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Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2020
Fair Value Disclosures [Abstract] |
Estimated Carrying Values and Fair Values | The estimated carrying amounts and fair values of the Company’s recorded financial instruments not carried at fair market value are as follows:
| As of September 30, 2020 |  | As of December 31, 2019
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
(In millions) |
Long-term debt, including current portion (a) | $ | 6,797 |  |  | $ | 6,873 |  |  | $ | 6,858 |  |  | $ | 6,957 |
(a) Excludes net debt issuance costs, which are recorded as a reduction to long-term debt on the Company's consolidated balance sheets.
Fair Value Option, Disclosures | The following table presents the level within the fair value hierarchy for long-term debt, including current portion as of September 30, 2020 and December 31, 2019:
| As of September 30, 2020 |  | As of December 31, 2019
| Level 2 |  | Level 3 |  | Level 2 |  | Level 3
| (In millions)
Long-term debt, including current portion | $ | 1,874 |  |  | $ | 4,999 |  |  | $ | 1,736 |  |  | $ | 5,221 |
Schedule of Fair Value, Assets and Liabilities | The Company records its derivative assets and liabilities at fair value on its consolidated balance sheet. The following table presents assets and liabilities measured and recorded at fair value on the Company's consolidated balance sheets on a recurring basis and their level within the fair value hierarchy:
|  |  | As of September 30, 2020 |  | As of December 31, 2019
|  |  | Fair Value (a) |  | Fair Value (a)
(In millions) |  |  | Level 2 |  | Level 3 |  |  |  | Level 2 |  | Level 3 |  |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  |  | $ | — |  |  | $ | 17 |  |  |  |  | $ | — |  |  | $ | 9 |  |  |
Interest rate contracts |  |  | 169 |  |  | — |  |  |  |  | 83 |  |  | — |  |  |
Total liabilities |  |  | $ | 169 |  |  | $ | 17 |  |  |  |  | $ | 83 |  |  | $ | 9 |  |  |
(a) There were no derivative assets classified as Level 1, Level 2 or Level 3 and no liabilities classified as Level 1 as of September 30, 2020 and as of December 31, 2019. The following table reconciles the beginning and ending balances for instruments that are recognized at fair value in the condensed consolidated financial statements using significant unobservable inputs:
|  | Three months ended September 30, |  | Nine months ended September 30,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
(In millions) |  | Fair Value Measurement Using Significant Unobservable Inputs (Level 3) |  | Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
Beginning balance |  | $ | (17) |  |  | $ | (7) |  |  | $ | (9) |  |  | $ | — |
Total losses for the period included in earnings |  | — |  |  | (2) |  |  | (8) |  |  | (2) |
Purchases |  | — |  |  | — |  |  | — |  |  | (7) |
Ending balance |  | $ | (17) |  |  | $ | (9) |  |  | $ | (17) |  |  | $ | (9) |
Change in unrealized losses included in earnings for derivatives held as of September 30, 2020 |  | $ | — |  |  |  |  | $ | 8 |  |  |
Fair Value Measurement Inputs and Valuation Techniques | The following tables quantify the significant unobservable inputs used in developing the fair value of the Company's Level 3 positions as of September 30, 2020:
| September 30, 2020
| Fair Value |  | Input/Range
| Assets | Liabilities | Valuation Technique | Significant Unobservable Input | Low | High | Weighted Average
(In millions) |  |  |  |  |  |  |
Power Contracts | $ | — |  | $ | (17) |  | Discounted Cash Flow | Forward Market Price (per MWh) | 9.21 |  | 37.46 |  | 16.32 |
The following table provides sensitivity of fair value measurements to increases/(decreases) in significant unobservable inputs as of September 30, 2020:
Significant Observable Input | Position | Change In Input | Impact on Fair Value Measurement
Forward Market Price Power | Buy | Increase/(Decrease) | Higher/(Lower)
Forward Market Price Power | Sell | Increase/(Decrease) | Lower/(Higher)

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of information about asset and liability measured at fair value under fair value option. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14210-108612 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14217-108612 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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