

 
73

 
—

Liabilities:
 

 
 

 
 

 
 

Derivatives:
 

 
 

 
 

 
 

Foreign exchange contracts
94

 
—

 
94

 
—

  ______________________________________________
(1) Includes $2,061 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, 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)
$
2,079

 
$
2,054

 
$
25

 
$
—

Other investments:
 

 
 

 
 

 
 

Fixed maturity securities:
 

 
 

 
 

 
 

Corporate bonds
2

 
—

 
—

 
2

Government bonds
7

 
—

 
7

 
—

Equity securities
13

 
6

 
7

 
—

Derivatives:
 

 
 

 
 

 
 

Interest rate contracts
9

 
—

 
9

 
—

Foreign exchange contracts
71

 
—

 
71

 
—

Liabilities:
 

 
 

 
 

 
 

Derivatives:
 

 
 

 
 

 
 

Foreign exchange contracts
93

 
—

 
93

 
—

  ______________________________________________
(1)  Includes $2,054 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 Long-term debt is classified as Level 2 of the fair value hierarchy. The following table discloses the Company’s financial instruments where the carrying amounts and fair values differ (in millions):
 
March 31, 2014
 
December 31, 2013
 
Carrying Value
 
Fair Value
 
Carrying Value
 
Fair Value
Long-term debt
$
3,669

 
$
3,966

 
$
3,686

 
$
3,894