v2.4.0.8

Derivatives and Hedging | 6 Months Ended
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Jun. 30, 2014
Derivatives and Hedging |
Derivatives and Hedging | Note 11—Derivatives and Hedging Derivatives designated as hedging instruments—During the six months ended June 30, 2014, we entered into interest rate swaps, which are designated and qualify as a fair value hedge, to reduce our exposure to changes in the fair value of the 6.0% Senior Notes due March 2018 and the 6.5% Senior Notes due November 2020. The interest rate swaps have aggregate notional amounts equal to the corresponding face values of the hedged instruments and have stated maturities that coincide with those of the hedged instruments. We have determined that the hedging relationships qualify for, and we have applied, the shortcut method of accounting under which the interest rate swaps are considered to have no ineffectiveness and no ongoing assessment of effectiveness is required. Accordingly, changes in the fair value of the interest rate swaps recognized in interest expense offset the changes in the fair value of the hedged fixed-rate notes. At June 30, 2014, the aggregate notional amounts and the weighted average interest rates associated with our derivatives designated as hedging instruments were as follows (in millions, except weighted average interest rates):
|  | Pay |  | Receive |
|  | Aggregate notional amount |  | Fixed or variable rate |  | Weighted average rate |  | Aggregate notional amount |  | Fixed or variable rate |  | Weighted average rate |
Interest rate swaps, fair value hedge |  | $ | 1,050 |  | Variable |  | 4.71 | % | $ | 1,050 |  | Fixed |  | 6.14 | %
At June 30, 2014, our derivatives designated as hedging instruments had an aggregate carrying amount of $6 million, measured at fair value, recorded in other assets.

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