XML 59 R11.htm IDEA: XBRL DOCUMENT
v3.22.0.1

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | 12 Months Ended
--- | ---
Dec. 31, 2021
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 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 consolidated balance sheets as of December 31, 2021 and 2020. There were no transfers between levels as of December 31, 2021 and 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 December 31, 2021 and 2020:
(in millions) | Level 1 | Level 2 | Total
December 31, 2021 |  |  |
Cash equivalents: |  |  |
Money market mutual funds | $ | 4 |  | $ | — |  | $ | 4 |
U.S. treasuries | — |  | 21 |  | 21 |
Total cash equivalents | 4 |  | 21 |  | 25 |
Investments: |  |  |
Asset-backed securities | — |  | 49 |  | 49 |
Corporate bonds | — |  | 137 |  | 137 |
U.S. government agencies and government-sponsored agencies | — |  | 2 |  | 2 |
U.S. treasuries | — |  | 106 |  | 106 |
Other debt securities | — |  | 9 |  | 9 |
Total investments | — |  | 303 |  | 303 |
Restricted cash equivalents: |  |  |
Money market mutual funds | 93 |  | — |  | 93 |
Certificate of deposit | — |  | 1 |  | 1 |
Total restricted cash equivalents | 93 |  | 1 |  | 94 |
Restricted investments: |  |  |
Corporate bonds | — |  | 30 |  | 30 |
U.S. government agencies and government-sponsored agencies | — |  | 15 |  | 15 |
U.S. treasuries | — |  | 179 |  | 179 |
Certificate of deposit | — |  | 11 |  | 11 |
Total restricted investments | — |  | 235 |  | 235 |
Total investments and restricted cash equivalents and investments | $ | 97 |  | $ | 560 |  | $ | 657 |
(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 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 December 31, 2021, our 2029 Notes were carried at their cost, net of issuance costs, and had a fair value of $500 million. Our 2018 Term Loan was floating rate debt prior to being repaid and terminated in 2021. The fair value of our 2018 Term Loan approximated its carrying value (exclusive of issuance costs) at December 31, 2020. The fair value of our 2018 Term Loan was 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.

X
- 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
Name: | us-gaap_FinancialInstrumentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration