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Financial Instruments and Fair Value Measurements | 3 Months Ended
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Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract] |
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Fair Value of Financial Instruments We use an independent pricing source to determine the fair value of our AFS. The independent pricing source utilizes various pricing models for each asset class; including the market approach. The inputs and assumptions for the pricing models are market observable inputs including trades of comparable securities, dealer quotes, credit spreads, yield curves and other market-related data. We have not adjusted the prices obtained from the independent pricing service and we believe the prices received from the independent pricing service are representative of the prices that would be received to sell the assets at the measurement date (exit price). The carrying value of the Company's cash equivalents and restricted cash equivalents approximate their fair values due to their short-term maturities. The Company's restricted investments are valued using quoted market prices and multiple dealer quotes. We did not have any Level 3 financial instruments recognized in our balance sheet as of March 31, 2019 and December 31, 2018. There were no transfers between levels for the three months ended March 31, 2019 and 2018. Fair Value Measurements on a Recurring Basis The following table summarizes our financial instruments by significant categories and fair value measurement on a recurring basis as of March 31, 2019 and December 31, 2018.
(in millions) | Level 1 | Level 2 | Total
March 31, 2019 |  |  |
Cash equivalents: |  |  |
Money market mutual funds | $ | 74 |  | $ | — |  | 74 |
U.S. treasuries | — |  | 3 |  | 3 |
Total cash equivalents | 74 |  | 3 |  | 77 |
Investments: |  |  |
Asset-backed securities | — |  | 35 |  | 35 |
Corporate bonds | — |  | 100 |  | 100 |
U.S. government agencies and government-sponsored agencies | — |  | 6 |  | 6 |
U.S. treasuries | — |  | 42 |  | 42 |
Other debt securities | — |  | 6 |  | 6 |
Total investments | — |  | 189 |  | 189 |
Restricted cash equivalents: |  |  |
Money market mutual funds | 42 |  | — |  | 42 |
Commercial paper | 19 |  | — |  | 19 |
Total restricted cash equivalents | 61 |  | — |  | 61 |
Restricted investments: |  |  |
U.S. treasuries | — |  | 5 |  | 5 |
Exchange traded fund | 1 |  | — |  | 1 |
Certificate of deposit | — |  | 2 |  | 2 |
Total restricted investments | 1 |  | 7 |  | 8 |
Total unrestricted and restricted cash equivalents and investments | $ | 136 |  | $ | 199 |  | $ | 335 |
(in millions) | Level 1 | Level 2 | Total
December 31, 2018 |  |  |
Cash equivalents |  |  |
Money market mutual funds | $ | 4 |  | $ | — |  | $ | 4 |
U.S. treasuries | — |  | 1 |  | 1 |
Total cash equivalents | 4 |  | 1 |  | 5 |
Investments |  |  |
Asset-backed securities | — |  | 33 |  | 33 |
Corporate bonds | — |  | 99 |  | 99 |
U.S. government agencies and government-sponsored agencies | — |  | 7 |  | 7 |
U.S. treasuries | — |  | 41 |  | 41 |
Other debt securities | — |  | 9 |  | 9 |
Total investments | — |  | 189 |  | 189 |
Restricted cash equivalents: |  |  |
Money market mutual funds | 48 |  | — |  | 48 |
Commercial paper | 20 |  | — |  | 20 |
Total restricted cash equivalents | 68 |  | — |  | 68 |
Restricted investments: |  |  |
U.S. treasuries | — |  | 5 |  | 5 |
Exchange traded fund | 1 |  | — |  | 1 |
Certificate of deposit | — |  | 2 |  | 2 |
Total restricted investments | 1 |  | 7 |  | 8 |
Total unrestricted and restricted cash equivalents and investments | $ | 73 |  | $ | 197 |  | $ | 270 |
Fair Value of Financial Instruments Disclosure Long-Term Debt The carrying value of our long-term debt at March 31, 2019 and December 31, 2018 was $407 million and $414 million, respectively. The estimated fair values of our debt payable at March 31, 2019 and December 31, 2018 were $409 million and $414 million, respectively. The fair value of our debt payable is estimated based on a discounted cash flow, which incorporates credit spreads and market interest rates to estimate the fair value and is considered Level 3 in the hierarchy for fair value measurement.

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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- References No definition available. + Details
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