Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value of Assets and Liabilities Measured on Recurring Basis

As of March 31, 2020, we had one liability measured on a recurring basis related to an interest rate derivative with a fair value of less than $1 million, utilizing a combination of Level 2 and Level 3 inputs. See Note 3 for further discussion. We had no liabilities measured on a recurring basis as of December 31, 2019. Our assets that are measured at fair value on a recurring basis include the following (in millions):


	March 31,		December 31,
	2020		2019
Fair Value Measurements Using:
Quoted prices in active markets (Level 1):
Cash equivalents and money market funds	$	3,117	$	3,527
Significant other observable inputs (Level 2):
Available-for-sale securities (a)		390		350
Significant unobservable inputs (Level 3):
Redeemable preferred stock (b)		49		49
Total Assets	$	3,556	$	3,926

(a)	Our available-for-sale securities generally mature over the next ten years.

(b)

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.