Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

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):


			Fair Value Measurements at March 31, 2016 Using
	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)(a)
Assets:
Money market funds	$	34	$	34	$	—	$	—
Available-for-sale securities		44		—		44		—
Fixed-income securities		41		—		41		—
Redeemable preferred stock		48		—		—		48

Total assets	$	167	$	34	$	85	$	48


			Fair Value Measurements at December 31, 2015 Using
	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)(a)
Assets:
Money market funds	$	35	$	35	$	—	$	—
Available-for-sale securities		43		—		43		—
Fixed-income securities		40		—		40		—
Foreign currency derivatives(b)		78		—		78		—
Redeemable preferred stock		47		—		—		47

Total assets	$	243	$	35	$	161	$	47

(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 at December 31, 2015.

(b)	In March 2016, we terminated our foreign currency derivatives. Refer to Note 4 for additional information.