Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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,
	2023		2022
Quoted prices in active markets (Level 1):
Cash equivalents and money market funds	$	186	$	240
Equity securities		39		37
Significant other observable inputs (Level 2):
Available-for-sale securities (a)		451		360
Significant unobservable inputs (Level 3):
Redeemable preferred stock (b)		56		56
Total Assets	$	732	$	693

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

(b)

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.