Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.21.2
Fair Value Measurements (Tables)
9 Months Ended
Sep. 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 September 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 $ 13,423  $ —  $ —  $ 13,423 
Investments:        
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$ 216  $ —  $ —  $ 216 
Corporate securities —  7,796  —  7,796 
Municipal securities —  3,042  —  3,042 
Short-term time deposits —  78  —  78 
Asset-backed securities —  1,148  —  1,148 
Residential mortgage-backed securities —  911  —  911 
Commercial mortgage-backed securities —  830  —  830 
Equity securities 315  —  317 
Total investments $ 531  $ 13,807  $ —  $ 14,338 
Restricted deposits:        
Cash and cash equivalents $ 211  $ —  $ —  $ 211 
Certificates of deposit —  — 
Corporate securities —  31  —  31 
Municipal securities
—  428  —  428 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
440  —  —  440 
Total restricted deposits $ 651  $ 463  $ —  $ 1,114 
Other current assets:
Foreign currency swap agreement $ —  $ 18  $ —  $ 18 
Total assets at fair value $ 14,605  $ 14,288  $ —  $ 28,893 
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