Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements

v3.22.2.2
Fair Value Measurements
9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
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.

The following table summarizes fair value measurements by level at September 30, 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 $ 14,987  $ —  $ —  $ 14,987 
Investments:        
U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 313  $ —  $ —  $ 313 
Corporate securities —  8,721  —  8,721 
Municipal securities —  3,053  —  3,053 
Short-term time deposits —  275  —  275 
Asset-backed securities —  1,267  —  1,267 
Residential mortgage-backed securities —  1,019  —  1,019 
Commercial mortgage-backed securities —  874  —  874 
Equity securities — 
Total investments $ 317  $ 15,211  $ —  $ 15,528 
Restricted deposits:        
Cash and cash equivalents $ 228  $ —  $ —  $ 228 
Certificates of deposit —  — 
Corporate securities —  31  —  31 
Municipal securities
—  607  —  607 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
335  —  —  335 
Total restricted deposits $ 563  $ 642  $ —  $ 1,205 
Total assets at fair value $ 15,867  $ 15,853  $ —  $ 31,720 
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 
 
The Company utilizes matrix-pricing services to estimate fair value for securities which are not actively traded on the measurement date. The Company designates these securities as Level II fair value measurements. In addition, the aggregate carrying amount of the Company's private equity investments and life insurance contracts, which approximates fair value, was $716 million and $773 million as of September 30, 2022 and December 31, 2021, respectively.