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Financial Instruments
 12 Months Ended
Dec. 31, 2016
Financial Instruments [Abstract]  
Financial Instruments
13. Financial Instruments
 
At December 31, 2016 and 2015, the Company’s financial instruments consisted primarily of cash and cash equivalents, billed receivables, trade accounts payable, Senior Notes, 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, 2016
December 31, 2015
Carrying
Amount
Estimated
Fair Value
Carrying
Amount
Estimated
Fair Value
(in millions)
Senior Notes(1)
$
3,325
 
$
3,526
 
$
3,626
 
$
3,754
 
Foreign currency forward contracts(2)
$
6
 
$
6
 
$
(14
)
$
(14
)
 
 
 
(1)
The Company measures the fair value of its Senior Notes 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 14 for additional disclosures regarding the notional amounts and fair values of foreign currency forward contracts.