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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
Fair Value of Financial Assets and Liabilities Measured on Recurring Basis

The following table summarizes the fair value of the Company’s financial assets and liabilities that are measured on a recurring basis as of December 31, 2016 (in millions):

 

     Level 1   Level 2   Level 3   Total

Assets:

        

Trading securities

   $ 40      $      $      $ 40   

Derivatives

            12               12   
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

   $             40      $             12      $             —      $             52   
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

        

Derivatives

   $      $ 25      $      $ 25   

Contingent consideration

                   18        18   
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

   $      $ 25      $ 18      $ 43   
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following table summarizes the fair value of the Company’s financial assets and liabilities that are measured on a recurring basis as of December 31, 2015 (in millions):

 

     Level 1   Level 2   Level 3   Total

Liabilities:

        

Derivatives

   $      $ 11      $      $ 11   

Contingent consideration

                   4        4   
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

   $             —      $             11      $               4      $             15   
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Changes in Level 3 Financial Assets and Liabilities Measured on Recurring Basis

The following table summarizes the changes in Level 3 financial assets and liabilities measured on a recurring basis for the year ended December 31 (in millions):

 

     Contingent Consideration –
Accrued Expenses
     2016   2015   2014

Balance as of January 1

   $ 4      $ 1      $ 13   

Business combinations

     19                 

Contingent consideration paid

     (4     (3     (3

Revaluations included in earnings and foreign currency translation adjustments

     (1     6        (9
  

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31

   $             18      $             4      $             1