Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

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):


	March 31,		December 31,
	2019		2018
Fair Value Measurements Using:
Quoted prices in active markets (Level 1):
Money market funds	$	163	$	70
		163		70

Significant other observable inputs (Level 2):
Available-for-sale securities		258		288
		258		288

Significant unobservable inputs (Level 3):
Redeemable preferred stock (a)		46		66
		46		66

Total Assets	$	467	$	424

(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 the first quarter of 2019, we redeemed our preferred stock received in conjunction with the 2014 sale of our Puerto Rico operations for $17 million. At the time of redemption, the value of redeemable preferred stock was $20 million, resulting in a $3 million loss on investment.