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Financial Instruments | 9 Months Ended
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Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Financial Instruments | NOTE 6 — FINANCIAL INSTRUMENTS Interest Rate Swap Agreements We have entered into interest rate swap agreements to manage our exposure to fluctuations in interest rates. These swap agreements involve the exchange of fixed and variable rate interest payments between two parties based on common notional principal amounts and maturity dates. Pay-fixed interest rate swaps effectively convert LIBOR indexed variable rate obligations to fixed interest rate obligations. The interest payments under these agreements are settled on a net basis. The net interest payments, based on the notional amounts in these agreements, generally match the timing of the related liabilities for the interest rate swap agreements which have been designated as cash flow hedges. The notional amounts of the swap agreements represent amounts used to calculate the exchange of cash flows and are not our assets or liabilities. Our credit risk related to these agreements is considered low because the swap agreements are with creditworthy financial institutions. The following table sets forth our interest rate swap agreements, which have been designated as cash flow hedges, at September 30, 2017 (dollars in millions):
|  | Notional Amount |  |  | Maturity Date |  |  | Fair Value |
Pay-fixed interest rate swaps |  | $ | 1,000 |  |  |  | December 2017 |  |  | $ | (3 | )
Pay-fixed interest rate swaps |  |  | 2,000 |  |  |  | December 2021 |  |  |  | 30 |
During the next 12 months, we estimate $3 million will be reclassified from other comprehensive income (“OCI”) to interest expense. Derivatives — Results of Operations The following table presents the effect of our interest rate swaps on our results of operations for the nine months ended September 30, 2017 (dollars in millions):
Derivatives in Cash Flow Hedging Relationships |  | Amount of Loss Recognized in OCI on Derivatives, Net of Tax |  |  | Location of Loss Reclassified from Accumulated OCI into Operations |  |  | Amount of Loss Reclassified from Accumulated OCI into Operations |
Interest rate swaps |  | $ | 6 |  |  |  | Interest expense |  |  | $ | 17 |

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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