Investments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The table below presents disclosures about the fair value of financial assets and liabilities measured at fair value on a recurring basis in the Company's financial statements as of December 31 (in millions):


	2021								2020
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	18,283	$	18,283	$	—	$	—	$	11,269	$	11,269	$	—	$	—
Restricted cash - current (Note 1)	37		37		—		—		255		255		—		—
Restricted cash - non-current (Note 1)	213		213		—		—		218		218		—		—
Short-term investments:
Corporate debt	95		—		95		—		330		—		330		—
Asset-backed securities	26		—		26		—		51		—		51		—
U.S. government and agency notes	2		—		2		—		33		—		33		—
Long-term investments:
Equity securities	229		229		—		—		241		205		—		36

Carrying Values and Estimated Fair Values of Financial Instruments

The table below presents the carrying values and estimated fair values of financial instruments not presented in the tables above as of December 31 (in millions). Carrying amounts include any related discounts, premiums and issuance costs:


	2021										2020
	Carrying Amount		Fair Value								Carrying Amount		Fair Value
			Total		Level 1		Level 2		Level 3				Total		Level 1		Level 2		Level 3
Long-term debt	$	33,363	$	34,550	$	—	$	29,088	$	5,462	$	26,747	$	27,441	$	—	$	21,985	$	5,456

Description of Fair Value of Financial Instruments and Fair Value Methodology

Fair value of the financial instruments included in the tables above was determined as follows:


Description			Fair Value Methodology
Cash and cash equivalents and Restricted cash (current and non-current)			The carrying amounts of these assets approximate fair value.
Short-term investments and Equity securities			Fair value is based on (a) the trading prices of the investment or similar instruments, (b) an income approach, which uses valuation techniques to convert future amounts into a single present amount based on current market expectations about those future amounts when observable trading prices are not available, or (c) broker quotes obtained by third-party valuation services.
Long-term debt			Fair values were based on either market prices or the discounted amount of future cash flows using our current incremental rate of borrowing for similar liabilities or assets.