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Investments and Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis The table below presents disclosures about the fair value of financial assets and liabilities measured at fair value on a recurring basis in the Company's financial statements as of December 31 (in millions):
20202019
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Cash and cash equivalents$11,269 $11,269 $— $— $2,762 $2,762 $— $— 
Restricted cash - current (Note 1)255 255 — — — — — — 
Restricted cash - non-current (Note 1)218 218 — — 106 106 — — 
Short-term investments:
Corporate debt330 — 330 — 1,045 — 1,045 — 
Asset-backed securities51 — 51 — 690 — 690 — 
U.S. government and agency notes33 — 33 — 124 — 124 — 
Certificates of deposit placed through an account registry service — — — — 35 — 35 — 
Other fixed-income securities— — — — 95 — 95 — 
Other investments measured at NAV— — — — 193 — — — 
Long-term investments:
Equity securities205 205 — — 385 385 — — 
AVH Derivative Assets— — — — 24 — — 24 
Other assets36 — — 36 — — — — 
Carrying Values and Estimated Fair Values of Financial Instruments The table below presents the carrying values and estimated fair values of financial instruments not presented in the tables above as of December 31 (in millions). Carrying amounts include any related discounts, premiums and issuance costs:
20202019
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Long-term debt$26,747 $27,441 $— $21,985 $5,456 $14,552 $15,203 $— $11,398 $3,805 
Description of Fair Value of Financial Instruments and Fair Value Methodology
Fair value of the financial instruments included in the tables above was determined as follows:
DescriptionFair Value Methodology
Cash and cash equivalentsThe carrying amounts approximate fair value because of the short-term maturity of these assets.
Short-term investments, other than Other investments measured at NAV,
Equity securities and
Restricted cash (current and non-current)		Fair value is based on (a) the trading prices of the investment or similar instruments, (b) an income approach, which uses valuation techniques to convert future amounts into a single present amount based on current market expectations about those future amounts when observable trading prices are not available, or (c) broker quotes obtained by third-party valuation services.
Other investments measured at NAVIn accordance with the relevant accounting standards, certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. The investments measured using NAV are shares of mutual funds that invest in fixed-income instruments including bonds, debt securities, and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Company can redeem its shares at any time at NAV subject to a three-day settlement period.
AVH Derivative AssetsFair values are calculated using a Monte Carlo simulation approach. Unobservable inputs include expected volatility, expected dividend yield and control and acquisition premiums.
Other assetsFair value is determined utilizing the Black-Scholes options pricing model.
Long-term debt Fair values were based on either market prices or the discounted amount of future cash flows using our current incremental rate of borrowing for similar liabilities or assets.