Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value of Financial Assets and Liabilities

The following tables detail the fair value of our financial assets and liabilities that are required to be measured at fair value on a recurring basis (in millions):

	Fair Value at Measurement Date Using
	Balance at December 31, 2016			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Fair Value Measurements on a Recurring Basis:
Assets
Foreign currency forward sale contracts⁽¹⁾	$	12		$	—	$	12		$	—

	Fair Value at Measurement Date Using
	Balance at December 31, 2015			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Fair Value Measurements on a Recurring Basis:
Assets
Foreign currency forward sale contracts⁽¹⁾	$	17		$	—	$	17		$	—
Liabilities
Interest rate swap derivatives ⁽¹⁾		(1	)		—		(1	)		—
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(1)

These derivative contracts have been designated as hedging instruments.

Foreign Currency Sale Contracts

The following table summarizes our foreign currency forward sale contracts (in millions):

Currently Outstanding						Change in Fair Value - All Contracts
	Total
	Transaction Amount in		Total Transaction			Gain (Loss)
Transaction Date	Foreign		Amount		Forward Purchase	Year ended December 31,
Range	Currency		in Dollars		Date Range	2016		2015
May 2014-January 2016	€	100	$	118	May 2017-January 2018	$	5	$	13
November 2016	C$	25	$	19	November 2018	$	—	$	3
November 2016	NZ$	45	$	32	February 2017	$	1	$	—

Draws on Credit Facility that are Designated as Net Investments in Foreign Operations

The following table summarizes the draws on our credit facility that are designated as hedges of net investments in international operations (in millions):

		Balance		Balance			Gain (Loss)
		Outstanding		Outstanding in			Year ended December 31,
Currency		US$		Foreign Currency			2016				2015
Canadian dollars ⁽¹⁾	$		34	C$	46	$		(1	)	$		5
Euros	$		81	€	77	$		3		$		10
Australian dollars	$		36	A$	50	$		2		$		—
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Fair Values of Certain Financial Assets and Liabilities and Other Financial Instruments

The fair value of certain financial liabilities is shown below (in millions):

	December 31, 2016				December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial liabilities
Senior notes (Level 1)	$	2,380	$	2,477	$	2,376	$	2,452
Credit facility (Level 2)		1,206		1,211		1,291		1,298
Mortgage debt and other, excluding capital leases (Level 2)		62		62		199		199