Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

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,
	2022		2021
Quoted prices in active markets (Level 1):
Cash equivalents and money market funds (a)	$	878	$	38
Equity securities		34		25
Significant other observable inputs (Level 2):
Available-for-sale securities (b)		407		395
Significant unobservable inputs (Level 3):
Redeemable preferred stock (c)		56		49
Total Assets	$	1,375	$	507

(a)	The increase in 2022 is primarily due to proceeds from the $1.0 billion Term Loan executed in May 2022. See Note 3 for additional information.

(b)	Our available-for-sale securities primarily relate to debt securities with maturities over the next eight years.

(c)

Our investment, which is classified as an available-for-sale debt security, has 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.