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FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
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Mar. 31, 2021
Fair Value Disclosures [Abstract] |
Investments Classified by Contractual Maturity Date | Maturities for marketable securities (in millions):
March 31, 2021 | Cost Basis |  | Fair Value
Due in one year or less | $ | 1,158 |  |  | $ | 1,159 |
Due after one year through five years | 1,231 |  |  | 1,246 |
Due after five years through 10 years | 62 |  |  | 61 |
Total | $ | 2,451 |  |  | $ | 2,466 |
Fair Value, by Balance Sheet Grouping | Fair values of financial instruments on the condensed consolidated balance sheet (in millions):
| March 31, 2021 |  | December 31, 2020
| Level 1 |  | Level 2 |  | Total |  | Level 1 |  | Level 2 |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |
Marketable securities |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities | $ | 301 |  |  | $ | — |  |  | $ | 301 |  |  | $ | 407 |  |  | $ | — |  |  | $ | 407 |
Equity mutual funds | 7 |  |  | — |  |  | 7 |  |  | 7 |  |  | — |  |  | 7 |
Foreign government bonds | — |  |  | 19 |  |  | 19 |  |  | — |  |  | 20 |  |  | 20 |
Asset-backed securities | — |  |  | 284 |  |  | 284 |  |  | — |  |  | 224 |  |  | 224 |
Mortgage-backed securities | — |  |  | 293 |  |  | 293 |  |  | — |  |  | 290 |  |  | 290 |
Corporate notes and bonds | — |  |  | 1,515 |  |  | 1,515 |  |  | — |  |  | 978 |  |  | 978 |
Municipal securities | — |  |  | 54 |  |  | 54 |  |  | — |  |  | 50 |  |  | 50 |
Total Marketable securities | 308 |  |  | 2,165 |  |  | 2,473 |  |  | 414 |  |  | 1,562 |  |  | 1,976 |
Derivative instruments |  |  |  |  |  |  |  |  |  |  |
Fuel hedge - call options | — |  |  | 41 |  |  | 41 |  |  | — |  |  | 15 |  |  | 15 |
Total Assets | $ | 308 |  |  | $ | 2,206 |  |  | $ | 2,514 |  |  | $ | 414 |  |  | $ | 1,577 |  |  | $ | 1,991 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivative instruments |  |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements | — |  |  | (18) |  |  | (18) |  |  | — |  |  | (25) |  |  | (25) |
Total Liabilities | $ | — |  |  | $ | (18) |  |  | $ | (18) |  |  | $ | — |  |  | $ | (25) |  |  | $ | (25) |
Fixed-rate debt on the condensed consolidated balance sheet and the estimated fair value of long-term fixed-rate debt is as follows (in millions):
| March 31, 2021 |  | December 31, 2020
Total fixed-rate debt | $ | 1,728 |  |  | $ | 1,662 |
Estimated fair value | $ | 1,839 |  |  | $ | 1,778 |

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13467-108611 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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