Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2018

Fair Value of Assets and Liabilities Measured on Recurring Basis

Our assets and liabilities that are measured at fair value on a recurring basis include the following (in millions):


	June 30,		December 31,
	2018		2017
	(Unaudited)
Fair Value Measurements Using:
Quoted prices in active markets (Level 1):
Money market funds	$	109	$	225
		109		225

Significant other observable inputs (Level 2):
Available-for-sale securities		49		49
Fixed-income securities		46		47
		95		96

Significant unobservable inputs (Level 3):
Redeemable preferred stock (a)		55		55
		55		55

Total Assets	$	259	$	376

(a)

When available, Level 3 investments have been measured based on third-party investors’ recent or pending transactions in these securities, which are considered the best evidence of fair value. When this evidence is not available, we use other valuation techniques as appropriate and available. These valuation methodologies may include transactions in similar instruments, discounted cash flow techniques, third-party appraisals or industry multiples and public comparables. There has not been any significant change in the fair value of the redeemable preferred stock since our assessment as of December 31, 2017.