Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.21.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Assets and Liabilities, Based Upon Observable or Unobservable Inputs, Level Input Definitions
Assets and liabilities recorded at fair value in the Consolidated Balance Sheets are categorized based upon observable or unobservable inputs used to estimate fair value. Level inputs are as follows:
Level Input: Input Definition:
Level I Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date.
 
Level II Inputs other than quoted prices included in Level I that are observable for the asset or liability through corroboration with market data at the measurement date.
 
Level III Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date.
Fair Value Measurements by Level for Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table summarizes fair value measurements by level at March 31, 2021, for assets and liabilities measured at fair value on a recurring basis ($ in millions):
  Level I Level II Level III Total
Assets        
Cash and cash equivalents $ 9,627  $ —  $ —  $ 9,627 
Investments:        
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$ 145  $ —  $ —  $ 145 
Corporate securities —  7,035  —  7,035 
Municipal securities —  3,172  —  3,172 
Short-term time deposits —  82  —  82 
Asset-backed securities —  1,207  —  1,207 
Residential mortgage-backed securities —  1,078  —  1,078 
Commercial mortgage-backed securities —  801  —  801 
Equity securities 317  —  319 
Total investments $ 462  $ 13,377  $ —  $ 13,839 
Restricted deposits:        
Cash and cash equivalents $ 677  $ —  $ —  $ 677 
Certificates of deposit —  — 
Corporate securities —  27  —  27 
Municipal securities
—  33  —  33 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
372  —  —  372 
Total restricted deposits $ 1,049  $ 64  $ —  $ 1,113 
Total assets at fair value $ 11,138  $ 13,441  $ —  $ 24,579 
The following table summarizes fair value measurements by level at December 31, 2020, for assets and liabilities measured at fair value on a recurring basis ($ in millions): 
  Level I Level II Level III Total
Assets        
Cash and cash equivalents $ 10,800  $ —  $ —  $ 10,800 
Investments:        
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$ 165  $ —  $ —  $ 165 
Corporate securities —  6,789  —  6,789 
Municipal securities —  3,070  —  3,070 
Short-term time deposits —  53  —  53 
Asset backed securities —  1,164  —  1,164 
Residential mortgage backed securities —  1,095  —  1,095 
Commercial mortgage backed securities —  773  —  773 
Equity securities 316  —  318 
Total investments $ 481  $ 12,946  $ —  $ 13,427 
Restricted deposits:        
Cash and cash equivalents $ 157  $ —  $ —  $ 157 
Certificates of deposit —  105  —  105 
Corporate securities —  25  —  25 
Municipal securities
—  27  —  27 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
746  —  —  746 
Total restricted deposits $ 903  $ 157  $ —  $ 1,060 
Total assets at fair value $ 12,184  $ 13,103  $ —  $ 25,287