Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

Schedule of financial assets and liabilities and other fair value measurements on a recurring basis

NEP’s financial assets and liabilities and other fair value measurements made on a recurring basis by fair value hierarchy level are as follows:



	September 30, 2019						December 31, 2018
	Level 1		Level 2		Total		Level 1		Level 2		Total
	(millions)
Assets:
Cash equivalents	$	82	$	—	$	82	$	71	$	—	$	71
Restricted cash equivalents^(a)	10		—		10		12		—		12
Interest rate contracts	—		13		13		—		24		24
Total assets	$	92	$	13	$	105	$	83	$	24	$	107
Liabilities:
Interest rate contracts	$	—	$	698	$	698	$	—	$	116	$	116
Total liabilities	$	—	$	698	$	698	$	—	$	116	$	116

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(a)

At September 30, 2019 and December 31, 2018, approximately $9 million and $9 million, respectively, of restricted cash equivalents are included in other non-current assets on NEP's condensed consolidated balance sheets.

Schedule of other financial instrument, carrying amounts and estimated fair values

The carrying amounts and estimated fair values of other financial instruments recorded at other than fair value are as follows:



	September 30, 2019				December 31, 2018
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(millions)
Long-term debt, including current maturities^(a)	$	4,098	$	4,239	$	3,435	$	3,301

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(a)

At September 30, 2019 and December 31, 2018, approximately $4,041 million and $2,826 million, respectively, of the fair value is estimated using a market approach based on quoted market prices for the same or similar issues (Level 2); the balance is estimated using an income approach utilizing a discounted cash flow valuation technique, considering the current credit profile of the debtor (Level 3).