Fair Value Measurements at December 31, 2013 U.S. Non-U.S. Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Significant Other Observable Inputs Significant Unobservable Inputs Asset Category Total (Level 1) (Level 2) (Level 3) (Level 2) (Level 3) Equity securities: U.S. all cap (a) $ 90 $ 90 $ — $ — $ — $ — U.S. large cap 72 72 EAFE composite 155 155 Emerging markets 76 76 Fixed income securities: U.S. core bonds (b) 203 203 Corporate bonds 494 494 U.S. Treasury strips 207 207 Non-U.S. government securities 11 11 Emerging market debt 81 81 Alternative investments: Hedge fund of funds (c) 83 83 Insurance contracts (d) 11 11 Real estate 48 48 Other (e) (28) (34) 6 Cash and cash equivalents 188 174 14 Total $ 1,691 $ 393 $ 1,125 $ 131 $ 31 $ 11 Notes: (a)  This category comprises a combination of small-, mid- and lar ge-cap equity stocks that are allocated at the investment manager's discretion. Investments  include common and preferred securities as well as equity funds that invest in these instruments. (b)  This category represents a combination of investment grade corporate bonds, sovereign bonds,  Yankee bonds, asset backed securities and U.S.  government bonds. Investments include fixed income funds that invest in these instruments. (c)  This category includes fund managers that invest in a well-diversified group of hedge funds where strategies include, but are not limited to, event driven,  relative value, long/short market neutral, multistrategy and global macro. Investments may be made directly or through pooled funds. (d)  This category comprises contracts placed with insurance companies where the underlying assets are invested in fixed interest securities. (e)  Other assets in the U.S. represent interest rate derivatives which had a market value of  $(3) at December 31, 2014 and $(34) at December 31, 2013. 2014 2013 U.S. Non-U.S. U.S. Non-U.S. Reconciliation of Level 3 Assets Hedge fund of funds Real Estate and Other Insurance contract Hedge fund of funds Real Estate and Other Insurance contract Fair value at beginning of period $ 83 $ 48 $ 11 $ 78 $ 46 $ 9 Unrealized gains (losses) relating to: Assets sold during the period Assets still held at the reporting date 4 5 8 4 2 Purchases, sales and settlements (3) (1) (3) (2) Fair value at end of period $ 87 $ 50 $ 10 $ 83 $ 48 $ 11 Equity securities  — The fair value of equity securities is determined by either direct or indirect quoted market prices.  When the  value of assets held in separate accounts is not published, the value is based on the value of the underlying holdings, which are  primarily direct quoted market prices on regulated financial exchanges. Valuation Methods 66