Cash and Marketable Securities

9 Months Ended

Sep. 30, 2019

Cash and Marketable Securities [Abstract]

Cash and Marketable Securities

Note 11. Cash and Marketable Securities

Cash, money market funds and certificates of deposits with maturities of three months or less when purchased are included in Cash and cash equivalents on the condensed consolidated statements of financial position. As of September 30, 2019 and December 31, 2018, our marketable securities consisted primarily of a deferred compensation trust (“Debt securities”) and common equity securities (“Equity securities”). The amortized cost, fair value and gross realized and unrealized gains and losses of our short- and long-term investments in Debt and Equity securities are as follows:

			Gross Realized		Gross Realized
	Amortized		and Unrealized		and Unrealized		Fair
(In millions)	Cost		Gains		Losses		Value
September 30, 2019:
Debt securities	$	4	$	—	$	—	$	4
Equity securities		13		2		—		14
Total securities	$	17	$	2	$	—	$	19
December 31, 2018:
Debt securities	$	4	$	—	$	—	$	4
Equity securities		15		1		—		16
Total securities	$	19	$	1	$	—	$	21

We account for Equity securities at fair value with adjustments to fair value recognized in Interest and net investment income in the condensed consolidated statements of operations and comprehensive income. For the nine months ended September 30, 2019, approximately $1 million of unrealized gains were recognized within Interest and net investment income in the condensed consolidated statements of operations and comprehensive income. There were no unrealized gains or losses recognized for the three months ended September 30, 2019. For the nine months ended September 30, 2018, approximately $1 million of unrealized losses were recorded within Interest and net investment income in the condensed consolidated statements of operations and comprehensive income. There were no unrealized gains or losses recognized for the three months ended September 30, 2018.

We periodically review our Debt securities to determine whether there has been an other than temporary decline in value. There were no impairment charges due to declines in the value of these investments for the three and nine months ended September 30, 2019 and 2018.

Additionally, we hold minority interests in several strategic investments that do not have readily determinable fair values and are recorded at cost and are remeasured upon the occurrence of observable price changes or impairments. We account for these investments at fair value with adjustments to fair value recognized in our condensed consolidated statements of operations within Interest and net investment income. The investments are included within Other Assets on the condensed consolidated statements of financial position. At September 30, 2019, the carrying amount of these investments was $4 million.