Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2017

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
			September 30, 2017 Using
			Quoted		Significant
			Prices in		Other		Significant
			Active		Observable		Unobservable
			Markets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)(a)
Assets:
Money market funds	$	16	$	16	$	—	$	—
Available-for-sale securities		54		—		54		—
Fixed-income securities		46		—		46		—
Redeemable preferred stock		55		—		—		55
Total assets	$	171	$	16	$	100	$	55


			Fair Value Measurements as of
			December 31, 2016 Using
			Quoted		Significant
			Prices in		Other		Significant
			Active		Observable		Unobservable
			Markets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(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

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.