Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.19.3.a.u2
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Fair Value Level Input And Input Definitions 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 Measured At Fair Value On A Recurring Basis
The following table summarizes fair value measurements by level at December 31, 2019, 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
$
12,123

 
$

 
$

 
$
12,123

Investments available for sale:
 

 
 

 
 

 
 

U.S. Treasury securities and obligations of U.S. government corporations and agencies
$
73

 
$

 
$

 
$
73

Corporate securities

 
3,713

 

 
3,713

Municipal securities

 
2,379

 

 
2,379

Asset-backed securities

 
744

 

 
744

Residential mortgage-backed securities

 
471

 

 
471

Commercial mortgage-backed securities

 
388

 

 
388

Total investments
$
73

 
$
7,695

 
$

 
$
7,768

Restricted deposits available for sale:
 

 
 

 
 

 
 

Cash and cash equivalents
$
8

 
$

 
$

 
$
8

Certificates of deposit

 
482

 

 
482

Corporate securities

 
20

 

 
20

Municipal securities

 
9

 

 
9

U.S. Treasury securities and obligations of U.S. government corporations and agencies
139

 

 

 
139

Total restricted deposits
$
147

 
$
511

 
$

 
$
658

Other long-term assets:
 
 
 
 
 
 
 
Interest rate swap agreements
$

 
$
10

 
$

 
$
10

Total other long-term assets
$

 
$
10

 
$

 
$
10

 
 
 
 
 
 
 
 
Total assets at fair value
$
12,343

 
$
8,216

 
$

 
$
20,559

 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
Other long-term liabilities:
 
 
 
 
 
 
 
Interest rate swap agreements
$

 
$
11

 
$

 
$
11

Total liabilities at fair value
$

 
$
11

 
$

 
$
11


The following table summarizes fair value measurements by level at December 31, 2018, 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
$
5,342

 
$

 
$

 
$
5,342

Investments available for sale:
 

 
 

 
 

 
 

U.S. Treasury securities and obligations of U.S. government corporations and agencies
$
247

 
$

 
$

 
$
247

Corporate securities

 
3,146

 

 
3,146

Municipal securities

 
2,187

 

 
2,187

Asset-backed securities

 
683

 

 
683

Residential mortgage-backed securities

 
444

 

 
444

Commercial mortgage-backed securities

 
361

 

 
361

Total investments
$
247

 
$
6,821

 
$

 
$
7,068

Restricted deposits available for sale:
 

 
 

 
 

 
 

Cash and cash equivalents
$
8

 
$

 
$

 
$
8

Certificates of deposit

 
433

 

 
433

U.S. Treasury securities and obligations of U.S. government corporations and agencies
114

 

 

 
114

Total restricted deposits
$
122

 
$
433

 
$

 
$
555

 
 
 
 
 
 
 
 
Total assets at fair value
$
5,711

 
$
7,254

 
$

 
$
12,965

 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
Other long-term liabilities:
 
 
 
 
 
 
 
Interest rate swap agreements
$

 
$
95

 
$

 
$
95

Total liabilities at fair value
$

 
$
95

 
$

 
$
95