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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2020
Fair Value Disclosures [Abstract] |
Fair Value of Assets Measured on Recurring Basis | Our financial instruments measured at fair value on a recurring basis at March 31, 2020, were as follows:
| Total |  | Observable Inputs (Level 1) |  | Directly or Indirectly Observable Inputs (Level 2) |  | Unobservable Inputs (Level 3)
| (In millions)
Corporate debt securities | $ | 1,260 |  |  | $ | — |  |  | $ | 1,260 |  |  | $ | — |
Mortgage-backed securities | 451 |  |  | — |  |  | 451 |  |  | — |
Asset-backed securities | 143 |  |  | — |  |  | 143 |  |  | — |
Municipal securities | 138 |  |  | — |  |  | 138 |  |  | — |
Certificates of deposit | 7 |  |  | — |  |  | 7 |  |  | — |
Government-sponsored enterprise securities (“GSEs”) | 6 |  |  | — |  |  | 6 |  |  | — |
U.S. Treasury notes | 5 |  |  | — |  |  | 5 |  |  | — |
Total assets | $ | 2,010 |  |  | $ | — |  |  | $ | 2,010 |  |  | $ | — |
Our financial instruments measured at fair value on a recurring basis at December 31, 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 | $ | 1,178 |  |  | $ | — |  |  | $ | 1,178 |  |  | $ | — |
Mortgage-backed securities | 420 |  |  | — |  |  | 420 |  |  | — |
Asset-backed securities | 127 |  |  | — |  |  | 127 |  |  | — |
Municipal securities | 78 |  |  | — |  |  | 78 |  |  | — |
Certificates of deposit | 1 |  |  | — |  |  | 1 |  |  | — |
GSEs | 49 |  |  | — |  |  | 49 |  |  | — |
U.S. Treasury notes | 86 |  |  | — |  |  | 86 |  |  | — |
Foreign securities | 7 |  |  | — |  |  | 7 |  |  | — |
Subtotal | 1,946 |  |  | — |  |  | 1,946 |  |  | — |
Call option derivative asset | 29 |  |  | — |  |  | — |  |  | 29 |
Total assets | $ | 1,975 |  |  | $ | — |  |  | $ | 1,946 |  |  | $ | 29 |
Conversion option derivative liability | $ | 29 |  |  | $ | — |  |  | $ | — |  |  | $ | 29 |
Total liabilities | $ | 29 |  |  | $ | — |  |  | $ | — |  |  | $ | 29 |
Fair Value, by Balance Sheet Grouping | The following table summarizes the fair values and the presentation of our derivative financial instruments in the accompanying consolidated balance sheets:
| Balance Sheet Location |  | March 31, 2020 |  | December 31, 2019
|  |  | (In millions)
Derivative asset: |  |  |  |  |
Call option | Current assets: Prepaid expenses and other current assets |  | $ | — |  |  | $ | 29 |
Derivative liability: |  |  |  |  |
Conversion option | Current liabilities: Accounts payable, accrued liabilities and other |  | $ | — |  |  | $ | 29 |
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 March 31, 2020, 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.
| March 31, 2020 |  | December 31, 2019
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
| (In millions)
5.375% Notes | $ | 696 |  |  | $ | 701 |  |  | $ | 696 |  |  | $ | 745 |
4.875% Notes | 326 |  |  | 310 |  |  | 327 |  |  | 340 |
Term Loan Facility | 600 |  |  | 600 |  |  | 220 |  |  | 220 |
1.125% Convertible Notes (1) | — |  |  | — |  |  | 12 |  |  | 42 |
Totals | $ | 1,622 |  |  | $ | 1,611 |  |  | $ | 1,255 |  |  | $ | 1,347 |
______________________ (1) For more information on debt repayments, 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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