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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Investments Classified by Contractual Maturity Date | Maturities for marketable securities (in millions):
September 30, 2023 | Cost Basis |  | Fair Value
Due in one year or less | $ | 403 |  |  | $ | 395 |
Due after one year through five years | 1,386 |  |  | 1,320 |
Due after five years | 73 |  |  | 68 |
Due after 10 years | 18 |  |  | 16 |
No maturity date | 4 |  |  | 5 |
Total | $ | 1,884 |  |  | $ | 1,804 |
Fair Value, by Balance Sheet Grouping | Fair values of financial instruments on the condensed consolidated balance sheets (in millions):
| September 30, 2023 |  | December 31, 2022
| Level 1 |  | Level 2 |  | Total |  | Level 1 |  | Level 2 |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |
Marketable securities |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities | $ | 508 |  |  | $ | — |  |  | $ | 508 |  |  | $ | 505 |  |  | $ | — |  |  | $ | 505 |
Equity mutual funds | 5 |  |  | — |  |  | 5 |  |  | 5 |  |  | — |  |  | 5 |
Foreign government bonds | — |  |  | 10 |  |  | 10 |  |  | — |  |  | 25 |  |  | 25 |
Asset-backed securities | — |  |  | 216 |  |  | 216 |  |  | — |  |  | 261 |  |  | 261 |
Mortgage-backed securities | — |  |  | 123 |  |  | 123 |  |  | — |  |  | 196 |  |  | 196 |
Corporate notes and bonds | — |  |  | 889 |  |  | 889 |  |  | — |  |  | 1,025 |  |  | 1,025 |
Municipal securities | — |  |  | 53 |  |  | 53 |  |  | — |  |  | 62 |  |  | 62 |
Total Marketable securities | 513 |  |  | 1,291 |  |  | 1,804 |  |  | 510 |  |  | 1,569 |  |  | 2,079 |
Derivative instruments |  |  |  |  |  |  |  |  |  |  |
Fuel hedge contracts - call options | — |  |  | 40 |  |  | 40 |  |  | — |  |  | 44 |  |  | 44 |
Interest rate swap agreements | — |  |  | 13 |  |  | 13 |  |  | — |  |  | 15 |  |  | 15 |
Total Assets | $ | 513 |  |  | $ | 1,344 |  |  | $ | 1,857 |  |  | $ | 510 |  |  | $ | 1,628 |  |  | $ | 2,138 |
Fixed-rate debt on the condensed consolidated balance sheets and the estimated fair value of long-term fixed-rate debt (in millions):
| September 30, 2023 |  | December 31, 2022
Fixed-rate debt | $ | 1,520 |  |  | $ | 1,660 |
Estimated fair value | $ | 1,372 |  |  | $ | 1,473 |

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