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Financial Instruments and Fair Value Measurements - (Tables)

6 Months Ended

Jun. 30, 2019

Investments, Debt and Equity Securities [Abstract]

Summary of Financial Instruments by Significant Categories and Fair Value Measurement on a Recurring Basis

The following table summarizes our financial instruments by significant categories and fair value measurement on a recurring basis as of June 30, 2019 and December 31, 2018.

(in millions)	Level 1			Level 2			Total
June 30, 2019
Cash equivalents:
Money market mutual funds	$	89		$	—		89
Total cash equivalents	89			—			89
Investments:
Asset-backed securities	—			35			35
Corporate bonds	—			95			95
U.S. government agencies and government-sponsored agencies	—			5			5
U.S. treasuries	—			54			54
Other debt securities	—			4			4
Total investments	—			193			193
Restricted cash equivalents:
Money market mutual funds	43			—			43
Commercial paper	18			—			18
Total restricted cash equivalents	61			—			61
Restricted investments:
U.S. treasuries	—			5			5
Exchange traded fund	1			—			1
Certificate of deposit	—			—			—
Total restricted investments	1			5			6
Total unrestricted and restricted cash equivalents and investments	$	151		$	198		$	349

(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

Schedule of Cash Flow Hedging Instruments

The following table summarizes the fair value of our derivative instruments at June 30, 2019:

	June 30, 2019
						Fair Market Value
(in millions)	Hedge type	Final settlement date	Notional amount			Other current assets			Accounts payable and other current liabilities
Derivatives designated as hedging instruments
Collar - LIBOR	Cash flow	May 2022	$	213		$	—		$	—

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table summarizes the fair value of our derivative instruments at June 30, 2019:

	June 30, 2019
						Fair Market Value
(in millions)	Hedge type	Final settlement date	Notional amount			Other current assets			Accounts payable and other current liabilities
Derivatives designated as hedging instruments
Collar - LIBOR	Cash flow	May 2022	$	213		$	—		$	—

Fair Value

The following table summarizes the fair value of our derivative instruments at June 30, 2019:

	June 30, 2019
						Fair Market Value
(in millions)	Hedge type	Final settlement date	Notional amount			Other current assets			Accounts payable and other current liabilities
Derivatives designated as hedging instruments
Collar - LIBOR	Cash flow	May 2022	$	213		$	—		$	—

The pre-tax effect of derivative instruments for the three and six months ended June 30, 2019 is insignificant and we estimate that an insignificant amount of net derivative gains or losses included in other comprehensive income will be reclassified into earnings within the following 12 months. There were no cash flows associated with the derivative for the three months and six months ended June 30, 2019.

X

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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Tabular disclosure of the notional amounts of outstanding derivative positions.

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