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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2019
Fair Value Disclosures [Abstract] |
Fair Value of Assets Measured on Recurring Basis | Our financial instruments measured at fair value on a recurring basis at September 30, 2019, were as follows:
| Total |  | Observable Inputs (Level 1) |  | Directly or Indirectly Observable Inputs (Level 2) |  | Unobservable Inputs (Level 3)
| (In millions)
Corporate debt securities | $ | 1,129 |  |  | $ | — |  |  | $ | 1,129 |  |  | $ | — |
Mortgage-backed securities | 303 |  |  | — |  |  | 303 |  |  | — |
Asset-backed securities | 110 |  |  | — |  |  | 110 |  |  | — |
Government-sponsored enterprise securities (“GSEs”) | 97 |  |  | — |  |  | 97 |  |  | — |
Municipal securities | 68 |  |  | — |  |  | 68 |  |  | — |
U.S. Treasury notes | 40 |  |  | — |  |  | 40 |  |  | — |
Foreign securities | 7 |  |  | — |  |  | 7 |  |  | — |
Certificates of deposit | 3 |  |  | — |  |  | 3 |  |  | — |
Subtotal - current investments | 1,757 |  |  | — |  |  | 1,757 |  |  | — |
1.125% Call Option derivative asset | 21 |  |  | — |  |  | — |  |  | 21 |
Total assets | $ | 1,778 |  |  | $ | — |  |  | $ | 1,757 |  |  | $ | 21 |
1.125% Conversion Option derivative liability | $ | 21 |  |  | $ | — |  |  | $ | — |  |  | $ | 21 |
Total liabilities | $ | 21 |  |  | $ | — |  |  | $ | — |  |  | $ | 21 |
Our financial instruments measured at fair value on a recurring basis at December 31, 2018, were as follows:
| Total |  | Observable Inputs (Level 1) |  | Directly or Indirectly Observable Inputs (Level 2) |  | Unobservable Inputs (Level 3)
| (In millions)
Corporate debt securities | $ | 1,123 |  |  | $ | — |  |  | $ | 1,123 |  |  | $ | — |
Asset-backed securities | 82 |  |  | — |  |  | 82 |  |  | — |
GSEs | 163 |  |  | — |  |  | 163 |  |  | — |
Municipal securities | 114 |  |  | — |  |  | 114 |  |  | — |
U.S. Treasury notes | 181 |  |  | — |  |  | 181 |  |  | — |
Foreign securities | 4 |  |  | — |  |  | 4 |  |  | — |
Certificates of deposit | 14 |  |  | — |  |  | 14 |  |  | — |
Subtotal | 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 |
Schedule of Fair Value, Asset and Liabilities Measured on Recurring Basis - Disclosure Only | The carrying amounts and estimated fair values of our notes payable are classified as Level 2 financial instruments. Fair value for these securities is determined using a market approach based on quoted market prices for similar securities in active markets or quoted prices for identical securities in inactive markets. The carrying amount and estimated fair value of the Term Loan Facility is classified as a Level 3 financial instrument, because certain inputs used to determine its fair value are not observable. As of September 30, 2019, the carrying amount of the Term Loan Facility approximated fair value because its interest rate is a variable rate that approximates rates currently available to us.
| September 30, 2019 |  | December 31, 2018
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
| (In millions)
5.375% Notes | $ | 695 |  |  | $ | 744 |  |  | $ | 694 |  |  | $ | 674 |
4.875% Notes | 327 |  |  | 334 |  |  | 326 |  |  | 301 |
Term Loan Facility | 220 |  |  | 220 |  |  | — |  |  | — |
1.125% Convertible Notes (1),(2) | 12 |  |  | 34 |  |  | 240 |  |  | 732 |
Totals | $ | 1,254 |  |  | $ | 1,332 |  |  | $ | 1,260 |  |  | $ | 1,707 |
______________________
(1) | The fair value of the 1.125% Conversion Option (the embedded cash conversion option), which is reflected in the fair value amounts presented above, amounted to $21 million and $476 million as of September 30, 2019, and December 31, 2018, respectively. See further discussion at Note 7, “Debt,” and Note 8, “Derivatives.”
(2) For more information on debt repayments in 2019, refer to Note 7, “Debt.”

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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). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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