Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.22.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2022
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, 2022, 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 $ 11,237  $ —  $ —  $ 11,237 
Investments:        
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$ 154  $ —  $ —  $ 154 
Corporate securities —  8,380  —  8,380 
Municipal securities —  2,959  —  2,959 
Short-term time deposits —  130  —  130 
Asset-backed securities —  1,279  —  1,279 
Residential mortgage-backed securities —  875  —  875 
Commercial mortgage-backed securities —  897  —  897 
Equity securities 299  —  301 
Total investments $ 453  $ 14,522  $ —  $ 14,975 
Restricted deposits:        
Cash and cash equivalents $ 262  $ —  $ —  $ 262 
Certificates of deposit —  — 
Corporate securities —  30  —  30 
Municipal securities
—  525  —  525 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
389  —  —  389 
Total restricted deposits $ 651  $ 559  $ —  $ 1,210 
Total assets at fair value $ 12,341  $ 15,081  $ —  $ 27,422 
The following table summarizes fair value measurements by level at December 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 $ 13,118  $ —  $ —  $ 13,118 
Investments:        
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$ 171  $ —  $ —  $ 171 
Corporate securities —  8,170  —  8,170 
Municipal securities —  2,999  —  2,999 
Short-term time deposits —  109  —  109 
Asset backed securities —  1,308  —  1,308 
Residential mortgage backed securities —  853  —  853 
Commercial mortgage backed securities —  873  —  873 
Equity securities 324  —  326 
Total investments $ 495  $ 14,314  $ —  $ 14,809 
Restricted deposits:        
Cash and cash equivalents $ 96  $ —  $ —  $ 96 
Certificates of deposit —  — 
Corporate securities —  30  —  30 
Municipal securities
—  469  —  469 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
469  —  —  469 
Total restricted deposits $ 565  $ 503  $ —  $ 1,068 
Other long-term assets:
Interest rate swap agreements $ —  $ 15  $ —  $ 15 
Total assets at fair value $ 14,178  $ 14,832  $ —  $ 29,010