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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 2022
Fair Value Disclosures [Abstract] |
Investments Classified by Contractual Maturity Date | Maturities for marketable securities (in millions):
September 30, 2022 | Cost Basis |  | Fair Value
Due in one year or less | $ | 738 |  |  | $ | 729 |
Due after one year through five years | 1,811 |  |  | 1,704 |
Due after five years | 26 |  |  | 24 |
Total | $ | 2,575 |  |  | $ | 2,457 |
As of September 30, 2022, $5 million of total marketable securities do not have a maturity date and are therefore excluded from the total fair value of maturities for marketable securities above.
Fair Value, by Balance Sheet Grouping | Fair values of financial instruments on the condensed consolidated balance sheet (in millions):
| September 30, 2022 |  | December 31, 2021
| Level 1 |  | Level 2 |  | Total |  | Level 1 |  | Level 2 |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |
Marketable securities |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities | $ | 532 |  |  | $ | — |  |  | $ | 532 |  |  | $ | 331 |  |  | $ | — |  |  | $ | 331 |
Equity mutual funds | 5 |  |  | — |  |  | 5 |  |  | 6 |  |  | — |  |  | 6 |
Foreign government bonds | — |  |  | 25 |  |  | 25 |  |  | — |  |  | 38 |  |  | 38 |
Asset-backed securities | — |  |  | 260 |  |  | 260 |  |  | — |  |  | 311 |  |  | 311 |
Mortgage-backed securities | — |  |  | 208 |  |  | 208 |  |  | — |  |  | 232 |  |  | 232 |
Corporate notes and bonds | — |  |  | 1,384 |  |  | 1,384 |  |  | — |  |  | 1,663 |  |  | 1,663 |
Municipal securities | — |  |  | 48 |  |  | 48 |  |  | — |  |  | 65 |  |  | 65 |
Total Marketable securities | 537 |  |  | 1,925 |  |  | 2,462 |  |  | 337 |  |  | 2,309 |  |  | 2,646 |
Derivative instruments |  |  |  |  |  |  |  |  |  |  |
Fuel hedge - call options | — |  |  | 51 |  |  | 51 |  |  | — |  |  | 81 |  |  | 81 |
Interest rate swap agreements | — |  |  | 15 |  |  | 15 |  |  | — |  |  | — |  |  | — |
Total Assets | $ | 537 |  |  | $ | 1,991 |  |  | $ | 2,528 |  |  | $ | 337 |  |  | $ | 2,390 |  |  | $ | 2,727 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivative instruments |  |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements | — |  |  | — |  |  | — |  |  | — |  |  | (9) |  |  | (9) |
Total Liabilities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (9) |  |  | $ | (9) |
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, 2022 |  | December 31, 2021
Total fixed-rate debt | $ | 1,664 |  |  | $ | 1,821 |
Estimated fair value | $ | 1,610 |  |  | $ | 1,919 |

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