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Fair Value of Financial Instruments (Tables)

9 Months Ended

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)

X

- 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.

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