Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.21.2
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 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 June 30, 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 $ 11,018  $ —  $ —  $ 11,018 
Investments:        
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$ 136  $ —  $ —  $ 136 
Corporate securities —  7,387  —  7,387 
Municipal securities —  3,023  —  3,023 
Short-term time deposits —  82  —  82 
Asset-backed securities —  1,184  —  1,184 
Residential mortgage-backed securities —  996  —  996 
Commercial mortgage-backed securities —  826  —  826 
Equity securities 315  —  317 
Total investments $ 451  $ 13,500  $ —  $ 13,951 
Restricted deposits:        
Cash and cash equivalents $ 177  $ —  $ —  $ 177 
Certificates of deposit —  — 
Corporate securities —  30  —  30 
Municipal securities
—  432  —  432 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
469  —  —  469 
Total restricted deposits $ 646  $ 466  $ —  $ 1,112 
Total assets at fair value $ 12,115  $ 13,966  $ —  $ 26,081 
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