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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Fair value of assets measured on recurring basis

Our financial instruments measured at fair value on a recurring basis at December 31, 2018, were as follows:

	Total				Level 1				Level 2				Level 3
	(In millions)
Corporate debt securities	$	1,123			$	—			$	1,123			$	—
U.S. Treasury notes	181				—				181				—
Government-sponsored enterprise securities (GSEs)	163				—				163				—
Municipal securities	114				—				114				—
Asset-backed securities	82				—				82				—
Certificates of deposit	14				—				14				—
Other	4				—				4				—
Subtotal - current investments	1,681				—				1,681				—
1.125% Call Option derivative asset	476				—				—				476
Total assets	$	2,157			$	—			$	1,681			$	476
1.125% Conversion Option derivative liability	$	476			$	—			$	—			$	476
Total liabilities	$	476			$	—			$	—			$	476

Our financial instruments measured at fair value on a recurring basis at December 31, 2017, were as follows:

	Total				Level 1				Level 2				Level 3
	(In millions)
Corporate debt securities	$	1,588			$	—			$	1,588			$	—
U.S. Treasury notes	388				—				388				—
GSEs	253				—				253				—
Municipal securities	141				—				141				—
Asset-backed securities	117				—				117				—
Certificates of deposit	37				—				37				—
Subtotal - current investments	2,524				—				2,524				—
Corporate debt securities	101				—				101				—
U.S. Treasury notes	68				—				68				—
Subtotal - current restricted investments	169				—				169				—
1.125% Call Option derivative asset	522				—				—				522
Total assets	$	3,215			$	—			$	2,693			$	522
1.125% Conversion Option derivative liability	$	522			$	—			$	—			$	522
Total liabilities	$	522			$	—			$	—			$	522

Fair value measurements of senior notes

	December 31, 2018								December 31, 2017
	Carrying				Fair Value				Carrying				Fair Value
	Amount								Amount
	(In millions)
5.375% Notes	$	694			$	674			$	692			$	730
4.875% Notes	326				301				325				329
1.125% Convertible Notes (1),(2)	240				732				496				1,052
Credit Facility (2)	—				—				300				300
1.625% Convertible Notes (2)	—				—				157				220
	$	1,260			$	1,707			$	1,970			$	2,631

_______________________________ 

(1) The fair value of the 1.125% Conversion Option derivative liability (the embedded cash conversion option), which is included in the fair value amounts presented above, amounted to $476 million and $522 million as of December 31, 2018 and 2017, respectively. See further discussion at Note 11, “Debt,” and Note 12, “Derivatives.”

(2) For more information on debt repayments in the year ended December 31, 2018, refer to Note 11, “Debt.”

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

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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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