Quarterly report pursuant to Section 13 or 15(d)

INVESTMENTS AND RESTRICTED CASH (Tables)

v3.19.1
INVESTMENTS AND RESTRICTED CASH (Tables)
 3 Months Ended
Mar. 31, 2019
Marketable Securities [Abstract]  
Available-for-sale Securities The following is a summary of marketable securities classified as trading and available-for-sale as of March 31, 2019 and December 31, 2018 (in millions):
 
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Estimated
Fair Value
March 31, 2019:
 
 
 
 
 
 
 
Current trading marketable securities:
 
 
 
 
 
 
 
Corporate debt securities
$
113

 
$
—

 
$
—

 
$
113

Equity securities
2

 
—

 
—

 
2

Total trading marketable securities
115

 
—

 
—

 
115

 
 
 
 
 
 
 
 
Current available-for-sale securities:
 
 
 
 
 
 
 
U.S. government and agency debt securities
293

 
1

 
(1
)
 
293

Mortgage and asset-backed debt securities
73

 
1

 
—

 
74

Corporate debt securities
210

 
1

 
(1
)
 
210

Non-U.S. government debt securities
20

 
—

 
—

 
20

Total available-for-sale marketable securities
596

 
3

 
(2
)
 
597

 
 
 
 
 
 
 
 
Total current marketable securities
$
711

 
$
3

 
$
(2
)
 
$
712

 
 
 
 
 
 
 
 
 
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Estimated
Fair Value
December 31, 2018:
 
 
 
 
 
 
 
Current trading marketable securities:
 
 
 
 
 
 
 
Corporate debt securities
$
137

 
$
—

 
$
—

 
$
137

Equity securities
2

 
—

 
—

 
2

Total trading marketable securities
139

 
—

 
—

 
139

 
 
 
 
 
 
 
 
Current available-for-sale securities:
 
 
 
 
 
 
 
U.S. government and agency debt securities
297

 
1

 
(1
)
 
297

Mortgage and asset-backed debt securities
82

 
—

 
(1
)
 
81

Corporate debt securities
275

 
—

 
(2
)
 
273

Non-U.S. government debt securities
20

 
—

 
—

 
20

Total available-for-sale marketable securities
674

 
1

 
(4
)
 
671

 
 
 
 
 
 
 
 
Total current marketable securities
$
813

 
$
1

 
$
(4
)
 
$
810

Investments Classified by Contractual Maturity Date The amortized cost and estimated fair value of marketable securities at March 31, 2019, 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 without prepayment penalties.
 
Cost
 
Estimated
Fair Value
Due in one year or less
$
33

 
$
33

Due after one year through three years
578

 
578

Due after three years through five years
23

 
23

Due after five years
75

 
76

 
709

 
710

Equity securities
2

 
2

 
$
711

 
$
712

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):
 
 
March 31, 2019
 
December 31, 2018
 
March 31, 2018
Cash and cash equivalents
 
$
4,399

 
$
4,225

 
$
3,544

Restricted cash
 
143

 
142

 
282

Total cash, cash equivalents and restricted cash
 
$
4,542

 
$
4,367

 
$
3,826

Fair Value, Assets Measured on Recurring Basis The following table presents information about our investments measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018, 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)
 
Balance 
March 31, 2019:
 
 
 
 
 
 
 
Marketable Securities:
 
 
 
 
 
 
 
U.S. government and agency debt securities
$
293

 
$
—

 
$
—

 
$
293

Mortgage and asset-backed debt securities
—

 
74

 
—

 
74

Corporate debt securities
—

 
323

 
—

 
323

Equity securities
—

 
2

 
—

 
2

Non-U.S. government debt securities
—

 
20

 
—

 
20

Total marketable securities
293

 
419

 
—

 
712

Other non-current investments
20

 
—

 
2

 
22

Total
$
313

 
$
419

 
$
2

 
$
734

December 31, 2018:
 
 
 
 
 
 
 
Marketable Securities:
 
 
 
 
 
 
 
U.S. government and agency debt securities
$
297

 
$
—

 
$
—

 
$
297

Mortgage and asset-backed debt securities


 
81

 
—

 
81

Corporate debt securities
—

 
410

 
—

 
410

Equity securities
—

 
2

 
—

 
2

Non-U.S. government debt securities
—

 
20

 
—

 
20

Total marketable securities
297

 
513

 
—

 
810

Other non-current investments
19

 
—

 
2

 
21

Total
$
316

 
$
513

 
$
2

 
$
831

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation There were no transfers of investments between Level 1 and Level 2 during the three months ended March 31, 2019 or 2018.