XML 53 R38.htm IDEA: XBRL DOCUMENT v3.6.0.2
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
Fair Value Measurements
The following table provides the assets carried at fair value (in millions):
 
 

Fair Value Measurements Using:
 
Total Carrying
Value

Quoted Market
Prices in Active
Markets (Level 1)

Significant Other
Observable Inputs
(Level 2)

Significant
Unobservable Inputs
(Level 3)
As of December 31, 2016







Assets
 
 
 
 
 
 
 
Cash equivalents(1)
$
931


$
931


$
—


$
—

Forward contracts(2)
$
12

 
$
—

 
$
12

 
$
—

As of December 31, 2015
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
Cash equivalents(1)
$
905


$
905


$
—


$
—

Forward contracts(2)
$
4

 
$
—

 
$
4

 
$
—

Interest rate caps(3)
$
—


$
—


$
—


$
—

_________________________
(1)
The Company has short-term investments classified as cash equivalents as the original maturities are less than 90 days.
(2)
As of December 31, 2016 and 2015, the Company had 18 and 19 foreign currency forward contracts, respectively, with fair values based on recently reported market transactions of forward rates. Assets were included in prepaid expenses and other and liabilities were included in other accrued liabilities in the accompanying consolidated balance sheets. For the years ended December 31, 2016 and 2015, the Company recorded gains of $10 million and $4 million, respectively, related to the change in fair value of the forward contracts.
(3)
As of December 31, 2016, the Company had no interest rate cap agreements. As of December 31, 2015, the Company had one interest rate cap agreement with a nominal aggregate fair value based on recently reported market transactions of interest rates, which was recorded in prepaid expenses and other in the accompanying consolidated balance sheets.