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Financial Instruments
 12 Months Ended
Dec. 31, 2014
Investments, All Other Investments [Abstract]  
Financial Instruments

14. Financial Instruments

At December 31, 2014 and 2013, the Company’s financial instruments consisted primarily of cash and cash equivalents, billed receivables, trade accounts payable, Senior Notes, CODES and foreign currency forward contracts. The carrying amounts of cash and cash equivalents, billed receivables and trade accounts payable are representative of their respective fair values because of the short-term maturities or expected settlement dates of these instruments. The carrying amounts and estimated fair values of the Company’s other financial instruments are presented in the table below.

 

     December 31, 2014      December 31, 2013  
     Carrying
      Amount      		      Estimated
      Fair Value      		      Carrying
      Amount      		      Estimated
      Fair Value      		  
     (in millions)  

Senior Notes(1)

     $         3,939         $         4,178         $         2,941         $         3,121  

CODES(1)

     $ —         $ —         $ 689         $ 830  

Foreign currency forward contracts(2)

     $ (6)         $ (6)         $ 1         $ 1  

 

  (1) 

The Company measures the fair value of its Senior Notes and its CODES prior to their redemption using Level 2 inputs based primarily on current market yields for its existing debt traded in the secondary market.
  (2) 

The Company measures the fair values of foreign currency forward contracts based on forward exchange rates. See Note 15 for additional disclosures regarding the notional amounts and fair values of foreign currency forward contracts.