Fair Value Disclosures (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Measurements, Recurring Basis

The following table presents fair values for those assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which the measurements fall.



		Fair Value
	Level	2018		2017		Consolidated Balance Sheet
Interest Rate Swaps - Asset	2	$	21	$	9	Prepaid expenses and other current assets
Interest Rate Swaps - Asset	2	29		40		Other assets
Interest Rate Swaps - Liability	2	23		—		Accounts payable and other current liabilities
Foreign Currency Contracts - Asset	2	5		5		Prepaid expenses and other current assets
Foreign Currency Contracts - Liability	2	24		46		Other Liabilities and deferred credits
Investment in Grubhub Common Stock	1	214		—		Other assets
Other Investments	1	27		29		Other assets

Fair Value Measurements and Total Losses, Non-Recurring Basis

During the years ended December 31, 2018 and December 31, 2017, we recognized non-recurring fair value measurements of $1 million and $2 million, respectively, related to restaurant-level impairment. Restaurant-level impairment charges are recorded in Other (income) expense and resulted primarily from our semi-annual impairment evaluation of long-lived assets of individual restaurants that were being operated at the time of impairment and had not been offered for refranchising. The fair value measurements used in these impairment evaluations were based on discounted cash flow estimates using unobservable inputs (Level 3). These amounts exclude fair value measurements made for assets that were subsequently disposed of prior to those respective year end dates. The remaining net book value of restaurant assets measured at fair value during the years ended December 31, 2018 and December 31, 2017 is insignificant.