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Fair Value Measurements | 3 Months Ended
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Mar. 31, 2018
Fair Value Measurements |
Fair Value Measurements | 12. Fair Value Measurements Assets and Liabilities Accounted for at Fair Value Our assets and liabilities that are measured at fair value on a recurring basis include the following (in millions):
|  |  |  |  | Fair Value Measurements Using
|  |  |  |  | Quoted |  | Significant |  |  |
|  |  |  |  | Prices in |  | Other |  | Significant
|  |  |  |  | Active |  | Observable |  | Unobservable
|  |  |  |  | Markets |  | Inputs |  | Inputs
|  | Total |  | (Level 1) |  | (Level 2) |  | (Level 3)(a)
March 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 125 |  | $ | 125 |  | $ | — |  | $ | —
Available-for-sale securities |  |  | 49 |  |  | — |  |  | 49 |  |  | —
Fixed-income securities |  |  | 47 |  |  | — |  |  | 47 |  |  | —
Redeemable preferred stock |  |  | 56 |  |  | — |  |  | — |  |  | 56
Total assets |  | $ | 277 |  | $ | 125 |  | $ | 96 |  | $ | 56
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 225 |  | $ | 225 |  | $ | — |  | $ | —
Available-for-sale securities |  |  | 49 |  |  | — |  |  | 49 |  |  | —
Fixed-income securities |  |  | 47 |  |  | — |  |  | 47 |  |  | —
Redeemable preferred stock |  |  | 55 |  |  | — |  |  | — |  |  | 55
Total assets |  | $ | 376 |  | $ | 225 |  | $ | 96 |  | $ | 55
| (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.
Fair Value of Debt As of March 31, 2018 and December 31, 2017, the carrying value of our debt was $10.0 billion and $9.5 billion, respectively. The estimated fair value of our debt was approximately $10.1 billion and $9.9 billion as of March 31, 2018 and December 31, 2017, respectively. Although we have determined the estimated fair value amounts using available market information and commonly accepted valuation methodologies, considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, our estimates are not necessarily indicative of the amounts that we, or holders of the instruments, could realize in a current market exchange. The use of different assumptions or estimation methodologies could have a material effect on the estimated fair values. The fair value estimates are based on Level 2 inputs of the fair value hierarchy available as of March 31, 2018 and December 31, 2017. These amounts have not been revalued since those dates, and current estimates of fair value could differ significantly from the amounts presented.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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