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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2016
Estimated Fair Values and Carrying Values of Long-Term Debt
The estimated fair values and carrying values of our long-term debt consisted of the following:
 
MARCH 31,
2016
DECEMBER 31,
2015
DOLLAR AMOUNTS IN MILLIONS
CARRYING 
VALUE
 
FAIR VALUE
(LEVEL 2)
 
CARRYING 
VALUE
 
FAIR VALUE
(LEVEL 2)
Long-term Debt – fixed rate
$
6,156

 
$
6,993

 
$
4,326

 
$
5,070

Long-term Debt – variable rate
1,647

 
1,650

 
549

 
550

Note Payable to Timberland Venture
835

 
843

 
—

 
—

Total Debt
$
8,638

 
$
9,486

 
$
4,875

 
$
5,620