Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2017

The following table provides the assets and liabilities carried at fair value:



			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)
	(In millions)
As of June 30, 2017
Assets
Cash equivalents⁽¹⁾	$	1,357	$	1,357	$	—	$	—
Liabilities
Forward contracts⁽²⁾	$	4	$	—	$	4	$	—
As of December 31, 2016
Assets
Cash equivalents⁽¹⁾	$	931	$	931	$	—	$	—
Forward contracts⁽²⁾	$	12	$	—	$	12	$	—

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(1)	The Company has short-term investments classified as cash equivalents as the original maturities are less than 90 days.

(2)

As of June 30, 2017 and December 31, 2016, the Company had 15 and 18 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 condensed consolidated balance sheets. During the three and six months ended June 30, 2017 and the three and six months ended June 30, 2016, the Company recorded in other expense a $1 million loss, $16 million loss, $8 million gain and $28 million loss, respectively, related to the change in fair value of the forward contracts.