Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2018

Fair Value Measurements

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 Using
			Quoted		Significant
			Prices in		Other		Significant
			Active		Observable		Unobservable
			Markets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)(a)
March 31, 2018
Assets:
Money market funds	$	125	$	125	$	—	$	—
Available-for-sale securities		49		—		49		—
Fixed-income securities		47		—		47		—
Redeemable preferred stock		56		—		—		56
Total assets	$	277	$	125	$	96	$	56
December 31, 2017
Assets:
Money market funds	$	225	$	225	$	—	$	—
Available-for-sale securities		49		—		49		—
Fixed-income securities		47		—		47		—
Redeemable preferred stock		55		—		—		55
Total assets	$	376	$	225	$	96	$	55

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 techniques, 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, 2017.