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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2021
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, 2021, were as follows:
|  |  | Observable Inputs |  | Directly or Indirectly Observable Inputs |  | Unobservable Inputs
| Total |  | (Level 1) |  | (Level 2) |  | (Level 3)
| (In millions)
Corporate debt securities | $ | 1,188 |  |  | $ | — |  |  | $ | 1,188 |  |  | $ | — |
Mortgage-backed securities | 429 |  |  | — |  |  | 429 |  |  | — |
Asset-backed securities | 152 |  |  | — |  |  | 152 |  |  | — |
U.S. Treasury notes | 97 |  |  | — |  |  | 97 |  |  | — |
Municipal securities | 72 |  |  | — |  |  | 72 |  |  | — |
Total assets | $ | 1,938 |  |  | $ | — |  |  | $ | 1,938 |  |  | $ | — |
Contingent consideration liabilities | $ | 31 |  |  | $ | — |  |  | $ | — |  |  | $ | 31 |
Total liabilities | $ | 31 |  |  | $ | — |  |  | $ | — |  |  | $ | 31 |
Our financial instruments measured at fair value on a recurring basis at December 31, 2020, were as follows:
|  |  | Observable Inputs |  | Directly or Indirectly Observable Inputs |  | Unobservable Inputs
| Total |  | (Level 1) |  | (Level 2) |  | (Level 3)
| (In millions)
Corporate debt securities | $ | 1,256 |  |  | $ | — |  |  | $ | 1,256 |  |  | $ | — |
Mortgage-backed securities | 392 |  |  | — |  |  | 392 |  |  | — |
Asset-backed securities | 132 |  |  | — |  |  | 132 |  |  | — |
U.S. Treasury notes | 27 |  |  | — |  |  | 27 |  |  | — |
Municipal securities | 68 |  |  | — |  |  | 68 |  |  | — |
Total assets | $ | 1,875 |  |  | $ | — |  |  | $ | 1,875 |  |  | $ | — |
Contingent consideration liabilities | $ | 46 |  |  | $ | — |  |  | $ | — |  |  | $ | 46 |
Total liabilities | $ | 46 |  |  | $ | — |  |  | $ | — |  |  | $ | 46 |
Fair value measurements of senior notes |
| March 31, 2021 |  | December 31, 2020
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
| (In millions)
4.375% Notes | $ | 790 |  |  | $ | 822 |  |  | $ | 789 |  |  | $ | 843 |
5.375% Notes | 697 |  |  | 736 |  |  | 697 |  |  | 742 |
3.875% Notes | 641 |  |  | 665 |  |  | 641 |  |  | 691 |
Total | $ | 2,128 |  |  | $ | 2,223 |  |  | $ | 2,127 |  |  | $ | 2,276 |

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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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