Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2018

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):


	September 30,		December 31,
	2018		2017
Fair Value Measurements Using:
Quoted prices in active markets (Level 1):
Money market funds	$	82	$	225
		82		225

Significant other observable inputs (Level 2):
Available-for-sale securities		50		49
Fixed-income securities		45		47
		95		96

Significant unobservable inputs (Level 3):
Redeemable preferred stock (a)		66		55
		66		55

Total Assets	$	243	$	376

(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 techniques, third-party appraisals or industry multiples and public company comparable transactions. In September 2018, the fair value of our redeemable preferred stock increased $11 million based on a recent third-party investors’ transaction in these securities.