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CASH AND INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2021

Marketable Securities [Abstract]

Available-for-sale Securities

The following is a summary of marketable securities classified as trading and available-for-sale as of September 30, 2021 and December 31, 2020 (in millions):

			Cost						Unrealized Gains						Unrealized Losses						Estimated Fair Value
September 30, 2021:
Current trading marketable securities:
Equity securities			$	2					$	—					$	—					$	2
Total trading marketable securities			2						—						—						2
Current available-for-sale securities:
U.S. government and agency debt securities			222						1						—						223
Mortgage and asset-backed debt securities			—						—						—						—
Corporate debt securities			113						2						—						115
U.S. state and local municipal debt securities			5						—						—						5
Non-U.S. government debt securities			3						—						—						3
Total available-for-sale marketable securities			343						3						—						346
Total current marketable securities			$	345					$	3					$	—					$	348
			Cost						Unrealized Gains						Unrealized Losses						Estimated Fair Value
December 31, 2020:
Current trading marketable securities:
Equity securities			$	2					$	—					$	—					$	2
Total trading marketable securities			2						—						—						2
Current available-for-sale securities:
U.S. government and agency debt securities			181						3						—						184
Mortgage and asset-backed debt securities			30						1						—						31
Corporate debt securities			174						4						—						178
U.S. state and local municipal debt securities			—						—						—						—
Non-U.S. government debt securities			11						—						—						11
Total available-for-sale marketable securities			396						8						—						404
Total current marketable securities			$	398					$	8					$	—					$	406

Investments Classified by Contractual Maturity Date

The amortized cost and estimated fair value of marketable securities as of September 30, 2021 by contractual maturity are shown below (in millions). Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations with or without prepayment penalties.

			Cost						Estimated Fair Value
Due in one year or less			$	35					$	35
Due after one year through three years			306						309
Due after three years through five years			2						2
Due after five years			—						—
			343						346
Equity securities			2						2
			$	345					$	348

Cash and Cash Equivalents and Restricted Cash

A reconciliation of cash and cash equivalents and restricted cash from the consolidated balance sheets to the statements of consolidated cash flows is shown below (in millions):

						September 30, 2021						December 31, 2020						September 30, 2020
Cash and cash equivalents						$	10,212					$	5,910					$	8,839
Restricted cash						—						—						1
Total cash, cash equivalents and restricted cash						$	10,212					$	5,910					$	8,840

Fair Value, Assets Measured on Recurring Basis

The following table presents information about our investments measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value (in millions):

			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Balance
September 30, 2021:
Marketable Securities:
U.S. government and agency debt securities			$	217					$	6					$	—					$	223
Mortgage and asset-backed debt securities			—						—						—						—
Corporate debt securities			—						115						—						115
U.S. state and local municipal debt securities			—						5						—						5
Equity securities			—						2						—						2
Non-U.S. government debt securities			—						3						—						3
Total marketable securities			217						131						—						348
Other non-current investments			23						—						—						23
Total			$	240					$	131					$	—					$	371

December 31, 2020:
Marketable Securities:
U.S. government and agency debt securities			$	184					$	—					$	—					$	184
Mortgage and asset-backed debt securities			—						31						—						31
Corporate debt securities			—						178						—						178
U.S. state and local municipal debt securities			—						—						—						—
Equity securities			—						2						—						2
Non-U.S. government debt securities			—						11						—						11
Total marketable securities			184						222						—						406
Other non-current investments			23						—						—						23
Total			$	207					$	222					$	—					$	429

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

There were no transfers of investments between Level 1 and Level 2 during the nine months ended September 30, 2021 or 2020.

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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