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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2020, were as follows:
Observable InputsDirectly or Indirectly Observable InputsUnobservable Inputs
Total(Level 1) (Level 2) (Level 3)
 (In millions)
Corporate debt securities$1,041 $— $1,041 $— 
Mortgage-backed securities417 — 417 — 
Municipal securities168 — 168 — 
Asset-backed securities136 — 136 — 
Certificates of deposit5 — 5 — 
U.S. Treasury notes2 — 2 — 
Total assets$1,769 $— $1,769 $— 
Contingent consideration liabilities$40 $— $— $40 
Total liabilities$40 $— $— $40 
Our financial instruments measured at fair value on a recurring basis at December 31, 2019, were as follows:
Observable InputsDirectly or Indirectly Observable InputsUnobservable Inputs
Total(Level 1)(Level 2)(Level 3)
 (In millions)
Corporate debt securities$1,178 $— $1,178 $— 
Mortgage-backed securities420 — 420 — 
Municipal securities78 — 78 — 
Asset-backed securities127 — 127 — 
Certificates of deposit1 — 1 — 
U.S. Treasury notes86 — 86 — 
GSEs49 — 49 — 
Other7 — 7 — 
Subtotal1,946 — 1,946 — 
Call option derivative asset29 — — 29 
Total assets $1,975 $— $1,946 $29 
Conversion option derivative liability$29 $— $— $29 
Total liabilities$29 $— $— $29 
Fair Value, by Balance Sheet Grouping
The following table summarizes the fair values and the presentation of our derivative financial instruments in the accompanying consolidated balance sheets:
Balance Sheet LocationSeptember 30,
2020		December 31,
2019
 (In millions)
Derivative asset:
Call optionCurrent assets: Prepaid expenses and other current assets$— $29 
Derivative liability:
Conversion optionCurrent liabilities: Accounts payable, accrued liabilities and other$— $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.
 September 30, 2020December 31, 2019
Carrying
Amount		Fair ValueCarrying
Amount		Fair Value
 (In millions)
4.375% Notes
$789 $816 $— $— 
5.375% Notes
697 731 696 745 
4.875% Notes
327 337 327 340 
Term loan facility (1)
— — 220 220 
1.125% Convertible Notes (1)
— — 12 42 
Total$1,813 $1,884 $1,255 $1,347 
______________________
(1)For more information on financing activities, refer to Note 8, “Debt.”