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FAIR VALUE MEASUREMENTS (Tables)
9 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
Activity for Marketable Securities








Investments Classified by Contractual Maturity Date
Maturities for marketable securities (in millions):
September 30, 2019
Cost Basis
 
Fair Value
Due in one year or less
$
244

 
$
244

Due after one year through five years
1,105

 
1,118

Due after five years through 10 years
15

 
15

Total
$
1,364

 
$
1,377


Fair Value, by Balance Sheet Grouping
Fixed-rate debt on the consolidated balance sheet and the estimated fair value of long-term fixed-rate debt is as follows (in millions):
 
September 30, 2019
 
December 31, 2018
Fixed-rate debt at cost
$
567

 
$
639

Non-recurring purchase price accounting fair value adjustment
2

 
3

Total fixed-rate debt
$
569

 
$
642

 
 
 
 
Estimated fair value
$
584

 
$
641


Fair values of financial instruments on the consolidated balance sheet (in millions):
 
September 30, 2019
 
December 31, 2018
 
Level 1
 
Level 2
 
Total
 
Level 1
 
Level 2
 
Total
Assets
 
 
 
 
 
 
 
 
 
 
 
Marketable securities
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency securities
$
379

 
$

 
$
379

 
$
293

 
$

 
$
293

Equity mutual funds
5

 

 
5

 

 

 

Foreign government bonds

 
25

 
25

 

 
26

 
26

Asset-backed securities

 
201

 
201

 

 
190

 
190

Mortgage-backed securities

 
142

 
142

 

 
92

 
92

Corporate notes and bonds

 
609

 
609

 

 
520

 
520

Municipal securities

 
21

 
21

 

 
10

 
10

Total Marketable securities
384

 
998

 
1,382

 
293

 
838

 
1,131

Derivative instruments
 
 
 
 
 
 
 
 
 
 
 
Fuel hedge—call options

 
7

 
7

 

 
4

 
4

Interest rate swap agreements

 
2

 
2

 

 
10

 
10

Total Assets
$
384

 
$
1,007

 
$
1,391

 
$
293

 
$
852

 
$
1,145

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
Derivative instruments
 
 
 
 
 
 
 
 
 
 
 
Interest rate swap agreements

 
(14
)
 
(14
)
 

 
(7
)
 
(7
)
Total Liabilities
$

 
$
(14
)
 
$
(14
)
 
$

 
$
(7
)
 
$
(7
)