Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2013

Defined Benefit Plan Disclosure [Line Items]

The fair values of the Company’s financial assets and liabilities by level in the fair value hierarchy as of December 31, 2013 and 2012 were as follows:



December 31, 2013	Level 1		Level 2		Total
Assets:
Foreign exchange derivative contracts	$	—	$	4	$	4
Available-for-sale securities:
Government, agency, and government-sponsored enterprise obligations	—		15		15
Corporate bonds	—		9		9
Mutual funds	—		11		11
Common stock and equivalents	2		—		2
Liabilities:
Foreign exchange derivative contracts	$	—	$	2	$	2
Interest agreement derivative contracts	—		3		3



December 31, 2012	Level 1		Level 2		Total
Assets:
Sigma Fund securities:
Government, agency, and government-sponsored enterprise obligations	$	—	$	1,984	$	1,984
Foreign exchange derivative contracts	—		3		3
Available-for-sale securities:
Government, agency, and government-sponsored enterprise obligations	—		15		15
Corporate bonds	—		13		13
Mortgage-backed securities	—		2		2
Common stock and equivalents	3		7		10
Liabilities:
Foreign exchange derivative contracts	$	—	$	3	$	3
Interest agreement derivative contracts	—		4		4

Changes In Fair Value Of Level 3 Assets

The following table summarizes the changes in fair value of the Level 3 assets:



	2013
Balance at January 1	$	—
Transfers from Level 2	14
Transfers to Level 2	(2		)
Loss on assets held	(2		)
Payments received for securities sold	(4		)
Purchases	21
Other	(1		)
Balance at December 31	$	26

Pension And Postretirement Health Care Plan Assets

Postretirement Health Care Benefits Plan



December 31, 2013	Level 1		Level 2		Total
Common stock and equivalents	$	38	$	—	$	38
Commingled equity funds	—		55		55
Government, agency, and government-sponsored enterprise obligations	—		6		6
Other government bonds	—		1		1
Corporate bonds	—		9		9
Commingled bond funds	—		49		49
Commingled short-term investment funds	—		3		3
Fair value plan assets	$	38	$	123	$	161

The table above includes securities on loan as part of a securities lending arrangement of $3 million of common stock and equivalents, $5 million of government, agency, and government-sponsored enterprise obligations, and $1 million of corporate bonds. All securities on loan are fully cash collateralized.



December 31, 2012	Level 1		Level 2		Total
Common stock and equivalents	$	44	$	—	$	44
Commingled equity funds	—		56		56
Government, agency, and government-sponsored enterprise obligations	—		9		9
Corporate bonds	—		9		9
Mortgage-backed bonds	—		1		1
Commingled bond funds	—		30		30
Commingled short-term investment funds	—		6		6
Fair value plan assets	$	44	$	111	$	155

U.S. Pension Benefit Plans

Defined Benefit Plan Disclosure [Line Items]

Pension And Postretirement Health Care Plan Assets

The fair values of the various pension and postretirement health care benefits plans’ assets by level in the fair value hierarchy as of December 31, 2013 and 2012 were as follows:

U.S. Pension Benefit Plans



December 31, 2013	Level 1		Level 2		Total
Common stock and equivalents	$	1,424	$	—	$	1,424
Commingled equity funds	—		2,045		2,045
Preferred stock	6		—		6
Government, agency and government-sponsored enterprise obligations	—		238		238
Other government bonds	—		42		42
Corporate bonds	—		336		336
Mortgage-backed bonds	—		15		15
Commingled bond funds	—		1,862		1,862
Commingled short-term investment funds	—		96		96
Total investment securities	$	1,430	$	4,634	$	6,064
Accrued income receivable					7
Fair value plan assets					$	6,071

The table above includes securities on loan as part of a securities lending arrangement of $125 million of common stock and equivalents, $199 million of government, agency, and government-sponsored enterprise obligations, and $19 million of corporate bonds. All securities on loan are fully cash collateralized.



December 31, 2012	Level 1		Level 2		Total
Common stock and equivalents	$	1,592	$	3	$	1,595
Commingled equity funds	—		1,965		1,965
Preferred stock	9		—		9
Government, agency, and government-sponsored enterprise obligations	—		317		317
Other government bonds	—		49		49
Corporate bonds	—		327		327
Mortgage-backed bonds	—		14		14
Commingled bond funds	—		1,082		1,082
Commingled short-term investment funds	—		58		58
Invested cash	—		—		—
Total investment securities	$	1,601	$	3,815	$	5,416
Accrued income receivable					10
Fair value plan assets					$	5,426

Non-U.S. Plans

Defined Benefit Plan Disclosure [Line Items]

Pension And Postretirement Health Care Plan Assets

Non-U.S. Pension Benefit Plans



December 31, 2013	Level 1		Level 2		Level 3		Total
Common stock and equivalents	$	208	$	—	$	—	$	208
Commingled equity funds	—		558		—		558
Government, agency, and government-sponsored enterprise obligations	—		21		3		24
Corporate bonds	—		308		23		331
Commingled bond funds	—		361		—		361
Commingled short-term investment funds	—		11		—		11
Total investment securities	$	208	$	1,259	$	26	$	1,493
Accrued income receivable							61
Insurance contracts*							14
Fair value plan assets							$	1,568

* Comprised of annuity contracts issued by life insurance companies for one of the Company's non-U.S. pension plans

The table above includes securities on loan as part of a securities lending arrangement of $8 million of common stock and equivalents and $13 million of corporate bonds. All securities on loan are fully collateralized.

The following table summarizes the changes in fair value of the Level 3 assets:



	2013
Balance at January 1	$	—
Transfers from Level 2	14
Transfers to Level 2	(2		)
Loss on assets held	(2		)
Payments received for securities sold	(4		)
Purchases	21
Other	(1		)
Balance at December 31	$	26

The fair values of the Company’s financial assets and liabilities by level in the fair value hierarchy as of December 31, 2012 were as follows:



December 31, 2012	Level 1		Level 2		Total
Common stock and equivalents	$	346	$	—	$	346
Commingled equity funds	—		434		434
Corporate bonds	—		18		18
Government, agency, and government-sponsored enterprise obligations	—		233		233
Commingled bond funds	—		257		257
Commingled short-term investment funds	—		7		7
Total investment securities	$	346	$	949	$	1,295
Cash					8
Accrued income receivable					—
Insurance contracts*					59
Fair value plan assets					$	1,362

* Comprised of annuity contracts issued by life insurance companies for one of the Company's non-U.S. pension plans

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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