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Financial Instruments and Fair Value Measurements | 6 Months Ended
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Jun. 30, 2021
Fair Value Disclosures [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 securities. 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. We did not have any Level 3 financial instruments recognized in our balance sheet as of June 30, 2021 and December 31, 2020. There were no transfers between levels as of June 30, 2021 and December 31, 2020. Fair Value Measurements on a Recurring Basis The following tables summarize our financial instruments by significant categories and fair value measurement on a recurring basis as of June 30, 2021 and December 31, 2020.
(in millions) | Level 1 | Level 2 | Total
June 30, 2021 |  |  |
Cash equivalents: |  |  |
Money market mutual funds | $ | 3 |  | $ | — |  | 3 |
Total cash equivalents | 3 |  | — |  | 3 |
Investments: |  |  |
Asset-backed securities | — |  | 44 |  | 44 |
Corporate bonds | — |  | 132 |  | 132 |
U.S. government agencies and government-sponsored agencies | — |  | 3 |  | 3 |
U.S. treasuries | — |  | 138 |  | 138 |
Other debt securities | — |  | 8 |  | 8 |
Total investments | — |  | 325 |  | 325 |
Restricted cash equivalents: |  |  |
Money market mutual funds | 94 |  | — |  | 94 |
Certificate of deposit | — |  | — |  | — |
Commercial paper | — |  | — |  | — |
Total restricted cash equivalents | 94 |  | — |  | 94 |
Restricted investments: |  |  |
Corporate bonds | — |  | 37 |  | 37 |
U.S. government agencies and government-sponsored agencies | — |  | 16 |  | 16 |
U.S. treasuries | — |  | 177 |  | 177 |
Certificate of deposit | — |  | 10 |  | 10 |
Total restricted investments | — |  | 240 |  | 240 |
Total cash equivalents and investments and restricted cash equivalents and investments | $ | 97 |  | $ | 565 |  | $ | 662 |
(in millions) | Level 1 | Level 2 | Total
December 31, 2020 |  |  |
Cash equivalents |  |  |
Money market mutual funds | $ | 2 |  | $ | — |  | $ | 2 |
U.S. treasuries | — |  | 11 |  | 11 |
Total cash equivalents | 2 |  | 11 |  | 13 |
Investments |  |  |
Asset-backed securities | — |  | 24 |  | 24 |
Corporate bonds | — |  | 93 |  | 93 |
U.S. government agencies and government-sponsored agencies | — |  | 5 |  | 5 |
U.S. treasuries | — |  | 67 |  | 67 |
Other debt securities | — |  | 6 |  | 6 |
Total investments | — |  | 195 |  | 195 |
Restricted cash equivalents: |  |  |
Money market mutual funds | 99 |  | — |  | 99 |
Total restricted cash equivalents | 99 |  | — |  | 99 |
Restricted investments: |  |  |
Corporate bonds | — |  | 35 |  | 35 |
U.S. government agencies and government-sponsored agencies | — |  | 23 |  | 23 |
U.S. treasuries | — |  | 198 |  | 198 |
Total restricted investments | — |  | 256 |  | 256 |
Total investments and restricted cash equivalents and investments | $ | 101 |  | $ | 462 |  | $ | 563 |
Fair Value of Financial Instruments Disclosure Long-Term Debt As of December 31, 2020, our long-term debt was floating rate debt and the fair value approximated its carrying value (exclusive of issuance costs). The fair value of our floating rate debt was estimated based on a discounted cash flow, which incorporated credit spreads and market interest rates to estimate the fair value and was considered Level 3 in the hierarchy for fair value measurement. The fair value of our 2029 Notes was obtained from a third-party pricing service and is based on observable market inputs. As such, the fair value of the senior notes is considered Level 2 in the hierarchy for fair value measurement. As of June 30, 2021, our 2029 Notes were carried at their cost, net of issuance costs, and had a fair value of $495 million. Derivative Instruments As of December 31, 2020, the fair value of the interest rate collar derivative, included in accounts payable and other current liabilities, was $1 million and was classified as Level 2 in the fair value hierarchy. In conjunction with the repayment and termination of our 2018 Term Loan, the interest rate collar derivative was terminated and settled and a realized loss of $1 million was recognized in net income for the six months ended June 30, 2021.

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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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