Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

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):


	June 30,		December 31,
	2020		2019
Fair Value Measurements Using:
Quoted prices in active markets (Level 1):
Cash equivalents and money market funds	$	2,616	$	3,527
Significant other observable inputs (Level 2):
Available-for-sale securities (a)		397		350
Significant unobservable inputs (Level 3):
Redeemable preferred stock (b)		49		49
Total Assets	$	3,062	$	3,926

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