Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value of Assets and Liabilities Measured on Recurring Basis

Our assets and liabilities that are measured at fair value on a recurring basis include the following (in millions):


			Fair Value Measurements at September 30, 2015 Using
	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)(a)
Assets:
Money market funds	$	43	$	43	$	—	$	—
Fixed-income securities		37		—		37		—
Redeemable preferred stock		47		—		—		47
Foreign currency derivatives		73		—		73		—

Total assets	$	200	$	43	$	110	$	47

Liabilities:
Foreign currency derivatives	$	1	$	—	$	1	$	—

Total liabilities	$	1	$	—	$	1	$	—


			Fair Value Measurements at December 31, 2014 Using
	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)(a)
Assets:
Money market funds	$	1,335	$	1,335	$	—	$	—
Fixed-income securities		38		—		38		—
Redeemable preferred stock		44		—		—		44
Foreign currency derivatives		28		—		28		—

Total assets	$	1,445	$	1,335	$	66	$	44

(a)

Level 3 investments have been measured based on third-party investors’ recent or pending transactions in these securities, which are considered the best evidence of fair value currently available. When this evidence is not available, we use other valuation techniques as appropriate and available. These valuation methodologies may include transactions in similar instruments, discounted cash flow analysis, third-party appraisals or industry multiples and public comparables. There has not been any significant change in the fair value of the redeemable preferred stock since our assessment at December 31, 2014.