Fair Value of Financial Assets and Liabilities (Tables)
 9 Months Ended
Sep. 30, 2016
Fair Value Disclosures [Abstract]  
Carrying Amounts and Fair Values of Financial Instruments

The carrying amounts, including fair value adjustments previously recognized in acquisition purchase accounting and a fair value adjustment related to the Company’s interest rate swap fair value hedge (which is classified as Level 2 in the fair value hierarchy), and fair values of the financial instruments were as follows:

 

Carrying

 

 

At Fair Value as of September 30, 2016

 

 

Amount

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Preferred stock with mandatory redemption requirements

$

12

 

 

$

—

 

 

$

—

 

 

$

18

 

 

$

18

 

Long-term debt (excluding capital lease obligations)

 

5,893

 

 

 

3,609

 

 

 

1,441

 

 

 

1,978

 

 

 

7,028

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carrying

 

 

At Fair Value as of December 31, 2015

 

 

Amount

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Preferred stock with mandatory redemption requirements

$

13

 

 

$

—

 

 

$

—

 

 

$

18

 

 

$

18

 

Long-term debt (excluding capital lease obligations)

 

5,914

 

 

 

3,397

 

 

 

1,419

 

 

 

1,941

 

 

 

6,757

 

 
Fair Value Measurements of Assets and Liabilities on Recurring Basis

Recurring Fair Value Measurements

The following table presents assets and liabilities measured and recorded at fair value on a recurring basis and their level in the fair value hierarchy:

 

 

At Fair Value as of September 30, 2016

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted funds

$

28

 

 

$

—

 

 

$

—

 

 

$

28

 

Rabbi trust investments

 

13

 

 

—

 

 

—

 

 

 

13

 

Deposits

 

4

 

 

—

 

 

—

 

 

 

4

 

Mark-to-market derivative asset

—

 

 

 

1

 

 

—

 

 

 

1

 

Other investments

 

4

 

 

—

 

 

—

 

 

 

4

 

Total assets

 

49

 

 

 

1

 

 

—

 

 

 

50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred compensation obligation

 

13

 

 

—

 

 

—

 

 

 

13

 

Mark-to-market derivative liabilities

—

 

 

 

26

 

 

—

 

 

 

26

 

Total liabilities

 

13

 

 

 

26

 

 

—

 

 

 

39

 

Total net assets (liabilities)

$

36

 

 

$

(25

)

 

$

—

 

 

$

11

 

 

 

At Fair Value as of December 31, 2015

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted funds

$

27

 

 

$

—

 

 

$

—

 

 

$

27

 

Rabbi trust investments

 

12

 

 

—

 

 

—

 

 

 

12

 

Deposits

 

1

 

 

—

 

 

—

 

 

 

1

 

Mark-to-market derivative asset

—

 

 

 

2

 

 

—

 

 

 

2

 

Other investments

 

4

 

 

—

 

 

—

 

 

 

4

 

Total assets

 

44

 

 

 

2

 

 

—

 

 

 

46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred compensation obligation

 

11

 

 

—

 

 

—

 

 

 

11

 

Mark-to-market derivative liability

—

 

 

 

1

 

 

—

 

 

 

1

 

Total liabilities

 

11

 

 

 

1

 

 

—

 

 

 

12

 

Total net assets

$

33

 

 

$

1

 

 

$

—

 

 

$

34