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Fair Value Measurements | Nov. 18, 2019
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Fair Value Disclosures [Abstract] |
Fair Value Measurements | Note 8. Fair Value Measurements The Companies’ fair value measurements are made in accordance with the policies discussed in Note 6 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2018, as updated in Current Report on Form 8-K, filed November 18, 2018. See Note 9 for further information about the Companies’ derivatives and hedge accounting activities. The Companies enter into certain physical and financial forwards, futures, options and swaps, which are considered Level 3 as they have one or more inputs that are not observable and are significant to the valuation. The discounted cash flow method is used to value Level 3 physical and financial forwards, futures, and swaps contracts. An option model is used to value Level 3 physical options. The discounted cash flow model for forwards, futures, and swaps calculates mark-to-market valuations based on forward market prices, original transaction prices, volumes, risk-free rate of return, and credit spreads. The option model calculates mark-to-market valuations using variations of the Black-Scholes option model. The inputs into the models are the forward market prices, implied price volatilities, risk-free rate of return, the option expiration dates, the option strike prices, the original sales prices, and volumes. For Level 3 fair value measurements, certain forward market prices and implied price volatilities are considered unobservable. The following table presents Dominion Energy’s quantitative information about Level 3 fair value measurements at September 30, 2019. The range and weighted average are presented in dollars for market price inputs and percentages for price volatility.
|  | Fair Value (millions) |  |  | Valuation Techniques |  | Unobservable Input |  | Range |  |  | Weighted Average (1) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Physical and financial forwards and futures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Natural gas (2) |  |  | $ 13 |  |  | Discounted cash flow |  | Market price (per Dth) (3) |  |  | (1) - 6 |  |  |  | — |
FTRs |  |  | 5 |  |  | Discounted cash flow |  | Market price (per MWh) (3) |  |  | (2) - 8 |  |  |  | 1 |
Physical options: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Natural gas |  |  | 2 |  |  | Option model |  | Market price (per Dth) (3) |  |  | 1 - 6 |  |  |  | 4 |
|  |  |  |  |  |  |  | Price volatility (4) |  |  | 1% - 70% |  |  |  | 47 | %
Total assets |  |  | $ 20 |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Physical and financial forwards: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Natural gas (2) |  |  | $ 10 |  |  | Discounted Cash Flow |  | Market price (per Dth) (3) |  |  | (2) - 7 |  |  |  | (1 | )
FTRs |  |  | 5 |  |  | Discounted cash flow |  | Market price (per MWh) (3) |  |  | (5) - 3 |  |  |  | — |
Physical options: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Natural gas |  |  | 6 |  |  | Option model |  | Market price (per Dth) (3) |  |  | 1 - 6 |  |  |  | 3 |
|  |  |  |  |  |  |  | Price volatility (4) |  |  | 1% - 71% |  |  |  | 26 | %
Total liabilities |  |  | $ 21 |  |  |  |  |  |  |  |  |  |  |  |  |
(1) | Averages weighted by volume.
(2) | Includes basis.
(3) | Represents market prices beyond defined terms for Levels 1 and 2.
(4) | Represents volatilities unrepresented in published markets.
Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows:
Significant Unobservable Inputs |  | Position |  | Change to Input |  | Impact on Fair Value Measurement
Market price |  | Buy |  | Increase (decrease) |  | Gain (loss)
Market price |  | Sell |  | Increase (decrease) |  | Loss (gain)
Price volatility |  | Buy |  | Increase (decrease) |  | Gain (loss)
Price volatility |  | Sell |  | Increase (decrease) |  | Loss (gain)
Recurring Fair Value Measurements Dominion Energy The following table presents Dominion Energy’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions:
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
(millions) |  |  |  |  |  |  |  |  |  |  |  |
At September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  | $ | 6 |  |  | $ | 54 |  |  | $ | 20 |  |  | $ | 80 |
Interest rate |  |  | — |  |  |  | 10 |  |  |  | — |  |  |  | 10 |
Foreign currency |  |  | — |  |  |  | 3 |  |  |  | — |  |  |  | 3 |
Investments (1) : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  |  | 3,881 |  |  |  | — |  |  |  | — |  |  |  | 3,881 |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt instruments |  |  | — |  |  |  | 472 |  |  |  | — |  |  |  | 472 |
Government securities |  |  | 474 |  |  |  | 694 |  |  |  | — |  |  |  | 1,168 |
Cash equivalents and other |  |  | 26 |  |  |  | 5 |  |  |  | — |  |  |  | 31 |
Total assets |  | $ | 4,387 |  |  | $ | 1,238 |  |  | $ | 20 |  |  | $ | 5,645 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  | $ | 14 |  |  | $ | 45 |  |  | $ | 21 |  |  | $ | 80 |
Interest rate |  |  | — |  |  |  | 850 |  |  |  | — |  |  |  | 850 |
Foreign currency |  |  | — |  |  |  | 4 |  |  |  | — |  |  |  | 4 |
Total liabilities |  | $ | 14 |  |  | $ | 899 |  |  | $ | 21 |  |  | $ | 934 |
At December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  | $ | — |  |  | $ | 180 |  |  | $ | 70 |  |  | $ | 250 |
Interest rate |  |  | — |  |  |  | 18 |  |  |  | — |  |  |  | 18 |
Foreign currency |  |  | — |  |  |  | 26 |  |  |  | — |  |  |  | 26 |
Investments (1) : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  |  | 3,277 |  |  |  | — |  |  |  | — |  |  |  | 3,277 |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt instruments |  |  | — |  |  |  | 431 |  |  |  | — |  |  |  | 431 |
Government securities |  |  | 455 |  |  |  | 688 |  |  |  | — |  |  |  | 1,143 |
Cash equivalents and other |  |  | 11 |  |  |  | — |  |  |  | — |  |  |  | 11 |
Total assets |  | $ | 3,743 |  |  | $ | 1,343 |  |  | $ | 70 |  |  | $ | 5,156 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  | $ | — |  |  | $ | 129 |  |  | $ | 6 |  |  | $ | 135 |
Interest rate |  |  | — |  |  |  | 142 |  |  |  | — |  |  |  | 142 |
Foreign currency |  |  | — |  |  |  | 2 |  |  |  | — |  |  |  | 2 |
Total liabilities |  | $ | — |  |  | $ | 273 |  |  | $ | 6 |  |  | $ | 279 |
(1) | Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $262 million and $220 million of assets at September 30, 2019 and December 31, 2018, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.
The following table presents the net change in Dominion Energy’s assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
(millions) |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 75 |  |  | $ | 119 |  |  | $ | 64 |  |  | $ | 150 |
Total realized and unrealized gains (losses): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating revenue |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | (2 | )
Purchased gas |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | — |
Electric fuel and other energy-related purchases |  |  | (5 | ) |  |  | (7 | ) |  |  | (12 | ) |  |  | (25 | )
Included in other comprehensive income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |
Included in regulatory assets/liabilities |  |  | (76 | ) |  |  | (16 | ) |  |  | (51 | ) |  |  | (26 | )
Settlements |  |  | 5 |  |  |  | (4 | ) |  |  | 7 |  |  |  | (7 | )
Purchases |  |  | — |  |  |  | — |  |  |  | (10 | ) |  |  | — |
Transfers out of Level 3 |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | 1 |
Ending balance |  | $ | (1 | ) |  | $ | 92 |  |  | $ | (1 | ) |  | $ | 92 |
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating revenue |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |
Purchased gas |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | — |
Total |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |
Virginia Power The following table presents Virginia Power’s quantitative information about Level 3 fair value measurements at September 30, 2019. The range and weighted average are presented in dollars for market price inputs and percentages for price volatility.
|  | Fair Value (millions) |  |  | Valuation Techniques |  | Unobservable Input |  | Range |  |  | Weighted Average (1) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Physical and financial forwards and futures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Natural gas (2) |  |  | $ 12 |  |  | Discounted cash flow |  | Market price (per Dth) (3) |  |  | (1) - 3 |  |  |  | — |
FTRs |  |  | 5 |  |  | Discounted cash flow |  | Market price (per MWh) (3) |  |  | (2) - 8 |  |  |  | 1 |
Total assets |  |  | $ 17 |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Physical and financial forwards: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Natural gas (2) |  |  | $ 10 |  |  | Discounted cash flow |  | Market price (per Dth) (3) |  |  | (2) - 6 |  |  |  | (1 | )
FTRs |  |  | 5 |  |  | Discounted cash flow |  | Market price (per MWh) (3) |  |  | (5) - 3 |  |  |  | — |
Physical options: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Natural gas |  |  | 1 |  |  | Option model |  | Market price (per Dth) (3) |  |  | 1 - 6 |  |  |  | 3 |
|  |  |  |  |  |  |  | Price volatility (4) |  |  | 24% - 52% |  |  |  | 35 | %
Total liabilities |  |  | $ 16 |  |  |  |  |  |  |  |  |  |  |  |  |
(1) | Averages weighted by volume.
(2) | Includes basis.
(3) | Represents market prices beyond defined terms for Levels 1 and 2.
(4) | Represents volatilities unrepresented in published markets.
Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows:
Significant Unobservable Inputs |  | Position |  | Change to Input |  | Impact on Fair Value Measurement
Market price |  | Buy |  | Increase (decrease) |  | Gain (loss)
Market price |  | Sell |  | Increase (decrease) |  | Loss (gain)
Price volatility |  | Buy |  | Increase (decrease) |  | Gain (loss)
Price volatility |  | Sell |  | Increase (decrease) |  | Loss (gain)
The following table presents Virginia Power’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions:
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
(millions) |  |  |  |  |  |  |  |  |  |  |  |
At September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  | $ | — |  |  | $ | 3 |  |  | $ | 17 |  |  | $ | 20 |
Investments (1) : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  |  | 1,783 |  |  |  | — |  |  |  | — |  |  |  | 1,783 |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt instruments |  |  | — |  |  |  | 273 |  |  |  | — |  |  |  | 273 |
Government securities |  |  | 184 |  |  |  | 337 |  |  |  | — |  |  |  | 521 |
Cash equivalents and other |  |  | 6 |  |  |  | — |  |  |  | — |  |  |  | 6 |
Total assets |  | $ | 1,973 |  |  | $ | 613 |  |  | $ | 17 |  |  | $ | 2,603 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  | $ | — |  |  | $ | 17 |  |  | $ | 16 |  |  | $ | 33 |
Interest rate |  |  | — |  |  |  | 521 |  |  |  | — |  |  |  | 521 |
Total liabilities |  | $ | — |  |  | $ | 538 |  |  | $ | 16 |  |  | $ | 554 |
At December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  | $ | — |  |  | $ | 24 |  |  | $ | 66 |  |  | $ | 90 |
Interest rate |  |  | — |  |  |  | 3 |  |  |  | — |  |  |  | 3 |
Investments (1) : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  |  | 1,476 |  |  |  | — |  |  |  | — |  |  |  | 1,476 |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt instruments |  |  | — |  |  |  | 221 |  |  |  | — |  |  |  | 221 |
Government securities |  |  | 164 |  |  |  | 343 |  |  |  | — |  |  |  | 507 |
Total assets |  | $ | 1,640 |  |  | $ | 591 |  |  | $ | 66 |  |  | $ | 2,297 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  | $ | — |  |  | $ | 9 |  |  | $ | 6 |  |  | $ | 15 |
Interest rate |  |  | — |  |  |  | 88 |  |  |  | — |  |  |  | 88 |
Total liabilities |  | $ | — |  |  | $ | 97 |  |  | $ | 6 |  |  | $ | 103 |
(1) | Includes investments held in the nuclear decommissioning trusts. Excludes $152 million and $160 million of assets at September 30, 2019 and December 31, 2018, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.
The following table presents the net change in Virginia Power’s assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
(millions) |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 77 |  |  | $ | 115 |  |  | $ | 60 |  |  | $ | 147 |
Total realized and unrealized losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric fuel and other energy-related purchases |  |  | (5 | ) |  |  | (6 | ) |  |  | (12 | ) |  |  | (25 | )
Included in regulatory assets/liabilities |  |  | (76 | ) |  |  | (19 | ) |  |  | (50 | ) |  |  | (30 | )
Settlements |  |  | 5 |  |  |  | (4 | ) |  |  | 3 |  |  |  | (6 | )
Ending balance |  | $ | 1 |  |  | $ | 86 |  |  | $ | 1 |  |  | $ | 86 |
There were no unrealized gains or losses included in earnings in the Level 3 fair value category relating to assets/liabilities still held at the reporting date for the three and nine months ended September 30, 2019 and 2018. Dominion Energy Gas The following table presents Dominion Energy Gas’ assets and liabilities for derivatives that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions.
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
(millions) |  |  |  |  |  |  |  |  |  |  |  |
At September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |
Foreign currency |  |  | — |  |  |  | 3 |  |  |  | — |  |  |  | 3 |
Total assets |  | $ | — |  |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate |  | $ | — |  |  | $ | 113 |  |  | $ | — |  |  | $ | 113 |
Foreign currency |  |  | — |  |  |  | 4 |  |  |  | — |  |  |  | 4 |
Total liabilities |  | $ | — |  |  | $ | 117 |  |  | $ | — |  |  | $ | 117 |
At December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | 3 |
Interest rate |  |  | — |  |  |  | 2 |  |  |  | — |  |  |  | 2 |
Foreign currency |  |  | — |  |  |  | 26 |  |  |  | — |  |  |  | 26 |
Total assets |  | $ | — |  |  | $ | 31 |  |  | $ | — |  |  | $ | 31 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate |  | $ | — |  |  | $ | 17 |  |  | $ | — |  |  | $ | 17 |
Foreign currency |  |  | — |  |  |  | 2 |  |  |  | — |  |  |  | 2 |
Total liabilities |  | $ | — |  |  | $ | 19 |  |  | $ | — |  |  | $ | 19 |
The following table presents the net change in Dominion Energy Gas’ assets and liabilities for derivatives measured at fair value on a recurring basis and included in the Level 3 fair value category. There were no net changes in assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category for the three and nine months ended September 30, 2019 and the three months ended September 30, 2018.
|  | Nine Months Ended September 30, 2018 |
(millions) |  |  |
Beginning balance |  | $ | (2 | )
Total realized and unrealized gains: |  |  |  |
Included in other comprehensive income |  |  | 1 |
Transfers out of Level 3 |  |  | 1 |
Ending balance |  | $ | — |
There were no gains or losses included in earnings in the Level 3 fair value category for the nine months ended September 30, 2018. There were no unrealized gains or losses included in earnings in the Level 3 fair value category relating to assets/liabilities still held at the reporting date for the nine months ended September 30, 2018. Fair Value of Financial Instruments Substantially all of the Companies’ financial instruments are recorded at fair value, with the exception of the instruments described below, which are reported at historical cost. Estimated fair values have been determined using available market information and valuation methodologies considered appropriate by management. The carrying amount of cash and cash equivalents, restricted cash and equivalents, customer and other receivables, affiliated receivables, short-term debt, affiliated current borrowings, payables to affiliates and accounts payable are representative of fair value because of the short-term nature of these instruments. For the Companies’ financial instruments that are not recorded at fair value, the carrying amounts and estimated fair values are as follows:
|  | September 30, 2019 |  |  | December 31, 2018 |
|  | Carrying Amount |  |  | Estimated Fair Value (1) |  |  | Carrying Amount |  |  | Estimated Fair Value (1) |
(millions) |  |  |  |  |  |  |  |  |  |  |  |
Dominion Energy |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt, including securities due within one year (2) |  | $ | 34,662 |  |  | $ | 38,894 |  |  | $ | 29,952 |  |  | $ | 31,045 |
Credit facility borrowings |  |  | — |  |  |  | — |  |  |  | 73 |  |  |  | 73 |
Junior subordinated notes (3) |  |  | 3,797 |  |  |  | 3,951 |  |  |  | 3,430 |  |  |  | 3,358 |
Remarketable subordinated notes (3) |  |  | — |  |  |  | — |  |  |  | 1,386 |  |  |  | 1,340 |
Virginia Power |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt, including securities due within one year (3) |  | $ | 11,795 |  |  | $ | 13,732 |  |  | $ | 11,671 |  |  | $ | 12,400 |
Dominion Energy Gas |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt, including securities due within one year (4) |  | $ | 4,478 |  |  | $ | 4,745 |  |  | $ | 7,770 |  |  | $ | 7,803 |
Affiliated long-term debt |  |  | 395 |  |  |  | 395 |  |  |  | — |  |  |  | — |
Credit facility borrowings |  |  | — |  |  |  | — |  |  |  | 73 |  |  |  | 73 |
(1) | Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issues with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value.
(2) | Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium and foreign currency remeasurement adjustments. At September 30, 2019 and December 31, 2018, includes the valuation of certain fair value hedges associated with fixed rate debt of $6 million and $(20) million, respectively.
(3) | Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium.
(4) | Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium and foreign currency remeasurement adjustments.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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