Annual report pursuant to Section 13 and 15(d)

INVESTMENTS AND RESTRICTED CASH (Tables)

v3.19.3.a.u2
INVESTMENTS AND RESTRICTED CASH (Tables)
 12 Months Ended
Dec. 31, 2019
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, 2019 (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
$
42

 
$
—

 
$
—

 
$
—

 
$
42

 
$
—

Mortgage and asset-backed debt securities
3

 
—

 
5

 
—

 
8

 
—

Corporate debt securities
6

 
—

 
2

 
—

 
8

 
—

Non-U.S. government debt securities
9

 
—

 
2

 
—

 
11

 
—

Total marketable securities
$
60

 
$
—

 
$
9

 
$
—

 
$
69

 
$
—


Summary of Marketable Securities
The following is a summary of marketable securities classified as trading and available-for-sale at December 31, 2019 and 2018 (in millions):
 
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 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

 
 
 
 
 
 
 
 
 
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Estimated
Fair Value
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


Amortized Cost and Estimated Fair Value of Marketable Securities by Contractual Maturity
The amortized cost and estimated fair value of marketable securities at December 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 with or without prepayment penalties.
 
 
Cost
 
Estimated
Fair Value
Due in one year or less
$
118

 
$
118

Due after one year through three years
328

 
332

Due after three years through five years
6

 
6

Due after five years
43

 
45

 
495

 
501

Equity securities
2

 
2

 
$
497

 
$
503


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, 2019
 
December 31, 2018
 
December 31, 2017
Cash and cash equivalents
$
5,238

 
$
4,225

 
$
3,320

Restricted cash
$
—

 
$
142

 
$
449

Total cash, cash equivalents and restricted cash
$
5,238

 
$
4,367

 
$
3,769


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, 2019 and 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)
 
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

 
 
 
 
 
 
 
 
 
Quoted Prices in
Active Markets 
for Identical
Assets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
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


Changes in Level 3 Instruments Measured on a Recurring Basis
There were no transfers of investments between Level 1 and Level 2 during the years ended December 31, 2019 or 2018.