Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.20.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
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, 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
$
9,308

 
$

 
$

 
$
9,308

Investments:
 

 
 

 
 

 
 

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

 
$

 
$

 
$
114

Corporate securities

 
4,960

 

 
4,960

Municipal securities

 
2,554

 

 
2,554

Short-term time deposits

 
84

 

 
84

Asset-backed securities

 
1,018

 

 
1,018

Residential mortgage-backed securities

 
1,027

 

 
1,027

Commercial mortgage-backed securities

 
587

 

 
587

Equity securities
683

 
2

 

 
685

Total investments
$
797

 
$
10,232

 
$

 
$
11,029

Restricted deposits:
 

 
 

 
 

 
 

Cash and cash equivalents
$
149

 
$

 
$

 
$
149

Certificates of deposit

 
153

 

 
153

Corporate securities

 
18

 

 
$
18

Municipal securities

 
30

 

 
30

U.S. Treasury securities and obligations of U.S. government corporations and agencies
664

 

 

 
664

Total restricted deposits
$
813

 
$
201

 
$

 
$
1,014

Total assets at fair value
$
10,918

 
$
10,433

 
$

 
$
21,351



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:
 

 
 

 
 

 
 

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:
 

 
 

 
 

 
 

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 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