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FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
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Mar. 31, 2017
Fair Value Disclosures [Abstract] |
Fair Value, Measurement Inputs, Disclosure | Fair values of financial instruments on the consolidated balance sheet (in millions):
March 31, 2017 | Level 1 |  | Level 2 |  | Total
Assets |  |  |  |  |
Marketable securities |  |  |  |  |
U.S. government and agency securities | $ | 416 |  |  | $ | — |  |  | $ | 416 |
Foreign government bonds | — |  |  | 38 |  |  | 38 |
Asset-backed securities | — |  |  | 194 |  |  | 194 |
Mortgage-backed securities | — |  |  | 88 |  |  | 88 |
Corporate notes and bonds | — |  |  | 780 |  |  | 780 |
Municipal securities | — |  |  | 11 |  |  | 11 |
Total Marketable securities | 416 |  |  | 1,111 |  |  | 1,527 |
Derivative instruments |  |  |  |  |
Fuel hedge call options | — |  |  | 10 |  |  | 10 |
Interest rate swap agreements | — |  |  | 9 |  |  | 9 |
Total Assets | 416 |  |  | 1,130 |  |  | 1,546 |
Liabilities |  |  |  |  |
Derivative instruments |  |  |  |  |
Interest rate swap agreements | — |  |  | (12 | ) |  | (12 | )
Total Liabilities | — |  |  | (12 | ) |  | (12 | )
December 31, 2016 | Level 1 |  | Level 2 |  | Total
Assets |  |  |  |  |
Marketable securities |  |  |  |  |
U.S. government and agency securities | $ | 287 |  |  | $ | — |  |  | $ | 287 |
Foreign government bonds | — |  |  | 36 |  |  | 36 |
Asset-backed securities | — |  |  | 138 |  |  | 138 |
Mortgage-backed securities | — |  |  | 89 |  |  | 89 |
Corporate notes and bonds | — |  |  | 691 |  |  | 691 |
Municipal securities | — |  |  | 11 |  |  | 11 |
Total Marketable securities | 287 |  |  | 965 |  |  | 1,252 |
Derivative instruments |  |  |  |  |
Fuel hedge call options | — |  |  | 20 |  |  | 20 |
Total Assets | 287 |  |  | 985 |  |  | 1,272 |
Liabilities |  |  |  |  |
Derivative instruments |  |  |  |  |
Interest rate swap agreements | — |  |  | (5 | ) |  | (5 | )
Total Liabilities | — |  |  | (5 | ) |  | (5 | )
Activity for Marketable Securities | Activity for marketable securities (in millions):
| Three Months Ended March 31,
| 2017 |  | 2016
Proceeds from sales and maturities | $ | 285 |  |  | $ | 140 |
Gross realized gains | 1 |  |  | — |
Gross realized losses | (1 | ) |  | — |
Gross unrealized gains | 3 |  |  | 10 |
Gross unrealized losses | (5 | ) |  | (2 | )
Schedule of Marketable Security Maturities | Maturities for marketable securities (in millions):
March 31, 2017 | Cost Basis |  | Fair Value
Due in one year or less | $ | 236 |  |  | $ | 236 |
Due after one year through five years | 1,281 |  |  | 1,278 |
Due after five years through 10 years | 12 |  |  | 13 |
Due after 10 years | — |  |  | — |
Total | $ | 1,529 |  |  | $ | 1,527 |
Fair Value, by Balance Sheet Grouping | Fixed-rate debt that is not carried at fair value on the consolidated balance sheet and the estimated fair value of long-term fixed-rate debt is as follows (in millions):
| March 31, 2017 |  | December 31, 2016
Carrying amount | $ | 1,116 |  |  | $ | 1,179 |
Fair value | 1,130 |  |  | 1,199 |

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