Marketable Securities and Held-to-Maturity Debt Securities

12 Months Ended

Dec. 31, 2020

Marketable Securities and Held-to-Maturity Debt Securities

Marketable Securities and Held-to-Maturity Debt Securities

NOTE 11. Marketable Securities and Held-to-Maturity Debt Securities

Marketable Securities

The Company invests in asset-backed securities, certificates of deposit/time deposits, commercial paper, and other securities. The following is a summary of amounts recorded on the Consolidated Balance Sheet for marketable securities (current and non-current).

(Millions)	December 31, 2020		December 31, 2019
Corporate debt securities	$	7	$	—
Commercial paper		237		85
Certificates of deposit/time deposits		31		10
U.S. treasury securities		125		—
U.S. municipal securities		4		3
Current marketable securities	$	404	$	98
U.S. municipal securities	$	30	$	43
Non-current marketable securities	$	30	$	43
Total marketable securities	$	434	$	141

At December 31, 2020 and 2019, gross unrealized, gross realized, and net realized gains and/or losses (pre-tax) were not material.

The balance at December 31, 2020, for marketable securities by contractual maturity are shown below. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.

(Millions)	December 31, 2020
Due in one year or less	$	404
Due after one year through five years		15
Due after five years through ten years		15
Total marketable securities	$	434

Held-to-Maturity Debt Securities

In connection with the in-substance debt defeasance of the Third Lien Notes described in Note 12, the Company purchased a $0.5 billion U.S. Treasury security in the fourth quarter of 2019 and transferred it to a trust with irrevocable instructions to use the proceeds from its maturity to satisfy the redemption of the Third Lien Notes that occurred in May 2020. At December 31, 2019, this debt security was considered held-to-maturity due to the restrictions in satisfying and discharging the Third Lien Notes, was carried at amortized cost, and was reflected in other current assets on the Company’s consolidated balance sheet. At December 31, 2019, the difference between the amortized cost of the U.S. Treasury security and its fair value was not material. Upon the maturity of the debt security in May 2020, the Company has no held-to-maturity debt securities.