Annual report pursuant to Section 13 and 15(d)

INVESTMENTS AND RESTRICTED CASH (Tables)

v3.20.4
INVESTMENTS AND RESTRICTED CASH (Tables)
 12 Months Ended
Dec. 31, 2020
Investments and Cash [Abstract]  
Schedule of Unrealized Loss on Investments [Table Text Block]
The following table presents the age of gross unrealized losses and fair value by investment category for all securities in a loss position as of December 31, 2020 (in millions):
Less Than 12 Months 12 Months or More Total
Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses
U.S. government and agency debt securities $ 31  $ —  $ —  $ —  $ 31  $ — 
Mortgage and asset-backed debt securities —  —  1  —  1  — 
Corporate debt securities 16  —  —  —  16  — 
Non-U.S. government debt securities —  —  —  —  —  — 
Total marketable securities $ 47  $ —  $ 1  $ —  $ 48  $ — 
Summary of Marketable Securities The following is a summary of marketable securities classified as trading and available-for-sale as of December 31, 2020 and 2019 (in millions):
Cost Unrealized
Gains		 Unrealized
Losses		 Estimated
Fair Value
2020
Current trading marketable securities:
Corporate debt securities $ —  $ —  $ —  $ — 
Equity securities 2  —  —  2 
Total trading marketable securities 2  —  —  2 
Current available-for-sale marketable securities:
U.S. government and agency debt securities 181  3  —  184 
Mortgage and asset-backed debt securities 30  1  —  31 
Corporate debt securities 174  4  —  178 
Non-U.S. government debt securities 11  —  —  11 
Total available-for-sale marketable securities 396  8  —  404 
Total current marketable securities $ 398  $ 8  $ —  $ 406 
Cost Unrealized
Gains		 Unrealized
Losses		 Estimated
Fair Value
2019
Current trading marketable securities:
Corporate debt securities $ 112  $ —  $ —  $ 112 
Equity securities 2  —  —  2 
Total trading marketable securities 114  —  —  114 
Current available-for-sale marketable securities:
U.S. government and agency debt securities 191  2  —  193 
Mortgage and asset-backed debt securities 46  1  —  47 
Corporate debt securities 130  3  —  133 
Non-U.S. government debt securities 16  —  —  16 
Total available-for-sale marketable securities 383  6  —  389 
Total current marketable securities $ 497  $ 6  $ —  $ 503 
Amortized Cost and Estimated Fair Value of Marketable Securities by Contractual Maturity
The amortized cost and estimated fair value of marketable securities as of December 31, 2020, by contractual maturity, are shown below (in millions). Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations with or without prepayment penalties.
 
Cost Estimated
Fair Value
Due in one year or less $ 27  $ 27 
Due after one year through three years 323  327 
Due after three years through five years 10  10 
Due after five years 36  40 
396  404 
Equity securities 2  2 
$ 398  $ 406 
Cash and Cash Equivalents and Restricted Cash
A reconciliation of cash and cash equivalents and restricted cash from the consolidated balance sheets to the statements of consolidated cash flows is shown below (in millions):
December 31, 2020 December 31, 2019 December 31, 2018
Cash and cash equivalents $ 5,910  $ 5,238  $ 4,225 
Restricted cash —  —  142 
Total cash, cash equivalents and restricted cash $ 5,910  $ 5,238  $ 4,367 
Investments Measured at Fair Value on a Recurring Basis The following table presents information about our investments measured at fair value on a recurring basis as of December 31, 2020 and 2019, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value (in millions):
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		 Significant Other Observable
Inputs
(Level 2)		 Significant
Unobservable
Inputs
(Level 3)		 Total
2020
Marketable Securities:
U.S. government and agency debt securities $ 184  $ —  $ —  $ 184 
Mortgage and asset-backed debt securities —  31  —  31 
Corporate debt securities —  178  —  178 
Equity securities —  2  —  2 
Non-U.S. government debt securities —  11  —  11 
Total marketable securities 184  222  —  406 
Other non-current investments 23  —  —  23 
Total $ 207  $ 222  $ —  $ 429 
  Quoted Prices in
Active Markets 
for Identical
Assets
(Level 1)		 Significant Other
Observable Inputs
(Level 2)		 Significant
Unobservable
Inputs
(Level 3)		 Total
2019
Marketable Securities:
U.S. government and agency debt securities $ 193  $ —  $ —  $ 193 
Mortgage and asset-backed debt securities —  47  —  47 
Corporate debt securities —  245  —  245 
Equity securities —  2  —  2 
Non-U.S. government debt securities —  16  —  16 
Total marketable securities 193  310  —  503 
Other non-current investments 21  —  1  22 
Total $ 214  $ 310  $ 1  $ 525 
Changes in Level 3 Instruments Measured on a Recurring Basis There were no transfers of investments between Level 1 and Level 2 during 2020 or 2019.