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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 1Level 2Total
December 31, 2020
Cash equivalents:
  Money market mutual funds$2 $— $2 
  U.S. treasuries— 11 11 
Total cash equivalents2 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 funds99 — 99 
Total restricted cash equivalents99 — 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.