Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2016

Fair Value, Assets And Liabilities Measured On Recurring Basis

The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs and Level 3 includes fair values estimated using significant unobservable inputs. The following table presents our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy.



	June 30, 2016								December 31, 2015
	Total			Level 1		Level 2			Total			Level 1		Level 2
Assets
Money market funds		$2,817			$2,817					$4,504			$4,504
Available-for-sale investments:
Commercial paper	199						$199		87						$87
Corporate notes	210					210			79					79
U.S. government agencies	88					88			83					83
Other	47			47					20			20
Derivatives	27					27			15					15
Total assets		$3,388			$2,864		$524			$4,788			$4,524		$264
Liabilities
Derivatives		($182	)				($182	)		($305	)				($305	)
Total liabilities		($182	)				($182	)		($305	)				($305	)

Fair Value, Assets Measured On Nonrecurring Basis Using Unobservable Inputs

Certain assets have been measured at fair value on a nonrecurring basis using significant unobservable inputs (Level 3). The following table presents the nonrecurring losses recognized for the six months ended June 30 due to long-lived asset impairment and the fair value and asset classification of the related assets as of the impairment date:



	2016					2015
	Fair Value		Total Losses			Fair Value		Total Losses
Operating lease equipment		$59		($25	)		$84		($67	)
Property, plant and equipment			(4		)	8		(5		)
Acquired intangible assets	12		(10		)
Total		$71		($39	)		$92		($72	)

Fair Value, Assets Measured On Nonrecurring Basis, Valuation Techniques

For Level 3 assets that were measured at fair value on a nonrecurring basis during the six months ended June 30, 2016, the following table presents the fair value of those assets as of the measurement date, valuation techniques and related unobservable inputs of those assets.



	Fair Value	Valuation Technique(s)	Unobservable Input	Range Median or Average
Operating lease equipment	$59	Market approach	Aircraft value publications	$92 - $167¹⁾ Median $136
Operating lease equipment	$59	Market approach	Aircraft condition adjustments	($78) - $1⁽²⁾ Net ($77)


⁽¹⁾	The range represents the sum of the highest and lowest values for all aircraft subject to fair value measurement, according to the third party aircraft valuation publications that we use in our valuation process.


⁽²⁾	The negative amount represents the sum for all aircraft subject to fair value measurement, of all downward adjustments based on consideration of individual aircraft attributes and condition. The positive amount represents the sum of all such upward adjustments.

Fair Values And Related Carrying Values Of Financial Instruments

The fair values and related carrying values of financial instruments that are not required to be remeasured at fair value on the Condensed Consolidated Statements of Financial Position were as follows:



	June 30, 2016
	Carrying Amount			Total Fair Value			Level 1	Level 2			Level 3
Assets
Accounts receivable, net		$9,809			$9,880				$9,880
Notes receivable, net	306			323				323
Liabilities
Debt, excluding capital lease obligations	(10,874		)	(12,903		)		(12,767		)	(136	)



	December 31, 2015
	Carrying Amount			Total Fair Value			Level 1	Level 2			Level 3
Assets
Accounts receivable, net		$8,713			$8,705				$8,705
Notes receivable, net	255			273				273
Liabilities
Debt, excluding capital lease obligations	(9,814		)	(11,292		)		(11,123		)	(169	)