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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 2021
Fair Value Disclosures [Abstract] |
Investments Classified by Contractual Maturity Date | Maturities for marketable securities (in millions):
September 30, 2021 | Cost Basis |  | Fair Value
Due in one year or less | $ | 1,193 |  |  | $ | 1,194 |
Due after one year through five years | 1,409 |  |  | 1,418 |
Due after five years through 10 years | 81 |  |  | 81 |
Total | $ | 2,683 |  |  | $ | 2,693 |
Fair Value, by Balance Sheet Grouping | Fair values of financial instruments on the condensed consolidated balance sheet (in millions):
| September 30, 2021 |  | December 31, 2020
| Level 1 |  | Level 2 |  | Total |  | Level 1 |  | Level 2 |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |
Marketable securities |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities | $ | 278 |  |  | $ | — |  |  | $ | 278 |  |  | $ | 407 |  |  | $ | — |  |  | $ | 407 |
Equity mutual funds | 6 |  |  | — |  |  | 6 |  |  | 7 |  |  | — |  |  | 7 |
Foreign government bonds | — |  |  | 38 |  |  | 38 |  |  | — |  |  | 20 |  |  | 20 |
Asset-backed securities | — |  |  | 337 |  |  | 337 |  |  | — |  |  | 224 |  |  | 224 |
Mortgage-backed securities | — |  |  | 239 |  |  | 239 |  |  | — |  |  | 290 |  |  | 290 |
Corporate notes and bonds | — |  |  | 1,736 |  |  | 1,736 |  |  | — |  |  | 978 |  |  | 978 |
Municipal securities | — |  |  | 66 |  |  | 66 |  |  | — |  |  | 50 |  |  | 50 |
Total Marketable securities | 284 |  |  | 2,416 |  |  | 2,700 |  |  | 414 |  |  | 1,562 |  |  | 1,976 |
Derivative instruments |  |  |  |  |  |  |  |  |  |  |
Fuel hedge - call options | — |  |  | 95 |  |  | 95 |  |  | — |  |  | 15 |  |  | 15 |
Total Assets | $ | 284 |  |  | $ | 2,511 |  |  | $ | 2,795 |  |  | $ | 414 |  |  | $ | 1,577 |  |  | $ | 1,991 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivative instruments |  |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements | — |  |  | (14) |  |  | (14) |  |  | — |  |  | (25) |  |  | (25) |
Total Liabilities | $ | — |  |  | $ | (14) |  |  | $ | (14) |  |  | $ | — |  |  | $ | (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):
| September 30, 2021 |  | December 31, 2020
Total fixed-rate debt | $ | 1,828 |  |  | $ | 1,662 |
Estimated fair value | $ | 1,949 |  |  | $ | 1,778 |

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