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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2018
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Inputs, Assets, Quantitative Information
Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities carried at fair value are classified in the following three categories:
Level 1
Quoted prices for identical instruments in active markets.
Level 2
Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.
Level 3
Valuations derived from techniques in which one or more significant inputs are unobservable.
Schedule of Fair Value Inputs, Liabilities, Quantitative Information
Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities carried at fair value are classified in the following three categories:
Level 1
Quoted prices for identical instruments in active markets.
Level 2
Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.
Level 3
Valuations derived from techniques in which one or more significant inputs are unobservable.
Schedule of Assets and Liabilities Measured on Recurring Basis
The tables below present assets and liabilities measured at fair value on a recurring basis (in millions).
 
 
 
 
March 31, 2018
Category
 
Balance Sheet Location
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets
 
 
 
 
 
 
 
 
 
 
Trading securities:
 
 
 
 
 
 
 
 
 
 
Money market funds
 
Cash and cash equivalents
 
$
39

 
$

 
$

 
$
39

Mutual funds
 
Prepaid expenses and other current assets
 
237

 

 

 
237

AFS securities:

 
 
 
 
 
 
 
 
 
 
Common stock
 
Other noncurrent assets
 
126

 

 

 
126

Derivatives:
 
 
 
 
 
 
 
 
 
 
  Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
Foreign exchange
 
Prepaid expenses and other current assets
 

 
8

 

 
8

No hedging designation:(a)

 
 
 
 
 
 
 
 
 
 
Equity (Lionsgate Collar)
 
Other noncurrent assets
 

 
23

 

 
23

Total
 
 
 
$
402

 
$
31

 
$

 
$
433

Liabilities
 
 
 
 
 
 
 
 
 
 
Deferred compensation plan
 
Accrued liabilities
 
$
245

 
$

 
$

 
$
245

Derivatives:
 
 
 
 
 
 
 
 
 
 
  Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
Foreign exchange
 
Accrued liabilities
 

 
20

 

 
20

  Net investment hedges:
 
 
 
 
 
 
 
 
 
 
Cross-currency swaps
 
Accrued liabilities
 

 
19

 

 
19

Cross-currency swaps
 
Other noncurrent liabilities
 

 
145

 

 
145

No hedging designation:
 
 
 
 
 
 
 
 
 


Cross-currency swaps
 
Accrued liabilities
 

 
1

 

 
1

Cross-currency swaps
 
Other noncurrent liabilities
 

 
7

 

 
7

Total
 
 
 
$
245

 
$
192

 
$

 
$
437


 
 
 
 
December 31, 2017
Category
 
Balance Sheet Location
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets
 
 
 
 
 
 
 
 
 
 
Cash equivalents:
 
 
 
 
 
 
 
 
 
 
Time deposits
 
Cash and cash equivalents

 
$

 
$
1,305

 
$

 
$
1,305

Trading securities:
 
 
 
 
 
 
 
 
 
 
Money market funds
 
Cash and cash equivalents
 
2,707

 

 

 
2,707

Mutual funds
 
Prepaid expenses and other current assets
 
182

 

 

 
182

Equity investments with readily determinable fair value:(a)
 
 
 
 
 
 
 
 
 
 
Common stock
 
Other noncurrent assets
 
82

 

 

 
82

Common stock - pledged
 
Other noncurrent assets
 
82

 

 

 
82

Derivatives:
 
 
 
 
 
 
 
 
 
 
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
Foreign exchange
 
Prepaid expenses and other current assets
 

 
7

 

 
7

Net investment hedges:
 
 
 
 
 
 
 
 
 
 
Cross-currency swaps
 
Other noncurrent assets
 

 
3

 

 
3

Foreign exchange
 
Prepaid expenses and other current assets
 

 
2

 

 
2

Fair value hedges:(a)
 
 
 
 
 
 
 
 
 
 
Equity (Lionsgate Collar)
 
Other noncurrent assets
 

 
13

 

 
13

Total
 
 
 
$
3,053

 
$
1,330

 
$

 
$
4,383

Liabilities
 
 
 
 
 
 
 
 
 
 
Deferred compensation plan
 
Accrued liabilities
 
$
182

 
$

 
$

 
$
182

Derivatives:
 
 
 
 
 
 
 
 
 
 
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
Foreign exchange
 
Accrued liabilities
 

 
12

 

 
12

Net investment hedges:
 
 
 
 
 
 
 
 
 
 
Cross-currency swaps
 
Accrued liabilities
 

 
13

 

 
13

Cross-currency swaps
 
Other noncurrent liabilities
 

 
98

 

 
98

Foreign exchange

 
Accrued liabilities
 

 
8

 

 
8

No hedging designation:
 
 
 
 
 
 
 
 
 
 
Credit contracts
 
Other noncurrent liabilities

 

 
1

 

 
1

Cross-currency swaps
 
Other noncurrent liabilities

 

 
6

 

 
6

Total
 
 
 
$
182

 
$
138

 
$

 
$
320


(a) Prior to January 1, 2018, and the adoption of ASU 2016-01, the Company applied hedge accounting to the Lionsgate Collar. (See Note 1 and Note 7.)