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FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
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Mar. 31, 2018
Fair Value Disclosures [Abstract] |
Activity for Marketable Securities |
Investments Classified by Contractual Maturity Date | Maturities for marketable securities (in millions):
March 31, 2018 | Cost Basis |  | Fair Value
Due in one year or less | $ | 141 |  |  | $ | 141 |
Due after one year through five years | 1,207 |  |  | 1,187 |
Due after five years through 10 years | 23 |  |  | 23 |
Total | $ | 1,371 |  |  | $ | 1,351 |
Fair Value, by Balance Sheet Grouping | Fair values of financial instruments on the consolidated balance sheet (in millions):
March 31, 2018 | Level 1 |  | Level 2 |  | Total
Assets |  |  |  |  |
Marketable securities |  |  |  |  |
U.S. government and agency securities | $ | 330 |  |  | $ | — |  |  | $ | 330 |
Foreign government bonds | — |  |  | 32 |  |  | 32 |
Asset-backed securities | — |  |  | 208 |  |  | 208 |
Mortgage-backed securities | — |  |  | 86 |  |  | 86 |
Corporate notes and bonds | — |  |  | 685 |  |  | 685 |
Municipal securities | — |  |  | 10 |  |  | 10 |
Total Marketable securities | 330 |  |  | 1,021 |  |  | 1,351 |
Derivative instruments |  |  |  |  |
Fuel hedge—call options | — |  |  | 35 |  |  | 35 |
Interest rate swap agreements | — |  |  | 13 |  |  | 13 |
Total Assets | 330 |  |  | 1,069 |  |  | 1,399 |
Liabilities |  |  |  |  |
Derivative instruments |  |  |  |  |
Interest rate swap agreements | — |  |  | (6 | ) |  | (6 | )
Total Liabilities | — |  |  | (6 | ) |  | (6 | )
December 31, 2017 | Level 1 |  | Level 2 |  | Total
Assets |  |  |  |  |
Marketable securities |  |  |  |  |
U.S. government and agency securities | $ | 328 |  |  | $ | — |  |  | $ | 328 |
Foreign government bonds | — |  |  | 43 |  |  | 43 |
Asset-backed securities | — |  |  | 209 |  |  | 209 |
Mortgage-backed securities | — |  |  | 99 |  |  | 99 |
Corporate notes and bonds | — |  |  | 726 |  |  | 726 |
Municipal securities | — |  |  | 22 |  |  | 22 |
Total Marketable securities | 328 |  |  | 1,099 |  |  | 1,427 |
Derivative instruments |  |  |  |  |
Fuel hedge—call options | — |  |  | 22 |  |  | 22 |
Interest rate swap agreements | — |  |  | 9 |  |  | 9 |
Total Assets | 328 |  |  | 1,130 |  |  | 1,458 |
Liabilities |  |  |  |  |
Derivative instruments |  |  |  |  |
Interest rate swap agreements | — |  |  | (8 | ) |  | (8 | )
Total Liabilities | — |  |  | (8 | ) |  | (8 | )
Fixed-rate debt on the consolidated balance sheet and the estimated fair value of long-term fixed-rate debt is as follows (in millions):
| March 31, 2018 |  | December 31, 2017
Fixed-rate debt at cost | $ | 874 |  |  | $ | 956 |
Non-recurring purchase price accounting fair value adjustment | 3 |  |  | 3 |
Total fixed-rate debt | 877 |  |  | 959 |
Estimated fair value | 871 |  |  | 959 |

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