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Fair Value Measurements
9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Fair Value Measurements
The Company measures certain financial assets and liabilities at fair value. Fair value disclosures are reflected in a three-level hierarchy, maximizing the use of observable inputs and minimizing the use of unobservable inputs. The Company did not have any significant changes to the valuation techniques used to measure fair value as described in the Company's December 31, 2019 Annual Report on Form 10-K.
At September 30, 2020, the fair value of the Company’s debt obligations was estimated at $43.4 billion, compared to a carrying amount of $37.8 billion, which reflects $5.5 billion of debt issuances during the first quarter under the Company's existing registration statement on Form S-3 with maturities ranging from 2025 to 2050 and interest rates ranging from 1.45% to 4.20%. The balances at September 30, 2020 also reflect the retirement of $900 million of commercial paper and $1.4 billion of other debt maturities compared with December 31, 2019. In addition, a $1 billion line of credit was entered into during the first quarter of 2020, and subsequently repaid in the third quarter. The fair value was based upon quoted market prices, Level 2 within the valuation hierarchy. The carrying amounts of cash and equivalents, short-term investments and notes receivable approximate fair value.