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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2017
Fair Value Disclosures [Abstract]  
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 as of
June 30, 2017 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

    $ 37      $ 37      $ —      $ —  

Available-for-sale securities

      52        —        52        —  

Fixed-income securities

      41        —        41        —  

Redeemable preferred stock

      54        —        —        54  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total assets

    $ 184      $ 37      $ 93      $ 54  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

            Fair Value Measurements as of
December 31, 2016 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

    $ 35      $ 35      $ —      $ —  

Available-for-sale securities

      46        —        46        —  

Fixed-income securities

      39        —        39        —  

Redeemable preferred stock

      54        —        —        54  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total assets

    $ 174      $ 35      $ 85      $ 54  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)

When available, 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. 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 as of December 31, 2016.